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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, 2021

 

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: (847482-2000

(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 177,250,974 shares of common stock, $0.001 par value per share, outstanding as of October 29, 2021.

 

 

 


 

 

Table of Contents

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (Unaudited)

 

2

 

 

Condensed Consolidated Statements of Loss

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

3

 

 

Condensed Consolidated Balance Sheets

 

4

 

 

Condensed Consolidated Statements of Equity

 

5

 

 

Condensed Consolidated Statements of Cash Flows

 

6

 

 

Notes to the Condensed Consolidated Financial Statements

 

8

Item 2.

 

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

 

30

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

40

Item 4.

 

Controls and Procedures

 

41

PART II.

 

OTHER INFORMATION

 

42

Item 1.

 

Legal Proceedings

 

42

Item 1A.

 

Risk Factors

 

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

Item 3.

 

Defaults Upon Senior Securities

 

42

Item 4.

 

Mine Safety Disclosures

 

42

Item 5.

 

Other Information

 

42

Item 6.

 

Exhibits

 

43

 

 

Signatures

 

44

 

 

 

 

 

 

 

 

 


 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Pactiv Evergreen Inc.

Condensed Consolidated Statements of Loss

(In millions, except per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net revenues

 

$

1,394

 

 

$

1,195

 

 

$

3,910

 

 

$

3,514

 

Cost of sales

 

 

(1,291

)

 

 

(1,011

)

 

 

(3,549

)

 

 

(2,982

)

Gross profit

 

 

103

 

 

 

184

 

 

 

361

 

 

 

532

 

Selling, general and administrative expenses

 

 

(104

)

 

 

(116

)

 

 

(345

)

 

 

(358

)

Goodwill impairment charges

 

 

 

 

 

(6

)

 

 

 

 

 

(6

)

Restructuring, asset impairment and other related charges

 

 

 

 

 

(14

)

 

 

(8

)

 

 

(18

)

Other income (expense), net

 

 

7

 

 

 

(79

)

 

 

18

 

 

 

(48

)

Operating income (loss) from continuing operations

 

 

6

 

 

 

(31

)

 

 

26

 

 

 

102

 

Non-operating income, net

 

 

40

 

 

 

17

 

 

 

88

 

 

 

50

 

Interest expense, net

 

 

(57

)

 

 

(87

)

 

 

(141

)

 

 

(275

)

Loss from continuing operations before tax

 

 

(11

)

 

 

(101

)

 

 

(27

)

 

 

(123

)

Income tax benefit (expense)

 

 

13

 

 

 

(42

)

 

 

26

 

 

 

95

 

Income (loss) from continuing operations

 

 

2

 

 

 

(143

)

 

 

(1

)

 

 

(28

)

Loss from discontinued operations, net of income taxes

 

 

(2

)

 

 

(216

)

 

 

(6

)

 

 

(234

)

Net loss

 

 

 

 

 

(359

)

 

 

(7

)

 

 

(262

)

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Net loss attributable to Pactiv Evergreen Inc. common shareholders

 

$

 

 

$

(359

)

 

$

(8

)

 

$

(263

)

Earnings (loss) per share attributable to Pactiv Evergreen Inc.

   common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

(1.03

)

 

$

(0.01

)

 

$

(0.22

)

Diluted

 

$

0.01

 

 

$

(1.03

)

 

$

(0.01

)

 

$

(0.22

)

From discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

(1.56

)

 

$

(0.03

)

 

$

(1.72

)

Diluted

 

$

(0.01

)

 

$

(1.56

)

 

$

(0.03

)

 

$

(1.72

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

(2.59

)

 

$

(0.04

)

 

$

(1.94

)

Diluted

 

$

 

 

$

(2.59

)

 

$

(0.04

)

 

$

(1.94

)

 

See accompanying notes to the condensed consolidated financial statements.

2


 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

 

 

$

(359

)

 

$

(7

)

 

$

(262

)

Other comprehensive income (loss), net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

(7

)

 

 

66

 

 

 

(20

)

 

 

(29

)

Defined benefit plans

 

 

211

 

 

 

 

 

 

211

 

 

 

 

Other comprehensive income (loss)

 

 

204

 

 

 

66

 

 

 

191

 

 

 

(29

)

Comprehensive income (loss)

 

 

204

 

 

 

(293

)

 

 

184

 

 

 

(291

)

Comprehensive income attributable to non-controlling interests

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Comprehensive income (loss) attributable to Pactiv Evergreen Inc.

   common shareholders

 

$

204

 

 

$

(293

)

 

$

183

 

 

$

(292

)

 

See accompanying notes to the condensed consolidated financial statements.

3


 

Pactiv Evergreen Inc.

Condensed Consolidated Balance Sheets

(In millions, except share amounts)

(Unaudited)

 

 

 

As of September 30,

2021

 

 

As of December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

627

 

 

$

458

 

Accounts receivable, net of allowances for doubtful accounts of $3 and $3

 

 

473

 

 

 

375

 

Related party receivables

 

 

47

 

 

 

55

 

Inventories

 

 

801

 

 

 

784

 

Other current assets

 

 

120

 

 

 

175

 

Assets held for sale

 

 

 

 

 

26

 

Total current assets

 

 

2,068

 

 

 

1,873

 

Property, plant and equipment, net

 

 

1,693

 

 

 

1,685

 

Operating lease right-of-use assets, net

 

 

254

 

 

 

260

 

Goodwill

 

 

1,760

 

 

 

1,760

 

Intangible assets, net

 

 

1,052

 

 

 

1,092

 

Deferred income taxes

 

 

10

 

 

 

7

 

Other noncurrent assets

 

 

170

 

 

 

166

 

Total assets

 

$

7,007

 

 

$

6,843

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

390

 

 

$

313

 

Related party payables

 

 

10

 

 

 

10

 

Current portion of long-term debt

 

 

27

 

 

 

15

 

Current portion of operating lease liabilities

 

 

58

 

 

 

57

 

Income taxes payable

 

 

10

 

 

 

10

 

Accrued and other current liabilities

 

 

354

 

 

 

322

 

Liabilities held for sale

 

 

 

 

 

12

 

Total current liabilities

 

 

849

 

 

 

739

 

Long-term debt

 

 

4,220

 

 

 

3,965

 

Long-term operating lease liabilities

 

 

213

 

 

 

217

 

Deferred income taxes

 

 

217

 

 

 

193

 

Long-term employee benefit obligations

 

 

152

 

 

 

519

 

Other noncurrent liabilities

 

 

142

 

 

 

136

 

Total liabilities

 

$

5,793

 

 

$

5,769

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 2,000,000,000 shares authorized; 177,250,974 and 177,157,710 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

$

 

 

$

 

Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares

issued or outstanding

 

 

 

 

 

 

Additional paid in capital

 

 

623

 

 

 

614

 

Accumulated other comprehensive loss

 

 

(158

)

 

 

(349

)

Retained earnings

 

 

745

 

 

 

806

 

Total equity attributable to Pactiv Evergreen Inc. common shareholders

 

 

1,210

 

 

 

1,071

 

Non-controlling interests

 

 

4

 

 

 

3

 

Total equity

 

 

1,214

 

 

 

1,074

 

Total liabilities and equity

 

$

7,007

 

 

$

6,843

 

See accompanying notes to the condensed consolidated financial statements.

4


 

Pactiv Evergreen Inc.

Condensed Consolidated Statements of Equity

(In millions, except per share amounts)

(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, 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

 

Dividends paid to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Equity based compensation

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Balance as of September 30, 2020

 

 

175.4

 

 

$

 

 

$

580

 

 

$

(386

)

 

$

554

 

 

$

2

 

 

$

750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

 

177.2

 

 

$

 

 

$

620

 

 

$

(362

)

 

$

763

 

 

$

4

 

 

$

1,025

 

Net (loss) income