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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 10-Q
________________
|
| |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
|
| |
☐ | 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: 001-39528
________________
PACTIV EVERGREEN INC.
(Exact Name of Registrant as Specified in Its Charter)
________________
|
| | |
Delaware | | 98-1538656 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification Number) |
1900 W. Field Court
Lake Forest, Illinois 60045
(Address of principal executive offices) (Zip Code)
Telephone: (847) 482-2000
(Registrant's telephone number, including area code)
________________
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common stock, $0.001 par value | | PTVE | | Nasdaq Global Select Market |
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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ Smaller 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 by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The registrant had 177,157,710 shares of common stock, $0.001 par value per share, outstanding as of November 6, 2020.
Table of Contents
|
| | | | |
| | | | Page |
PART I. | | FINANCIAL INFORMATION | | |
Item 1. | | Financial Statements (Unaudited) | | |
| | Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2020 and 2019 | | |
| | Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019 | | |
| | Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 | | |
| | Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019 | | |
| | Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 | | |
| | Notes to the Condensed Consolidated 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 | | |
| | Signatures | | |
| | | | |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Income (Loss)
(in millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Net revenues (includes related party net revenues of $89, $72, $259 and $213) | $ | 1,195 |
| | $ | 1,306 |
| | $ | 3,514 |
| | $ | 3,888 |
|
Cost of sales | (1,011 | ) | | (1,100 | ) | | (2,982 | ) | | (3,249 | ) |
Gross profit | 184 |
| | 206 |
| | 532 |
| | 639 |
|
Selling, general and administrative expenses | (116 | ) | | (104 | ) | | (358 | ) | | (341 | ) |
Goodwill impairment charges | (6 | ) | | (16 | ) | | (6 | ) | | (16 | ) |
Restructuring, asset impairment and other related charges | (14 | ) | | (39 | ) | | (18 | ) | | (45 | ) |
Other (expense) income, net | (79 | ) | | 2 |
| | (48 | ) | | (7 | ) |
Operating (loss) income from continuing operations | (31 | ) | | 49 |
| | 102 |
| | 230 |
|
Non-operating income (expense), net | 17 |
| | — |
| | 50 |
| | (2 | ) |
Interest expense, net | (87 | ) | | (84 | ) | | (275 | ) | | (312 | ) |
Loss from continuing operations before tax | (101 | ) | | (35 | ) | | (123 | ) | | (84 | ) |
Income tax (expense) benefit | (42 | ) | | — |
| | 95 |
| | (16 | ) |
Loss from continuing operations | (143 | ) | | (35 | ) | | (28 | ) | | (100 | ) |
(Loss) income from discontinued operations, net of income taxes | (216 | ) | | 91 |
| | (234 | ) | | 270 |
|
Net (loss) income | (359 | ) | | 56 |
| | (262 | ) | | 170 |
|
Income attributable to non-controlling interests | — |
| | — |
| | (1 | ) | | (1 | ) |
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders | $ | (359 | ) | | $ | 56 |
| | $ | (263 | ) | | $ | 169 |
|
| | | | | | | |
(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders | | | | | | | |
From continuing operations | | | | | | | |
Basic | $ | (1.03 | ) | | $ | (0.26 | ) | | $ | (0.22 | ) | | $ | (0.75 | ) |
Diluted | $ | (1.03 | ) | | (0.26 | ) | | $ | (0.22 | ) | | $ | (0.75 | ) |
From discontinued operations | | | | | | | |
Basic | $ | (1.56 | ) | | $ | 0.67 |
| | $ | (1.72 | ) | | $ | 2.01 |
|
Diluted | $ | (1.56 | ) | | $ | 0.67 |
| | $ | (1.72 | ) | | $ | 2.01 |
|
Total | | | | | | | |
Basic | $ | (2.59 | ) | | $ | 0.41 |
| | $ | (1.94 | ) | | $ | 1.26 |
|
Diluted | $ | (2.59 | ) | | $ | 0.41 |
| | $ | (1.94 | ) | | $ | 1.26 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Net (loss) income | $ | (359 | ) | | $ | 56 |
| | $ | (262 | ) | | $ | 170 |
|
Other comprehensive income (loss), net of income taxes: | | | | | | | |
Currency translation adjustments | 66 |
| | (64 | ) | | (29 | ) | | (47 | ) |
Defined benefit plans | — |
| | (1 | ) | | — |
| | (2 | ) |
Other comprehensive income (loss) | 66 |
| | (65 | ) | | (29 | ) | | (49 | ) |
Comprehensive (loss) income | (293 | ) | | (9 | ) | | (291 | ) | | 121 |
|
Comprehensive income attributable to non-controlling interests | — |
| | — |
| | (1 | ) | | (1 | ) |
Comprehensive (loss) income attributable to Pactiv Evergreen Inc. common stockholders | $ | (293 | ) | | $ | (9 | ) | | $ | (292 | ) | | $ | 120 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Balance Sheets
(in millions, except share amounts)
(unaudited)
|
| | | | | | | |
| As of September 30, 2020 | | As of December 31, 2019 |
Assets |
| |
|
Cash and cash equivalents | $ | 1,756 |
| | $ | 1,155 |
|
Accounts receivable, less allowances for doubtful accounts of $5 and $4 | 425 |
| | 445 |
|
Related party receivables | 57 |
| | — |
|
Inventories | 744 |
| | 753 |
|
Other current assets | 172 |
| | 119 |
|
Assets held for sale or distribution | 23 |
| | 1,232 |
|
Total current assets | 3,177 |
| | 3,704 |
|
Property, plant and equipment, net | 1,666 |
| | 1,703 |
|
Operating lease right-of-use assets, net | 237 |
| | 191 |
|
Goodwill | 1,760 |
| | 1,766 |
|
Intangible assets, net | 1,104 |
| | 1,147 |
|
Deferred income taxes | 11 |
| | 21 |
|
Related party receivables | — |
| | 339 |
|
Other noncurrent assets | 221 |
| | 161 |
|
Noncurrent assets held for sale or distribution | 41 |
| | 7,143 |
|
Total assets | $ | 8,217 |
| | $ | 16,175 |
|
| | | |
Liabilities | | | |
Accounts payable | $ | 297 |
| | $ | 316 |
|
Related party payables | 21 |
| | 30 |
|
Current portion of long-term debt | 2 |
| | 3,587 |
|
Current portion of operating lease liabilities | 55 |
| | 47 |
|
Income taxes payable | 16 |
| | 14 |
|
Accrued and other current liabilities | 342 |
| | 418 |
|
Liabilities held for sale or distribution | 8 |
| | 485 |
|
Total current liabilities | 741 |
| | 4,897 |
|
Long-term debt | 5,196 |
| | 7,043 |
|
Long-term operating lease liabilities | 198 |
| | 157 |
|
Deferred income taxes | 504 |
| | 150 |
|
Long-term employee benefit obligations | 678 |
| | 730 |
|
Other noncurrent liabilities | 150 |
| | 124 |
|
Noncurrent liabilities held for sale or distribution | — |
| | 992 |
|
Total liabilities | $ | 7,467 |
| | $ | 14,093 |
|
Commitments and contingencies (Note 14) |
|
| |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Balance Sheets
(in millions, except share amounts)
(unaudited)
|
| | | | | | | |
| As of September 30, 2020 | | As of December 31, 2019 |
Equity | | | |
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 175,434,000 and 134,408,000 shares issued and outstanding, respectively | — |
| | — |
|
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding | — |
| | — |
|
Additional paid in capital | 580 |
| | 103 |
|
Accumulated other comprehensive loss | (386 | ) | | (518 | ) |
Retained earnings | 554 |
| | 2,494 |
|
Total equity attributable to Pactiv Evergreen Inc. common stockholders | 748 |
| | 2,079 |
|
Non-controlling interests | 2 |
| | 3 |
|
Total equity | $ | 750 |
| | $ | 2,082 |
|
Total liabilities and equity | $ | 8,217 |
| | $ | 16,175 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Equity
(in millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | |
| Shares | | Amount | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Non-controlling Interests | | Total Equity |
For the Three Months Ended September 30, 2019 | | | | | | | | | | |
Balance as of June 30, 2019 | 134.4 |
| | $ | — |
| | $ | 103 |
| | $ | (714 | ) | | $ | 2,516 |
| | $ | 5 |
| | $ | 1,910 |
|
Net income | | | — |
| | — |
| | — |
| | 56 |
| | — |
| | 56 |
|
Other comprehensive loss, net of income taxes | | | — |
| | — |
| | (65 | ) | | — |
| | — |
| | (65 | ) |
Balance as of September 30, 2019 | 134.4 |
| | $ | — |
| | $ | 103 |
| | $ | (779 | ) | | $ | 2,572 |
| | $ | 5 |
| | $ | 1,901 |
|
| | | | | | | | | | | | | |
For the Three Months Ended September 30, 2020 | | | | | | | | | | |
Balance as of June 30, 2020 | 134.4 |
| | $ | — |
| | $ | 55 |
| | $ | (624 | ) | | $ | 2,603 |
| | $ | 3 |
| | $ | 2,037 |
|
Net loss | | | — |
| | — |
| | — |
| | (359 | ) | | — |
| | (359 | ) |
Other comprehensive income, net of income taxes | | | — |
| | — |
| | 66 |
| | — |
| | — |
| | 66 |
|
Forgiveness of related party balances pre IPO | | | — |
| | — |
| | — |
| | (362 | ) | | — |
| | (362 | ) |
Distribution of Graham Packaging Company Inc.(1) | | | — |
| | (22 | ) | | 172 |
| | (1,328 | ) | | — |
| | (1,178 | ) |
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions | 41.0 |
| | — |
| | 546 |
| | — |
| | — |
| | — |
| | 546 |
|
Stock-based compensation | | | — |
| | 1 |
| | — |
| | — |
| | — |
| | 1 |
|
Dividends paid to non-controlling interests | | | — |
| | — |
| | — |
| | — |
| | (1 | ) | | (1 | ) |
Balance as of September 30, 2020 | 175.4 |
| | $ | — |
| | $ | 580 |
| | $ | (386 | ) | | $ | 554 |
| | $ | 2 |
| | $ | 750 |
|
| | | | | | | | | | | | | |
For the Nine Months Ended September 30, 2019 | | | | | | | | | | |
Balance as of December 31, 2018 | 134.4 |
| | $ | — |
| | $ | 103 |
| | $ | (689 | ) | | $ | 2,362 |
| | $ | 9 |
| | $ | 1,785 |
|
Cumulative impact of adopting ASU 2018-02 | | | — |
| | — |
| | (41 | ) | | 41 |
| | — |
| | — |
|
Net income | | | — |
| | — |
| | — |
| | 169 |
| | 1 |
| | 170 |
|
Other comprehensive loss, net of income taxes | | | — |
| | — |
| | (49 | ) | | — |
| | — |
| | (49 | ) |
Disposition of non-controlling interest | | | — |
| | — |
| | — |
| | — |
| | (4 | ) | | (4 | ) |
Dividends paid to non-controlling interests | | | — |
| | — |
| | — |
| | — |
| | (1 | ) | | (1 | ) |
Balance as of September 30, 2019 | 134.4 |
| | $ | — |
| | $ | 103 |
| | $ | (779 | ) | | $ | 2,572 |
| | $ | 5 |
| | $ | 1,901 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Equity
(in millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | |
| Shares | | Amount | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Non-controlling Interests | | Total Equity |
For the Nine Months Ended September 30, 2020 | | | | | | | | | | |
Balance as of December 31, 2019 | 134.4 |
| | $ | — |
| | $ | 103 |
| | $ | (518 | ) | | $ | 2,494 |
| | $ | 3 |
| | $ | 2,082 |
|
Net (loss) income | | | — |
| | — |
| | — |
| | (263 | ) | | 1 |
| | (262 | ) |
Other comprehensive loss, net of income taxes | | | — |
| | — |
| | (29 | ) | | — |
| | — |
| | (29 | ) |
Distribution of Reynolds Consumer Products Inc.(1) | | | — |
| | (48 | ) | | (11 | ) | | 13 |
| | — |
| | (46 | ) |
Forgiveness of related party balances pre IPO | | | — |
| | — |
| | — |
| | (362 | ) | | — |
| | (362 | ) |
Distribution of Graham Packaging Company Inc.(1) | | | — |
| | (22 | ) | | 172 |
| | (1,328 | ) | | — |
| | (1,178 | ) |
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions | 41.0 |
| | — |
| | 546 |
| | — |
| | — |
| | — |
| | 546 |
|
Stock-based compensation | | | — |
| | 1 |
| | — |
| | — |
| | — |
| | 1 |
|
Dividends paid to non-controlling interests | | | — |
| | — |
| | — |
| | — |
| | (2 | ) | | (2 | ) |
Balance as of September 30, 2020 | 175.4 |
| | $ | — |
| | $ | 580 |
| | $ | (386 | ) | | $ | 554 |
| | $ | 2 |
| | $ | 750 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
|
| | | | | | | |
| For the Nine Months Ended September 30, |
| 2020 | | 2019 |
Cash provided by (used in) operating activities | | | |
Net (loss) income | $ | (262 | ) | | $ | 170 |
|
Adjustments to reconcile net (loss) income to operating cash flows: |
|
| |
|
|
Depreciation and amortization | 391 |
| | 484 |
|
Deferred income taxes | 310 |
| | 3 |
|
Unrealized gains on derivatives | (3 | ) | | (15 | ) |
Goodwill impairment charges | 6 |
| | 25 |
|
Other asset impairment charges | 15 |
| | 98 |
|
(Gain) loss on disposal of businesses and other assets | (8 | ) | | 23 |
|
Non-cash portion of employee benefit obligations | (44 | ) | | 9 |
|
Non-cash portion of operating lease expense | 78 |
| | 81 |
|
Other non-cash items, net | (2 | ) | | (2 | ) |
Change in assets and liabilities: | | | |
Accounts receivable, net | (4 | ) | | (62 | ) |
Inventories | (29 | ) | | (85 | ) |
Other current assets | — |
| | 33 |
|
Accounts payable | 24 |
| | (31 | ) |
Operating lease payments | (75 | ) | | (78 | ) |
Income taxes payable | (121 | ) | | (55 | ) |
Accrued and other current liabilities | (76 | ) | | 2 |
|
Other assets and liabilities | 70 |
| | (37 | ) |
Net cash provided by operating activities | 270 |
| | 563 |
|
Cash provided by (used in) investing activities | | | |
Acquisition of property, plant and equipment and intangible assets | (329 | ) | | (467 | ) |
Proceeds from sale of property, plant and equipment | 1 |
| | 21 |
|
Disposal of businesses, net of cash disposed | 8 |
| | (4 | ) |
Proceeds from related party loan repayment | — |
| | 5 |
|
Net cash used in investing activities | (320 | ) | | (445 | ) |
Cash provided by (used in) financing activities | | | |
Long-term debt proceeds | 5,614 |
| | — |
|
Long-term debt repayments | (5,473 | ) | | (27 | ) |
Financing transaction costs on long-term debt | (35 | ) | | — |
|
Premium on redemption of long-term debt | (2 | ) | | — |
|
Net proceeds from issuance of shares | 546 |
| | — |
|
Cash held by Reynolds Consumer Products at the time of distribution | (31 | ) | | — |
|
Cash held by Graham Packaging Company at the time of distribution | (79 | ) | | — |
|
Other financing activities | (4 | ) | | (2 | ) |
Net cash provided by (used in) financing activities | 536 |
| | (29 | ) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (15 | ) | | (3 | ) |
Increase (decrease) in cash, cash equivalents and restricted cash | 471 |
| | 86 |
|
Cash, cash equivalents and restricted cash as of beginning of the period | 1,294 |
| | 786 |
|
Cash, cash equivalents and restricted cash as of end of the period | $ | 1,765 |
| | $ | 872 |
|
See accompanying notes to the condensed consolidated financial statements.
Pactiv Evergreen Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
|
| | | | | | | |
| For the Nine Months Ended September 30, |
| 2020 | | 2019 |
Cash, cash equivalents and restricted cash are comprised of: | | | |
Cash and cash equivalents | $ | 1,756 |
| | $ | 785 |
|
Cash and cash equivalents classified as assets held for sale or distribution | 9 |
| | 85 |
|
Restricted cash included within other current assets | — |
| | 2 |
|
Cash, cash equivalents and restricted cash as of end of the period | $ | 1,765 |
| | $ | 872 |
|
| | | |
Cash paid (received): | | | |
Interest | $ | 344 |
| | $ | 448 |
|
Income taxes (refunded) paid | (15 | ) | | 71 |
|
Significant non-cash investing and financing activities
During the nine months ended September 30, 2020, we repurchased and canceled 35,791,985 shares from Packaging Finance Limited ("PFL") in exchange for transferring 100% of the shares in Reynolds Consumer Products Inc. ("RCPI") to PFL and 14,036,726 shares from PFL in exchange for transferring 100% of the shares in Graham Packaging Company Inc. ("GPCI") to PFL. Refer to Note 3 - Discontinued Operations. Refer to Note 18 - Related Party Transactions for details of significant non-cash investing and financing activities with related parties.
During the nine months ended September 30, 2019, we recognized operating lease right-of-use assets of $359 million and operating lease liabilities of $370 million upon the adoption of the new lease accounting requirements on January 1, 2019. In addition, $127 million and $73 million of right-of-use assets and lease liabilities were recorded during the nine months ended September 30, 2020 and 2019, respectively.
