Ranpak (PACK) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38348
Entity Registrant Name	RANPAK HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1377160
Entity Address, Address Line One	7990 Auburn Road
Entity Address, City or Town	Concord Township
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44077
City Area Code	440
Local Phone Number	354-4445
Title of 12(b) Security	Class A Ordinary Shares, par value $0.0001 per share
Trading Symbol	PACK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001712463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Ordinary Shares, par value $0.0001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		78,478,624
Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,921,099

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Machine lease revenue	$ 11.8	$ 10.4	$ 35	$ 28.3
Net revenue	97.1	76.8	274.8	206.3
Cost of goods sold	59.1	46.6	164.8	122.3
Gross profit	38	30.2	110	84
Selling, general and administrative expenses	27.1	16.6	70.8	56.9
Transaction costs	0	1.2	0
Depreciation and amortization expense	8.7	7.7	26.1	22.9
Other operating expense (income), net	0.1	(1.9)	(2)	(2.9)
Income (loss) from operations	2.3	2.8	11.1	0.1
Interest expense	5.5	4.9	17.1	16.6
Foreign currency (gain) loss	(1.5)	3.2	(3.9)	3.1
Loss before income tax benefit	(1.7)	(5.3)	(2.1)	(19.6)
Income tax benefit	0.3	0.8	1.8	(1.4)
Net income (loss)	$ (1.4)	$ (6.1)	$ (0.3)	$ (18.2)
Earnings (loss) per share
Basic	$ (0.02)	$ (0.08)	$ 0	$ (0.25)
Diluted	$ (0.02)	$ (0.08)	$ 0	$ (0.25)
Weighted average number of shares outstanding - Class A and C
Basic	81,396,832	72,396,183	77,579,205	71,401,580
Diluted	81,396,832	72,396,183	77,579,205	71,401,580
Other comprehensive income (loss), before tax
Unrealized gain (loss) on cross currency swap, Net Balance	$ 4.9	$ 8.4	$ (11.1)	$ 7.9
Interest rate swap adjustments	0.8	(0.5)	4	(12.2)
Cross currency swap adjustments	1.4	0	1.4	0
Total other comprehensive loss, before tax	2.7	7.9	(5.7)	(4.3)
Benefit from income taxes related to other comprehensive income (loss)	0.5	0.1	1.3	(2.1)
Total other comprehensive loss, net of tax	(3.2)	7.8	(7)	(2.2)
Comprehensive loss, net of tax	4.6	1.7	7.3	(20.4)
Class A
Net income (loss)	$ (1.3)	$ (5.6)	$ (0.3)	$ (16.5)
Earnings (loss) per share
Basic	$ (0.02)	$ (0.08)	$ 0	$ (0.25)
Diluted	$ (0.02)	$ (0.08)	$ 0	$ (0.25)
Weighted average number of shares outstanding - Class A and C
Basic	78,475,733	65,884,890	73,512,399	64,890,287
Diluted	78,475,733	65,884,890	73,512,399	64,890,287
Class C
Net income (loss)	$ (0.1)	$ (0.5)	$ 0	$ (1.7)
Earnings (loss) per share
Basic	$ (0.03)	$ (0.08)	$ 0	$ (0.26)
Diluted	$ (0.03)	$ (0.08)	$ 0	$ (0.26)
Weighted average number of shares outstanding - Class A and C
Basic	2,921,099	6,511,293	4,066,806	6,511,293
Diluted	2,921,099	6,511,293	4,066,806	6,511,293
Paper revenue
Revenue	$ 81.2	$ 64.9	$ 229.5	$ 171.2
Other revenue
Revenue	$ 4.1	$ 1.5	$ 10.3	$ 6.8

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 110.4		$ 48.5
Accounts receivable, net	44.8		39.1
Inventories, net	30.2		16.1
Income tax receivable	9.2		0.1
Prepaid expenses and other current assets	4.1		3.4
Total current assets	198.7		107.2
Property, plant and equipment, net	126.5		124.4
Operating lease right-of-use assets, net	6.8		0
Goodwill	452.1		458.4
Intangible assets, net	413.9		440.6
Other assets	24.6		2.9
Total assets	1,222.6		1,133.5
Current liabilities
Accounts payable	34.7		24.9
Accrued liabilities and other	31.6		30.7
Current portion of long-term debt	1.1		0.5
Operating lease liabilities, current	2.4		0
Deferred machine fee revenue	1.7		1.4
Total current liabilities	71.5		57.5
Long-term debt	403.9		432.7
Deferred tax liabilities	105.4		109.6
Derivative instruments	4.9		9.6
Operating lease liabilities, non-current	4.4		0
Other liabilities	0.9		1.2
Total liabilities	591		610.6
Commitments and contingencies - Note 14
Shareholders' equity
Additional paid-in capital	680.7		564.7
Accumulated deficit	(52.8)		(52.5)
Accumulated other comprehensive income	3.7		10.7
Total shareholders' equity	631.6	$ 629.3	522.9
Total liabilities and shareholders' equity	1,222.6		1,133.5
Class A
Shareholders' equity
Common stock	0		0
Class C
Shareholders' equity
Common stock	$ 0		$ 0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2021	Jun. 30, 2021	May 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Common stock, par value (USD per share)	$ 0.0001
Common stock, shares authorized (shares)	426,000,000
Common stock, shares outstanding (shares)	81,396,923				75,516,352
Class A
Common stock, par value (USD per share)	$ 0.0001				$ 0.0001
Common stock, shares authorized (shares)	200,000,000				200,000,000
Common stock, shares issued (shares)	78,475,824		5,300,000		69,005,059
Common stock, shares outstanding (shares)	78,475,824	78,469,923		69,343,361	69,005,059	68,991,155	64,556,459	64,352,247	64,293,741
Class C
Common stock, par value (USD per share)	$ 0.0001				$ 0.0001
Common stock, shares authorized (shares)	200,000,000				200,000,000
Common stock, shares issued (shares)	2,921,099				6,511,293
Common stock, shares outstanding (shares)	2,921,099	2,921,099		6,511,293	6,511,293	6,511,293	6,511,293	6,511,293	6,511,293

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Class A	Class C
Beginning Balance at Dec. 31, 2019	$ 531.8	$ 557.5	$ (29.1)	$ 3.4
Beginning Balance (Shares) at Dec. 31, 2019					64,293,741	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (shares)					51,603
Issue Director shares					6,903
Amortization of restricted stock units	2.2	2.2
Net loss	(3.6)		(3.6)
Other comprehensive loss	(11.8)			(11.8)
Ending Balance at Mar. 31, 2020	518.6	559.7	(32.7)	(8.4)
Ending Balance (Shares) at Mar. 31, 2020					64,352,247	6,511,293
Beginning Balance at Dec. 31, 2019	531.8	557.5	(29.1)	3.4
Beginning Balance (Shares) at Dec. 31, 2019					64,293,741	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18.2)				$ (16.5)	$ (1.7)
Other comprehensive loss	(2.2)
Ending Balance at Sep. 30, 2020	517.3	563.4	(47.3)	1.2
Ending Balance (Shares) at Sep. 30, 2020					68,991,155	6,511,293
Beginning Balance at Mar. 31, 2020	518.6	559.7	(32.7)	(8.4)
Beginning Balance (Shares) at Mar. 31, 2020					64,352,247	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (shares)					143,048
Issue Director shares					61,164
Amortization of restricted stock units	2	2
Net loss	(8.5)		(8.5)
Other comprehensive loss	1.8			1.8
Ending Balance at Jun. 30, 2020	513.9	561.7	(41.2)	(6.6)
Ending Balance (Shares) at Jun. 30, 2020					64,556,459	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (shares)					2,048
Warrant exchange					4,422,564
Issue Director shares					10,084
Amortization of restricted stock units	1.7	1.7
Net loss	(6.1)		(6.1)		$ (5.6)	$ (0.5)
Other comprehensive loss	7.8			7.8
Ending Balance at Sep. 30, 2020	517.3	563.4	(47.3)	1.2
Ending Balance (Shares) at Sep. 30, 2020					68,991,155	6,511,293
Beginning Balance at Dec. 31, 2020	$ 522.9	564.7	(52.5)	10.7
Beginning Balance (Shares) at Dec. 31, 2020	75,516,352				69,005,059	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed	$ (1.7)	(1.7)
Stock-based awards vested and distributed (shares)					332,718
Issue Director shares					5,584
Amortization of restricted stock units	2.7	2.7
Net loss	6.3		6.3
Other comprehensive loss	(6.4)			(6.4)
Ending Balance at Mar. 31, 2021	523.8	565.7	46.2	4.3
Ending Balance (Shares) at Mar. 31, 2021					69,343,361	6,511,293
Beginning Balance at Dec. 31, 2020	$ 522.9	564.7	(52.5)	10.7
Beginning Balance (Shares) at Dec. 31, 2020	75,516,352				69,005,059	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (0.3)				$ (0.3)	$ 0
Other comprehensive loss	(7)
Ending Balance at Sep. 30, 2021	$ 631.6	680.7	52.8	3.7
Ending Balance (Shares) at Sep. 30, 2021	81,396,923				78,475,824	2,921,099
Beginning Balance at Mar. 31, 2021	$ 523.8	565.7	46.2	4.3
Beginning Balance (Shares) at Mar. 31, 2021					69,343,361	6,511,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholder conversion of class C to class A (Shares)					3,590,194	(3,590,194)
May 2021 equity offering	103.4	103.4
May 2021 equity offering (Shares)					5,250,000
Stock-based awards vested and distributed (shares)					202,414
Issue Director shares					83,954
Amortization of restricted stock units	4.7	4.7
Net loss	(5.2)		(5.2)
Other comprehensive loss	2.6			2.6
Ending Balance at Jun. 30, 2021	629.3	673.8	(51.4)	6.9
Ending Balance (Shares) at Jun. 30, 2021					78,469,923	2,921,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (shares)					2,901
Issue Director shares					3,000
Amortization of restricted stock units	6.9	6.9
Net loss	(1.4)		(1.4)		$ (1.3)	$ (0.1)
Other comprehensive loss	(3.2)			(3.2)
Ending Balance at Sep. 30, 2021	$ 631.6	$ 680.7	$ 52.8	$ 3.7
Ending Balance (Shares) at Sep. 30, 2021	81,396,923				78,475,824	2,921,099

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net loss	$ (0.3)	$ (18.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	54.4	45.3
Amortization of deferred financing costs	1.5	1.2
Loss on disposal of fixed assets	1	1.7
Deferred income taxes	(4)	(0.9)
Amortization of initial value of hedging instrument	(0.6)	(1.2)
Currency (gain) loss on foreign denominated debt and notes payable	4.1	3.2
Amortization of restricted stock units	14.3	5.9
Changes in operating assets and liabilities:
(Increase) decrease in receivables, net	(4.5)	(9.4)
(Increase) decrease in inventory	(14.3)	(2.7)
(Increase) decrease in prepaid expenses and other assets	0.7	(1)
Increase (decrease) in accounts payable	8	8.2
Increase (decrease) in accrued liabilities	5.5	6.5
Change in other assets and liabilities	(15.4)	(0.8)
Net cash provided by operating activities	40.8	37.8
Capital expenditures:
Converter equipment	(32.9)	(21.1)
Other capital expenditures	(7.7)	(3.9)
Total capital expenditures	(40.6)	(25)
Cash paid for investments in small private businesses	(9.2)	0
Patent and trademark expenditures	(0.9)	(0.5)
Net cash used in investing activities	(50.7)	(25.5)
Cash Flows from Financing Activities
Proceeds from equity offering, gross	104	0
Prepayments of term loan	(20.9)	0
Financing costs of equity offering	(0.6)	0
Principal Payments on term loans	(1.2)	(1.2)
Payments on finance lease liabilities	(0.5)	0
Exit Payment	(8.2)	0
Net cash used in financing activities	(72.6)	(1.2)
Effect of Exchange Rate Changes on Cash	(0.8)	0.5
Net Increase (Decrease) in Cash and Cash Equivalents	61.9	11.6
Cash and Cash Equivalents, beginning of period	48.5	19.7
Cash and Cash Equivalents, end of period	$ 110.4	$ 31.3

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	Note 1 — Nature of Operations Ranpak Holdings Corp. (formerly known as One Madison Corporation) is a leading provider of environmentally sustainable, systems-based, product protection solutions for e-Commerce and industrial supply chains. Through proprietary protective packaging systems and paper consumables, the Company offers a full suite of protective packaging solutions. The Company’s business is global, with a strong presence in the United States and Europe. Throughout this report, when we refer 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Statements — These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for each of the three years ended December 31, 2020, 2019, and 2018, which are included in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 10-K”). The three months ended September 30, 2021 may be further referred to herein as the “third quarter of 2021.” The three months ended September 30, 2020 may be further referred to herein as the “third quarter of 2020.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of the Securities and Exchange Commission (“SEC”) Regulation S-X as they apply to interim financial information. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although we believe that the disclosures made are adequate to make the information not misleading. The interim condensed consolidated financial statements are unaudited but, in our opinion, include all adjustments that are necessary for a fair statement of operations and financial position for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Principles of Consolidation — The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries prepared in conformity with GAAP. All intercompany balances and transactions have been eliminated in consolidation and certain immaterial prior year amounts have been reclassified consistent with current year presentation. All amounts are in millions, except share and per share amounts and are approximate due to rounding. Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Foreign Currency — The nature of business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The functional currency of our operating subsidiaries outside the U.S. is the applicable local currency. For those operations, assets and liabilities are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average monthly exchange rates. Emerging Growth Company (“EGC”) — Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended, registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company, which is neither an EGC nor an EGC which has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. As of June 30, 2021, our aggregate worldwide market value of voting and non-voting common equity held by non-affiliates exceeded $ 700 million. As we meet all other applicable criteria in the Securities Exchange Act of 1934, as amended, we will lose EGC status and become a large accelerated filer as of December 31, 2021. Investments in Small Private Businesses — In the third quarter of 2021, we paid consideration of $ 9.2 million in exchange for minority ownership interests in two small private businesses. We do not have power to direct the activities of these businesses and do not have significant economic exposure related to these investments. These investments do not require consolidation and are individually and collectively immaterial to our condensed consolidated financial statements. Recently Adopted Accounting Standards — On January 1, 2021, we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), which requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months and recognize expense over the lease term. We elected to transition to ASC 842 using the modified retrospective method. Prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under previous lease guidance, ASC Topic 840, Leases (“ASC 840”). We elected to use the package of practical expedients permitted under the transition guidance. We did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. For lease agreements that include lease and non-lease components, we elected to use the practical expedient on all leases entered into or modified after January 1, 2021 to combine lease and non-lease components for all classes of assets. Additionally, we elected to not record on the balance sheet leases with a term of twelve months or less. Adopting ASC 842 did not result in a material impact to our financial statements and disclosures. Refer to Note 12, “ Leases ” for further detail. Recently Issued Accounting Standards — In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the FASB’s guidance on the impairment of financial instruments. ASU 2016-13 adds to GAAP an impairment model (known as the “current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016-13 was originally effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. In October 2019, the FASB delayed the implementation of ASU 2016-13 for private companies until fiscal years beginning January 1, 2023. Given our status as an EGC at the time, we had planned to adopt ASU 2016-13 in accordance with private company guidance. However, as we will lose EGC status, we will adopt ASU 2016-13 on January 1, 2022. We are currently evaluating the impact that this new guidance will have on our financial position, results of operations, cash flows and related disclosures.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data and Cash Flow Information	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Supplemental Balance Sheet Data and Cash Flow Information	Note 3 — Supplemental Balance Sheet Data and Cash Flow Information Cash and cash equivalents — Cash and cash equivalents include securities with original maturities of three months or less and cash in banks. In June 2021, we invested $ 70.0 million in a money market fund. A money market fund is classified as a cash equivalent because of its short-term, highly liquid nature that is readily convertible to cash. Unrealized gains or losses are included in other operating expense (income), net and were immaterial in the nine months ended September 30, 2021. The balance was approximately $ 70.0 million at September 30, 2021. The fair value of money market funds is considered Level 1 in the fair value hierarchy because they are securities traded in active markets. Refer to Note 10, “ Fair Value Measurement ” for further detail. In May 2021, we completed a public offering of 4.5 million shares of Class A common stock. Additionally, the underwriters completed the exercise of an allotment option to sell an additional 0.8 million shares (the public offering and the allotment option collectively referred to as the “May 2021 Equity Offering”). Cash proceeds received in the May 2021 Equity Offering, net of underwriting fees, commissions, and transaction expenses, were $ 103.4 million. We used the proceeds to prepay debt and invest in a money market fund. The balance will be used for general corporate purposes. Refer to Note 7, “ Long-Term Debt ” for further detail. Accounts Receivable, net — The components of accounts receivable, net was follows: September 30, 2021 December 31, 2020 Accounts receivable $ 45.6 $ 39.6 Allowance for doubtful accounts ( 0.8 ) ( 0.5 ) Accounts receivable, net $ 44.8 $ 39.1 At September 30, 2021 , no customer’s accounts receivable balances exceeded 10.0 % of our accounts receivable balance. At December 31, 2020 , one customer accounted for approximately 12.9 % of our accounts receivable balance. Inventories, net — The components of inventories, net were as follows: September 30, 2021 December 31, 2020 Raw materials $ 16.1 $ 9.8 Work-in-process 1.7 0.5 Finished goods 13.4 6.8 Total inventories 31.2 17.1 Reserve for obsolescence ( 1.0 ) ( 1.0 ) Inventories, net $ 30.2 $ 16.1 Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2021 December 31, 2020 Land $ 4.1 $ 4.2 Buildings and improvements 8.7 8.7 Machinery and equipment 19.9 15.3 Computer and office equipment 12.0 10.7 Converting machines 158.8 134.7 Total property, plant, and equipment 203.5 173.6 Accumulated depreciation ( 77.0 ) ( 49.2 ) Property, plant, and equipment, net $ 126.5 $ 124.4 Depreciation expense recorded in cost of goods sold and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended September 30, Nine Months Ended September 30, Depreciation expense included in 2021 2020 2021 2020 Cost of goods sold $ 9.8 $ 8.0 $ 28.3 $ 22.4 Depreciation and amortization expense 1.4 0.6 4.1 1.6 Total depreciation expense $ 11.2 $ 8.6 $ 32.4 $ 24.0 Accrued Liabilities and Other – The components of accrued liabilities and other was as follows: September 30, 2021 December 31, 2020 Employee compensation $ 2.4 $ 2.6 Taxes 6.2 3.5 Professional fees 5.8 1.2 Bonus 7.1 6.0 Interest 1.7 1.9 Exit Payment - 8.2 Interest rate swap liability, current portion 4.6 4.6 Other 3.8 2.7 Accrued liabilities and other $ 31.6 $ 30.7 Under our credit agreement, our lower leverage ratio at December 31, 2020 required us to pay our lenders an $ 8.2 million exit payment (the “Exit Payment”), which was paid in the first quarter of 2021. Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Supplemental cash flow information Interest paid $ 5.6 $ 5.5 $ 16.5 $ 17.0 Taxes paid 2.1 1.2 7.1 2.7 Non-cash investing activities Right-of-use assets obtained in exchange for lease liabilities $ 0.1 $ - $ 10.7 $ - Equipment purchased under capital leases (ASC 840) - - - 0.3 Capital expenditures in accounts payable — — $ 0.3 $ 2.3

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	Note 4 — Segment and Geographic Information In accordance with ASC 280, Segment Reporting (“ASC 280”), we determined we have two operating segments which are aggregated into one reportable segment, Ranpak. The chief operating decision maker assesses the Company’s performance and allocates resources based on the Company’s consolidated financial information. The aggregation of the two operating segments is based on the Company’s determination that, per ASC 280, the operating segments have similar economic characteristics, and are similar in all of the following areas: the nature of products and services, the nature of production processes, the type or class of customer for their products or services, and the methods used to distribute their products or provide their services. In addition, the operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting. We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue North America $ 37.3 $ 33.3 $ 101.1 $ 88.6 Europe/Asia 59.8 43.5 173.7 117.7 Net revenue 97.1 76.8 274.8 206.3 Segment gross profit North America 14.4 12.7 37.5 34.8 Europe/Asia 23.6 17.5 72.5 49.2 Gross profit 38.0 30.2 110.0 84.0 Expenses excluded from segment gross profit Selling, general and administrative expenses 27.1 16.6 70.8 56.9 Transaction costs - 1.2 - 1.2 Depreciation and amortization expense 8.7 7.7 26.1 22.9 Other operating expense (income), net ( 0.1 ) 1.9 2.0 2.9 Interest expense 5.5 4.9 17.1 16.6 Foreign currency (gain) loss ( 1.5 ) 3.2 ( 3.9 ) 3.1 Loss before income tax expense (benefit) $ ( 1.7 ) $ ( 5.3 ) $ ( 2.1 ) $ ( 19.6 ) Our customers are not concentrated in any specific geographic region. During the nine months ended September 30, 2021 and 2020 , no customers exceeded 10 % of net revenue. The following table presents our long-lived assets by geographic region: September 30, 2021 December 31, 2020 North America $ 61.9 $ 59.4 Europe/Asia 64.6 65.0 Total long-lived assets $ 126.5 $ 124.4

Revenue Recognition, Contracts

Revenue Recognition, Contracts with Customers	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition, Contracts with Customers	Note 5 — Revenue Recognition, Contracts with Customers Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Revenue for paper consumables is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Revenue for equipment sales is recognized based on an input method, based on percentage of completion of cost and effort incurred. Maintenance revenue is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. Lease components within contracts with customers are recognized in accordance with ASC 842. Our contract durations are twelve months or less and lease revenues beyond twelve months are not estimable. Sales, value-added, and other taxes collected from customers and remitted to governmental authorities are excluded from revenue. Our paper consumables, automation equipment, and maintenance services are determined to be distinct performance obligations. Free on loan and leased equipment is typically identified as a separate lease component in scope of ASC 842. In association to the sale of automation equipment, we sell other goods and services, such as extended warranties, preventative maintenance services, spare parts and spare part packages, and consulting services. These other goods and services do not represent performance obligations because they are neither separate nor distinct, or they are not material. We have forms of variable consideration present in our contracts with customers, including rebates and other discounts. We estimate variable consideration using either the expected value method or the most likely amount method. We include in the transaction price some or all of an amount of variable consideration estimated to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The time between when a performance obligation is satisfied and when billing and payment occur is closely aligned and performance obligations do not extend beyond one year. As the transfer of control of our products results in an unconditional right to receive consideration, we did no t record contract assets as of September 30, 2021 and December 31, 2020. Deferred revenue represents contractual amounts received from customers that exceed percentage of project completion that is in excess of costs incurred for automation equipment sales, as well as prepayments for machine fees that are amortized over the next quarter. Our enforceable contractual obligations have durations of less than one year and are included in current liabilities on the unaudited condensed consolidated balance sheets. During the nine months ended September 30, 2021 and 2020, substantially all of the beginning balance of deferred revenue was recognized into revenue. Beginning and ending balances of deferred revenue were as follows: Nine Months Ended September 30, 2021 2020 Beginning balance $ 1.4 $ 2.5 Ending balance $ 1.7 $ 0.8 In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we further disaggregate our revenue by segment geography to assist in evaluating the nature, timing, and uncertainty of revenue and cash flows that may be impacted by economic factors: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 ASC 606 North America $ 32.0 $ 29.0 $ 86.2 $ 76.6 Europe/Asia 53.3 37.4 153.6 101.4 Total paper and other revenue $ 85.3 $ 66.4 $ 239.8 $ 178.0 ASC 842 Machine lease revenue $ 11.8 $ 10.4 $ 35.0 $ 28.3 Net revenue $ 97.1 $ 76.8 $ 274.8 $ 206.3 North America consists of the United States, Canada and Mexico; Europe/Asia consists of European, Asian (including China), Pacific Rim, South American and African countries.

Goodwill, Long-Lived and Intang

Goodwill, Long-Lived and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Long-Lived and Intangible Assets, Net	Note 6 — Goodwill, Long-Lived and Intangible Assets, Net Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Trademarks and trade names are accounted for as indefinite-lived intangible assets and, accordingly, are not subject to amortization. We review goodwill on a reporting unit basis and indefinite-lived assets for impairment annually on October 1 st and on an interim basis whenever events or changes in circumstances indicate the carrying value of goodwill or indefinite-lived intangible assets may be impaired. We assessed whether events or circumstances indicate that it was more likely than not that our goodwill and indefinite-lived intangible assets were impaired as of September 30, 2021. The goodwill and indefinite-lived intangible assets assessments included consideration of key factors such as macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity-and reporting unit-specific events. We concluded that it is more likely than not that the fair value of our reporting units and indefinite-lived intangible assets exceeded their carrying values at September 30, 2021. The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: North America Europe Total Balance at December 31, 2020 $ 338.8 $ 119.6 $ 458.4 Currency translation - ( 6.3 ) ( 6.3 ) Balance at September 30, 2021 $ 338.8 $ 113.3 $ 452.1 Finite-Lived Intangible Assets, net Finite-lived or amortizable intangible assets consist of patented and unpatented technology, customer/distributor relationships, and other intellectual property. Impairment of Long-lived Assets We review our long-lived assets, including amortizable intangible assets and property, plant and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. For long-lived assets, an impairment loss is indicated when the undiscounted cash flows estimated to be generated by the asset group are not sufficient to recover the unamortized balance of the asset group. If indicators exist, the loss is measured as the excess of carrying value over the asset group’s fair value, as determined based on discounted future cash flows, asset appraisal and market values of similar assets. As of September 30, 2021, there were no indicators of impairment present for property, plant and equipment or amortizable intangible assets that required us to test for recoverability. The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 202.9 $ ( 31.7 ) $ 171.2 $ 209.2 $ ( 22.2 ) $ 187.0 Patented/unpatented technology 170.0 ( 35.4 ) 134.6 169.2 ( 23.7 ) 145.5 Intellectual property 0.5 ( 0.1 ) 0.4 0.4 - 0.4 In-process research and development 1.6 - 1.6 1.6 - 1.6 Total definite-lived intangible assets 375.0 ( 67.2 ) 307.8 380.4 ( 45.9 ) 334.5 Trademarks/tradenames with indefinite lives 106.1 - 106.1 106.1 - 106.1 Identifiable intangible assets, net $ 481.1 $ ( 67.2 ) $ 413.9 $ 486.5 $ ( 45.9 ) $ 440.6 The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2021: Year Amount 2021 $ 7.3 2022 29.2 2023 29.2 2024 29.1 2025 28.6 Thereafter 182.8 $ 306.2 Amortization expense was $ 7.3 million and $ 7.1 million in the third quarter of 2021 and 2020, respectively. Amortization expense was $ 22.0 million and $ 21.3 million in the nine months ended September 30, 2021 and 2020, respectively. The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of September 30, 2021: Remaining Weighted-Average Useful Life September 30, 2021 December 31, 2020 Customer/distributor relationships 13 years 13 years Patented/unpatented technology 9 years 10 years Intellectual property 7 years 6 years Total identifiable assets, net with definite lives 11 years 12 years

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Note 7 — Long-Term Debt Ranger Pledgor LLC, a Delaware limited liability company (“Holdings”), Ranger Packaging LLC, a Delaware limited liability company (the “U.S. Borrower”), and Ranpak B.V., a private limited liability company under the laws of the Netherlands (the “Dutch Borrower” and together with the U.S. Borrower, the “Borrowers”), entered into a First Lien Credit Agreement on June 3, 2019 that provided for senior secured credit facilities to, in part, (i) fund the business combination, (ii) repay and terminate the existing indebtedness of Rack Holdings, and (iii) pay all fees, premiums, expenses and other transaction costs incurred in connection with the foregoing. The aggregate principal amount of the senior secured credit facilities consists of a $ 378.2 million dollar-denominated first lien term facility (the “First Lien Dollar Term Facility”), a € 140.0 million ($ 152.6 million equivalent) euro-denominated first lien term facility (the “First Lien Euro Term Facility” and, together with the First Lien Dollar Term Facility, the “First Lien Term Facility”) and a $ 45.0 million revolving facility (the “Revolving Facility” and together with the First Lien Term Facility, the “Facilities”). The First Lien Term Facility matures in 2026 and the Revolving Facility matures in 2024 . In December 2019, we prepaid approximately $ 107.7 million of principal on the First Lien Dollar Term Facility. In June 2021, we prepaid $ 20.9 million of principal on the First Lien Dollar Term Facility (the “June 2021 Prepayment”). As of September 30, 2021 and December 31, 2020 , no amounts were outstanding under the Revolving Facility. Long-term debt consisted of the following: September 30, 2021 December 31, 2020 First Lien Dollar Term Facility $ 250.0 $ 270.9 First Lien Euro Term Facility 158.8 168.9 Finance lease liabilities 1.6 - Deferred financing costs, net ( 5.4 ) ( 6.6 ) Total debt 405.0 433.2 Less: current portion of long-term debt ( 0.5 ) ( 0.5 ) Less: current portion of finance lease liabilities ( 0.6 ) - Long-term debt $ 403.9 $ 432.7 Borrowings under the Facilities, at the Borrowers’ option, bear interest at either (1) an adjusted eurocurrency rate or (2) a base rate, in each case plus an applicable margin. The applicable margin is 3.75 % with respect to eurocurrency borrowings, assuming a first lien net leverage ratio of less than 5.00 :1.00, subject to a leverage-based step-up to an applicable margin equal to 400 basis points for eurocurrency borrowings. The interest rate for the First Lien Dollar Term Facility as of September 30, 2021 and December 31, 2020 was 3.84 % and 3.91 %, respectively. The interest rate for the First Lien Euro Term Facility as of September 30, 2021 and December 31, 2020 was 3.75 % and 3.75 %, respectively. The Revolving Facility includes borrowing capacity available for standby letters of credit of up to $ 5.0 million. Any issuance of letters of credit will reduce the amount available under the Revolving Facility. The Facilities will provide the Borrowers with the option to increase commitments under the Facilities in an aggregate amount not to exceed the greater of $ 95.0 million and 100 % of trailing-twelve months Consolidated EBITDA (as defined in the definitive documentation with respect to the Facilities), plus any voluntary prepayments of the debt financing (and, in the case of the Revolving Facility, to the extent such voluntary prepayments are accompanied by permanent commitment reductions under the Revolving Facility), plus unlimited amounts subject to the relevant net leverage ratio tests and certain other conditions. The obligations of (i) the U.S. Borrower under the Facilities and certain of its obligations under hedging arrangements and cash management arrangements are unconditionally guaranteed by Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. organized restricted subsidiary of Holdings (together with Holdings, the “U.S. Guarantors”) and (ii) the Dutch Borrower under the Facilities are unconditionally guaranteed by the U.S. Borrower, the U.S. Guarantors and each existing and subsequently acquired or organized direct or indirect wholly-owned Dutch organized restricted subsidiary of Holdings (the “Dutch Guarantors”, and together with the U.S. Guarantors, the “Guarantors”), in each case, other than certain excluded subsidiaries. The Facilities are secured by (i) a first priority pledge of the equity interests of the Borrowers and of each direct, wholly-owned restricted subsidiary of any Borrower or any Guarantor and (ii) a first priority security interest in substantially all of the assets of the Borrowers and the Guarantors (in each case, subject to customary exceptions), provided that obligations of the U.S. Borrower and U.S. Guarantors under the Facilities were not secured by assets of the Dutch Borrower or any Dutch Guarantor. The Facilities impose restrictions that require the Company to comply with or maintain certain financial tests and ratios. Such agreements restrict our ability to, among other things: (i) declare dividends or redeem or repurchase capital stock, including with respect to Class A common stock; (ii) prepay, redeem or purchase other debt; (iii) incur liens; (iv) make loans, guarantees, acquisitions and other investments; (v) incur additional indebtedness; (vi) engage in sale and leaseback transactions; (vii) amend or otherwise alter debt and other material agreements; (viii) engage in mergers, acquisitions and asset sales; (ix) engage in transactions with affiliates; and (x) enter into arrangements that would prohibit us from granting liens or restrict our ability to pay dividends, make loans or transfer assets among our subsidiaries. We were in compliance with all financial covenants as of September 30, 2021. On February 14, 2020, the Borrowers, Holdings, certain other subsidiaries of Holdings, certain lenders party to Amendment No. 1 (as defined below) and Goldman Sachs Lending Partners LLC (the “Administrative Agent”) entered into the Amendment No. 1 to First Lien Credit Agreement (“Amendment No. 1”) to amend the First Lien Credit Agreement, dated as of June 3, 2019 among the Borrowers, Holdings, the lenders, the issuing banks and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Among other things, the Amendment No. 1 amends the Credit Agreement such that (i) the requirement of the Borrowers to apply excess cash flow to mandatorily prepay term loans under the Credit Agreement commences with the fiscal year ending December 31, 2021 (instead of the fiscal year ending December 31, 2020) and (ii) the aggregate amount per fiscal year of capital stock of any parent company of the U.S. Borrower that is held by directors, officers, management, employees, independent contractors or consultants of the U.S. Borrower (or any parent company or subsidiary thereof) that the U.S. Borrower may repurchase, redeem, retire or otherwise acquire or retire for value has been increased to the greater of $ 10.0 million and 10 % of Consolidated Adjusted EBITDA (as defined in the Credit Agreement) (increased from the greater of $ 7.0 million and 7 % of Consolidated Adjusted EBITDA) as of the last day of the most recently ended four fiscal quarter period for which financial statements have been delivered. On July 1, 2020, we entered into a borrower assumption agreement (“Borrower Assumption Agreement”), which provided that, in the following order, (i) Rack Holdings Inc. merged with and into Ranger Packaging LLC, with Ranger Packaging LLC as the surviving entity of such merger and (ii) Ranger Packaging LLC merged with and into Ranpak Corp., with Ranpak Corp. as the surviving entity of such merger (clauses (i) and (ii) collectively, the “Reorganization”). Contemporaneously with the Reorganization, Ranger Packaging LLC, Ranpak Corp., Ranger Pledgor LLC, certain other subsidiaries of Ranger Pledgor LLC and Goldman Sachs Lending Partners LLC entered into the Borrower Assumption Agreement whereby, among other things, Ranpak Corp. assumed all obligations, liabilities and rights of Ranger Packaging LLC as the U.S. Borrower under the Facilities. Under the First Lien Term Facility agreement, our lower leverage ratio at December 31, 2020 required us to pay our lenders the $ 8.2 million Exit Payment, which was paid in the first quarter of 2021. As a result of the June 2021 Prepayment, we accelerated the amortization of approximately $ 0.3 million of deferred financing costs, which is included in interest expense in the nine months ended September 30, 2021. Additionally, as a result of making the Exit Payment to our lenders, we became eligible to enter into the Permitted Exit Payment Amendment (as defined in the Credit Agreement) to the Credit Agreement which, among other things, would introduce additional exceptions to the negative covenant that restricts the ability of the Borrowers and their restricted subsidiaries from paying dividends and distributions or repurchasing capital stock. On July 28, 2021, the Permitted Exit Payment Amendment to the Credit Agreement became effective.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 8 — Derivative Instruments We use derivatives as part of the normal business operations to manage our exposure to fluctuations in interest rates associated with variable interest rate debt and fluctuations in foreign currency translation associated with our global business presence. These derivatives can help decrease the volatility of cash flows affected by changes in interest rates and foreign currency exchange rates. On January 31, 2019, the Company entered into a business combination contingent interest rate swap in a notional amount of $ 200.0 million (the “January 2019 Swap”) to hedge part of the floating interest rate exposure under the First Lien Dollar Term Facility. The January 2019 Swap became effective on June 3, 2019 and will terminate on June 3, 2022. The January 2019 Swap economically converts a portion of the variable rate debt to fixed rate debt. The Company receives floating interest payments monthly based on one-month LIBOR and pays a fixed rate of 2.56 % to the counterparty. Prior to September 25, 2019, the Company did not apply hedge accounting to the January 2019 Swap. Changes in fair value were recorded to interest expense. On September 25, 2019, the Company amended the January 2019 Swap to extend its term to mature on June 1, 2023 and lower the rate to 2.31 % (the “Amended January 2019 Swap”). We concurrently entered into an incremental $ 50.0 million notional swap at 1.5 % and maturing on June 1, 2023 (the “September 2019 Swap”). Additionally, on September 25, 2019, we designated as cash flow hedges the Amended January 2019 Swap and the September 2019 Swap and applied hedge accounting. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Changes in fair value are recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. On March 27, 2020, we entered into an interest rate swap that amended the Amended January 2019 Swap to a lower rate of 2.1 % and extended the maturity to June 1, 2024 (the “Second Amended January 2019 Swap”). We designated the Second Amended January 2019 Swap as a cash flow hedge and applied hedge accounting. A summary of our interest rate swaps is as follows: Interest Rate Swap Agreements Designation Maturity Date Rate Notional Value Debt Instrument Hedged Percentage of Debt Instrument Outstanding September 30, 2021 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 % December 31, 2020 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 18 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 74 % $ 250.0 92 % The Second Amended January 2019 Swap contains an insignificant financing element that is amortized over the term of the hedging relationship. As of September 30, 2021, we anticipate having to reclassify $ 4.6 million from accumulated other comprehensive income into earnings during the next twelve months to offset the variability of the hedged items during this period. On September 1, 2021, we entered into a cross currency swap (the “September 2021 Swap”) to protect our net investment in a European subsidiary and hedge against the risk of adverse changes in the exchange rate of the Euro and U.S. dollar (“USD”). On September 1, 2021, we designated the September 2021 Swap as a net investment hedge. The September 2021 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.1835, we converted notional amounts of approximately $80.0 million at 5.84% for €67.6 million at 5.02%. The change in fair value of the September 2021 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the September 2021 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income (loss) and into interest expense over the life of the September 2021 Swap to maturity on June 1, 2024. The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Balance Sheet Classification September 30, 2021 December 31, 2020 Interest Rate Swap Agreements Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 4.6 Designated as cash flow hedges Derivative instruments 4.9 9.6 $ 9.5 $ 14.2 Cross Currency Swap Agreement Designated as net investment hedge Other assets $ 1.4 $ - $ 1.4 $ - The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statements of operations. The income effects of our derivative activities are reflected in interest expense. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total interest expense presented in the statement of operations $ 5.5 $ 4.9 $ 17.1 $ 16.6 Interest rate swap agreements designated as cash flow hedges 1.0 1.2 2.9 1.6 Cross currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing $ ( 0.1 ) $ - $ ( 0.1 ) $ -

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	Note 9 — Accumulated Other Comprehensive Income Accumulated other comprehensive income is a separate line within the unaudited condensed consolidated statements of equity that reports our cumulative income (loss) that has not been reported as part of net income (loss). The components of accumulated other comprehensive income at September 30, 2021 and December 31, 2020 were as follows: September 30, 2021 Gross Balance Tax Effect Net Balance Foreign currency translation $ 6.8 $ - $ 6.8 Unrealized gain (loss) on interest rate swaps ( 5.8 ) 1.7 ( 4.1 ) Unrealized gain (loss) on cross currency swap 1.3 ( 0.3 ) 1.0 Total $ 2.3 $ 1.4 $ 3.7 December 31, 2020 Gross Balance Tax Effect Net Balance Foreign currency translation $ 17.9 $ - $ 17.9 Unrealized gain (loss) on interest rate swaps ( 9.9 ) 2.7 ( 7.2 ) Total $ 8.0 $ 2.7 $ 10.7 The following table presents the changes in accumulated other comprehensive income (loss) by component: Nine Months Ended September 30, 2021 Foreign currency translation Unrealized gain (loss) on interest rate swaps Unrealized gain (loss) on cross currency swap Total Beginning balance $ 17.9 $ ( 7.2 ) $ - $ 10.7 Other comprehensive income (loss) before reclassifications ( 11.1 ) 7.0 1.2 ( 2.9 ) Amounts reclassified from accumulated other comprehensive income (loss) - ( 3.9 ) ( 0.2 ) ( 4.1 ) Ending balance $ 6.8 $ ( 4.1 ) $ 1.0 $ 3.7

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 10 — Fair Value Measurement Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:  Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.  Level 2 — Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings.  Level 3 — Unobservable inputs that are supported by little or no market activities. The carrying values of cash and cash equivalents (primarily consisting of bank deposits and a money market fund), accounts receivable and accounts payable approximate their fair values due to the short-term nature of these instruments as of September 30, 2021 and December 31, 2020. The carrying value of borrowings under the credit facilities approximates fair value due to the variable interest rates associated with those borrowings. The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of September 30, 2021 and December 31, 2020: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2021 Money market fund $ 70.0 $ 70.0 $ - $ - Current and long-term debt 410.4 - 410.4 - Interest rate swap agreements liability 9.5 - 9.5 - Cross currency swap asset $ 1.4 $ - $ 1.4 $ - December 31, 2020 Current and long-term debt $ 439.8 $ - $ 439.8 $ - Interest rate swap agreements liability $ 14.2 $ - $ 14.2 $ - The valuation techniques and inputs used for fair value measurements categorized within Level 1 include quoted prices in active markets that are readily and regularly available. The valuation techniques and inputs used for fair value measurements categorized within Level 2 include quoted comparable prices from market inputs. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows or option pricing models using our own estimates and assumptions or those expected to be used by market participants. We determine our valuation policies and procedures and analyze changes in fair value measurements from period to period by using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were measured using unobservable inputs. The fair value of outstanding long-term debt is based on prices and other relevant information generated by market transactions involving identical or comparable debt instruments, which represents a Level 2 measurement. Derivative positions are classified within Level 2 of the valuation hierarchy as they are valued using quoted market prices for similar assets and liabilities in active markets. The interest rate swaps are valued utilizing an income approach, which discounts future cash flow based upon current market expectations and adjustments for credit risk, each of which are considered Level 2 inputs. The cross currency swap is valued utilizing forward and spot prices for currencies and LIBOR forward curves, which are considered Level 2 inputs.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 — Income Taxes For each interim reporting period, we make an estimate of the effective tax rate we expect to be applicable for the full year for our operations. This estimated effective tax rate is used in providing for income taxes on a year-to-date basis. Our effective tax rate was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Effective tax rate 16.1 % ( 15.7 )% 89.1 % 7.1 % The fluctuation in the effective tax rate over the periods presented above was primarily attributable to a jurisdictional mix of income between periods. The effective tax rate differs from the U.S. federal statutory rate due primarily to benefits derived from stock-based compensation and the U.S. foreign derived intangible income deduction, tax credits available in the U.S., and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate. We are subject to taxation in the United States (federal, state, local) and foreign jurisdictions. As of September 30, 2021 , tax years 2018 through 2021 are subject to examination by the tax authorities. Pursuant to ASC 740, Income Taxes (“ASC 740”), as of each balance sheet date, the Company assesses its uncertain tax positions to determine whether factors underlying the sustainability assertion have changed. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes several significant business tax provisions that, among other things, eliminated the taxable income limit for certain net operating losses (“NOL”) and allow businesses and individuals to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years; suspend the excess business loss rules under section 461(l); accelerate refunds of previously generated corporate AMT credits; generally loosen the business interest limitation under section 163(j) from 30 percent to 50 percent (special partnership rules apply); and fix the “retail glitch” for qualified improvement property in the 2017 tax code overhaul known informally as the Tax Cuts and Jobs Act (the “TCJA”) (TCJA, Public Law 115-97). ASC 740 requires that the tax effects of changes in tax laws or rates be recorded discretely as a component of the income tax provision related to continuing operations in the period of enactment. We recorded any applicable impact from the CARES Act in the first quarter of 2020.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 12 — Leases We lease automobiles, machinery, equipment, and warehouse and office buildings. We account for these leases in accordance with ASC 842 by recording right-of-use assets and lease liabilities. The right-of-use asset represents our right to use underlying assets for the lease term and the lease liability represents our obligation to make lease payments under the leases. We determine if an arrangement is or contains a lease at contract inception and exercise judgment and apply certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, we do not have knowledge of the rate implicit in the lease and, therefore, we use the incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease plus any additional periods covered by an option to extend that we are reasonably certain to exercise. Operating leases and finance leases are included in the condensed consolidated balance sheets as follows: Classification September 30, 2021 Lease assets Operating lease right-of-use assets, net Assets $ 6.8 Finance lease right of use assets, net Property, plant, and equipment, net 1.6 Total lease assets $ 8.4 Lease liabilities Operating lease liabilities, current Current liabilities $ 2.4 Operating lease liabilities, non-current Liabilities 4.4 Finance lease liabilities, current Current portion of long-term debt 0.6 Finance lease liabilities, non-current Long-term debt 1.0 Total lease liabilities $ 8.4 The components of lease costs, which are included in income from operations in our condensed consolidated statements of operations and comprehensive income (loss), were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Operating leases Operating lease costs $ 0.7 $ 2.1 Variable lease costs 0.1 0.2 Total operating lease costs $ 0.8 $ 2.3 Finance leases Amortization of right-of-use asset $ 0.2 $ 0.4 Interest on finance lease liabilities - - Total finance lease costs $ 0.2 $ 0.4 Under ASC 840, rental expense was $ 0.6 million and $ 1.6 million in the three and nine months ended September 30, 2020. Maturities of lease liabilities as of September 30, 2021 are as follows: Operating Finance Total 2021 $ 0.7 $ 0.2 $ 0.9 2022 2.5 0.6 3.1 2023 1.7 0.4 2.1 2024 1.2 0.2 1.4 2025 1.0 0.1 1.1 2026 and Thereafter 0.2 0.2 0.4 Total lease payments 7.3 1.7 9.0 Less lease interest ( 0.5 ) ( 0.1 ) ( 0.6 ) Total lease liabilities $ 6.8 $ 1.6 $ 8.4 Minimum lease payments under ASC 840, as of December 31, 2020, were as follows: Year Ended Amount 2021 $ 2.8 2022 2.3 2023 1.4 2024 1.0 2025 0.8 Thereafter 0.2 Total $ 8.5 Additional information related to leases is presented as follows: September 30, 2021 Operating leases Weighted average remaining lease term 3.5 years Weighted average discount rate 3.9 % Finance leases Weighted average remaining lease term 3.1 years Weighted average discount rate 3.3 % Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 0.7 $ 2.0 Operating cash flows from finance leases - - Financing cash flows from finance leases 0.2 0.5 Total cash paid $ 0.9 $ 2.5 Leased assets obtained in exchange for new operating lease liabilities $ - $ 8.6 Leased assets obtained in exchange for new finance lease liabilities 0.1 2.1 ROU assets obtained in exchange for lease liabilities $ 0.1 $ 10.7

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Litigation We are subject to legal proceedings and claims that arise in the ordinary course of our business. Management evaluates each claim and provides for potential loss when the claim is probable to be paid and reasonably estimable. While adverse decisions in certain of these litigation matters, claims and administrative proceedings could have a material effect on a particular period’s results of operations, subject to the uncertainties inherent in estimating future costs for contingent liabilities, management believes that any future accruals with respect to these currently known contingencies would not have a material effect on the financial condition, liquidity or cash flows of the Company. There are no amounts required to be reflected in these unaudited interim condensed consolidated financial statements related to contingencies for the three and nine months ended September 30, 2021. Environmental Matters Our operations are subject to extensive and changing U.S. federal, state and local laws and regulations, as well as the laws of other countries that establish health and environmental quality standards. These standards, among others, relate to air and water pollutants and the management and disposal of hazardous substances and wastes. We are exposed to potential liability for personal injury or property damage caused by any release, spill, exposure or other accident involving such pollutants, substances or wastes. There are no amounts required to be reflected in these unaudited interim consolidated financial statements related to environmental contingencies. Management believes the Company is in compliance, in all material respects, with environmental laws and regulations and maintains insurance coverage to mitigate exposure to environmental liabilities. Management does not believe any environmental matters will have a material adverse effect on the Company’s future consolidated results of operations, financial position or cash flows. Guarantees We issue bank guarantees from time to time for various purposes that arise out of the normal course of business. These amounts are immaterial for all periods presented.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 14 — Stock-Based Compensation We expense the fair value of grants of various stock-based compensation programs over the vesting period of the awards. Stock compensation expense is recorded in selling, general, and administrative expenses in the condensed consolidated statements of operations. Awards granted are recognized as compensation expense based on the grant date fair value, estimated in accordance with ASC 718, Compensation – Stock Compensation . The grant date fair value is the closing price of our stock on the grant date. Failure to satisfy the threshold service or performance conditions results in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions results in a reversal of previously recognized share-based compensation expense so long as the awards were probable of vesting. The table below summarizes certain data for our stock-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based compensation expense $ 6.9 $ 1.7 $ 14.3 $ 5.9 Tax benefit for stock-based compensation - 0.4 1.2 1.1 Fair value of vested awards $ 6.9 $ 2.1 $ 15.5 $ 7.0 The Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (the “2019 Plan”) rewards employees and other individuals to perform at their highest level and contribute significantly to the success of the Company. The 2019 Plan is an omnibus plan that may provide these incentives through grants of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU” or “RSUs”), performance awards, other cash-based awards and other stock-based awards to employees, directors, or consultants of the Company. At the annual meeting in May 2021, shareholders approved an amendment to the 2019 Plan (the "Amended Plan") that authorized an additional 9.0 million shares for issuance for future awards. As of September 30, 2021, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 13,118,055 Awards granted ( 5,358,958 ) Awards forfeited 889,971 Available for future awards 8,649,068 Awards vested 1,239,469 Restricted Stock Units — RSUs represent a right to receive one share of our common stock that is both nontransferable and forfeitable unless and until certain conditions are satisfied. Certain RSUs vest ratably over a two-year period while others vest over a one-year period. The fair value of RSUs is determined on the grant date and is amortized over the vesting period on a ratable basis. Performance-Based Restricted Stock Units — Performance-based restricted stock units (“PRSU” or “PRSUs”) represent a right to receive, to the extent vested and earned, one share of our common stock. Our PRSUs generally follow two forms. One form of PRSU vests over a three-year period with the number of the awards to be earned determined at the end of the initial one-year performance period, based upon attainment of specific business performance goals during such initial one-year performance period. If certain minimum performance levels are not attained in the initial one-year performance period, the awards will be automatically forfeited before vesting. The awards are variable in that PRSUs earned could range from 0 % to 150 % of the target number of PRSUs granted, contingent on the performance level attained. In connection with the shareholders approving the Amended Plan, certain executive officers and key employees received a special long-term incentive PRSU award (the “2021 LTIP PRSUs”). The 2021 LTIP PRSUs are generally eligible to be earned based on performance against pre-established performance metrics during our 2023, 2024 and 2025 fiscal years. One-third of the 2021 LTIP PRSUs are eligible to be earned and vest on each of January 1, 2024, January 1, 2025, and January 1, 2026 based on the achievement of performance goals during the one-year period immediately preceding the vesting date (each such one-year period, a “2021 LTIP PRSU Measurement Period”), subject to continued employment on each such vesting date. The number of PRSUs eligible to be earned in respect of each such 2021 LTIP PRSU Measurement Period will be equal to one-third of the target number of PRSUs multiplied by a percentage that corresponds to the level of achievement of our performance goals. The awards are variable in that the PRSUs earned could range from 0 % to 300 % of the target number of PRSUs granted contingent on the performance level attained . The fair value of our PRSUs is determined on the grant date. Compensation cost for these awards is recognized based on the probability of achievement of the performance-based conditions. Activity of our RSUs and PRSUs is as follows: RSUs PRSUs Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Restricted at December 31, 2020 669,855 $ 8.60 550,496 $ 8.09 Granted 295,160 24.19 2,677,695 22.10 Vested ( 459,149 ) 11.67 ( 386,508 ) 8.90 Forfeited ( 11,369 ) 13.30 ( 135,026 ) 8.35 Outstanding at September 30, 2021 494,497 $ 14.95 2,706,657 $ 21.82 Director Stock Units — Members of the Company’s Board of Directors (“Director(s)”) may elect to receive their quarterly retainer fees in the form of Class A common shares that are covered by an active shelf registration statement. The retainers are paid quarterly, in arrears in the form of cash or stock at the Director’s election, and vest upon issuance. These shares are priced at the closing price of the last business day of the calendar quarter. Additionally, Directors are granted an annual award of RSUs of $ 0.1 million on the date of the annual shareholder meeting. The number of RSUs is determined by the closing price of Ranpak stock on that date. These RSUs vest at the earlier of the (i) anniversary of the grant date or (ii) the following annual shareholder meeting. The following table includes the number of shares granted and vested for Directors electing to receive retainer payments in shares : Director Stock Units Quantity Weighted Average Grant Date Fair Value Balance at December 31, 2020 80,214 $ 7.48 Granted 40,688 22.74 Vested ( 92,538 ) 8.92 Balance at September 30, 2021 28,364 $ 24.67

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	Note 15 — Shareholders’ Equity Capital Stock — The Company is authorized to issue 426.0 million shares of capital stock, consisting of (i) 200.0 million shares of Class A common stock, par value $ 0.0001 per share, (ii) 25.0 million shares of Class B common stock, par value $ 0.0001 per share, and (iii) 200.0 million shares of Class C common stock, par value $ 0.0001 per share and (iv) 1.0 million shares of preferred stock, par value $ 0.0001 per share. Common Shares — Each holder of Class A Common Stock (“Class A”) is entitled to one vote for each Class A share held of record. Holders of shares of Class C Common Stock (“Class C”) have no such voting rights and, as such, shall not have the right to receive notice of, attend at or vote on any matters on which stockholders generally are entitled to vote. Class C shares have a right of conversion that upon sale or other transfer convert to Class A shares. In April 2021, a shareholder exercised such right of conversion and converted 3.6 million Class C shares for 3.6 million Class A shares. As previously noted, we sold approximately 5.3 million shares of Class A common stock in the May 2021 Equity Offering for net proceeds of $ 103.4 million. Preferred Shares — The Company’s charter authorizes 1.0 million shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board of Directors is able, without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. As of September 30, 2021 , the Company had no preferred stock outstanding. Warrants — On August 6, 2020, we commenced (i) an offer to each holder of our outstanding public warrants, forward purchase warrants, and private placement warrants (collectively, the “Warrants”), each to purchase shares of Class A common stock, par value $ 0.0001 per share (“Class A common stock”), the opportunity to receive 0.22 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the offer (the “Offer”), and (ii) the solicitation of consents (the “Consent Solicitation”) from holders of the public warrants and the forward purchase warrants to amend the Warrant Agreement, dated as of January 17, 2018, by and between the Company and Continental Stock Transfer & Trust Company, which governs all of the Warrants (the “Warrant Amendment”). The approved Warrant Amendment permitted the Company to require that each warrant that is outstanding subsequent to the expiration of the Offer be converted into 0.198 shares of Class A common stock. The Offer resulted in a valid tendering of 20.0 million Warrants, or approximately 99.7 % of the Warrants, resulting in 4.4 million shares of Class A common stock issued in exchange for said Warrants. As a result of the low number of Warrants remaining outstanding following the Offer, the NYSE delisted the remaining Warrants. The remaining 60,493 Warrants were exchanged at the 0.198 ratio for 11,977 shares of Class A common stock on September 21, 2020. We paid an immaterial amount for fractional shares converted to cash. No Warrants remained after the exchanges. Outstanding Shares — At September 30, 2021 and December 31, 2020, the Company had the following shares of common stock outstanding: September 30, 2021 December 31, 2020 Class A Class C Total Common Class A Class C Total Common Shares outstanding not subject to an earn-out agreement 78,475,824 2,921,099 81,396,923 62,888,606 5,779,910 68,668,516 Shares subject to $ 15.00 earn-out - - - 2,940,336 - 2,940,336 Shares subject to $ 12.50 earn-out - - - 3,018,617 731,383 3,750,000 Shares subject to $ 12.25 earn-out - - - 157,500 - 157,500 Total 78,475,824 2,921,099 81,396,923 69,005,059 6,511,293 75,516,352 Translation adjustment— Translation adjustments recorded are a component of accumulated other comprehensive income in shareholders’ equity. The effects of translating financial statements of foreign operations into the Company’s reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss) which is net of tax, where applicable.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Note 16 — Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common shareholders for the period to be allocated between different classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. We apply the two-class method for EPS when computing net income (loss) per Class A and Class C common shares. As of September 30, 2021 , we have not issued any instruments that were considered to be participating securities. Weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following tables set forth the computation of our earnings (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ ( 1.4 ) $ ( 6.1 ) $ ( 0.3 ) $ ( 18.2 ) Net loss attributable to common stockholders for basic and diluted EPS $ ( 1.4 ) $ ( 6.1 ) $ ( 0.3 ) $ ( 18.2 ) Denominator: Basic weighted average common shares outstanding 81,396,832 72,396,183 77,579,205 71,401,580 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class A and Class C earnout shares - - - - Diluted weighted average common shares outstanding 81,396,832 72,396,183 77,579,205 71,401,580 Loss per share attributable to common stockholders Basic $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Diluted $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Two-class method: Class A Common Stock Basic weighted average common shares outstanding 78,475,733 65,884,890 73,512,399 64,890,287 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class A earnout shares - - - - Diluted weighted average common shares outstanding 78,475,733 65,884,890 73,512,399 64,890,287 Proportionate share of net loss $ ( 1.3 ) $ ( 5.6 ) $ ( 0.3 ) $ ( 16.5 ) Class A – basic loss per share $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Class A – diluted loss per share $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Class C Common Stock Basic weighted average common shares outstanding 2,921,099 6,511,293 4,066,806 6,511,293 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class C earnout shares - - - - Diluted weighted average common shares outstanding 2,921,099 6,511,293 4,066,806 6,511,293 Proportionate share of net loss $ ( 0.1 ) $ ( 0.5 ) $ - $ ( 1.7 ) Class C – basic earnings per share $ ( 0.03 ) $ ( 0.08 ) $ - $ ( 0.26 ) Class C – diluted loss per share $ ( 0.03 ) $ ( 0.08 ) $ - $ ( 0.26 ) The dilutive effect of 1.2 million and 0.4 million shares in the three and nine months ended September 30, 2021, respectively, and 0.6 million and 0.3 million shares in the three and nine months ended September 30, 2020, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSUs and PRSUs 3,290,689 1,230,024 1,920,875 982,473 Total antidilutive securities 3,290,689 1,230,024 1,920,875 982,473

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 17 — Transactions with Related Parties Shared Services Agreement On June 3, 2019, upon the closing of Ranpak’s business combination with One Madison Corporation, Ranpak entered into a shared services agreement (the “Shared Services Agreement”) with One Madison Group LLC (the “Sponsor”), pursuant to which the Sponsor may provide, or cause to be provided, certain services to Ranpak. The Shared Services Agreement provides for a broad array of potential services, including administrative and “back office” or corporate-type services and requires Ranpak to indemnify the Sponsor in connection with the services provided by the Sponsor to Ranpak. Total fees under the agreement amounted to approximately $ 0.1 million and $ 0.1 million for the third quarter of 2021 and 2020, respectively. Total fees under the agreement amounted to approximately $ 0.3 million and $ 0.3 million for the nine months ended September 30, 2021 and 2020, respectively. Advisory Relationship A director of the Company, prior to being elected as a director, served in an advisory role to Rhône Capital IV L.P., the former majority shareholder of Rack Holdings, Inc., on the sale of Rack Holdings, Inc. The director was compensated for the advisory role through an increase to his indirect equity interest in Rack Holdings, Inc., and reported to Ranpak that the compensation was not significant (less than $ 50 thousand). Registration Rights Agreement Ranpak is a party to a registration rights agreement with certain security holders. The agreement requires Ranpak to maintain an effective resale shelf registration statement for the benefit of such security holders until they are permitted by law to freely sell their securities without registration or no longer hold Ranpak securities. Stock Purchase Agreement Ranpak is subject to certain continuing obligations to indemnify the former directors and officers of Rack Holdings Inc. for certain costs, damages and liabilities pursuant to the Stock Purchase Agreement dated December 12, 2018, pursuant to which One Madison Corporation purchased Rack Holdings Inc.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation — The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries prepared in conformity with GAAP. All intercompany balances and transactions have been eliminated in consolidation and certain immaterial prior year amounts have been reclassified consistent with current year presentation. All amounts are in millions, except share and per share amounts and are approximate due to rounding.
Use of Estimates	Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material.
Foreign Currency	Foreign Currency — The nature of business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The functional currency of our operating subsidiaries outside the U.S. is the applicable local currency. For those operations, assets and liabilities are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated into U.S. dollars using average monthly exchange rates.
Emerging Growth Company	Emerging Growth Company (“EGC”) — Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended, registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company, which is neither an EGC nor an EGC which has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. As of June 30, 2021, our aggregate worldwide market value of voting and non-voting common equity held by non-affiliates exceeded $ 700 million. As we meet all other applicable criteria in the Securities Exchange Act of 1934, as amended, we will lose EGC status and become a large accelerated filer as of December 31, 2021. Investments in Small Private Businesses — In the third quarter of 2021, we paid consideration of $ 9.2 million in exchange for minority ownership interests in two small private businesses. We do not have power to direct the activities of these businesses and do not have significant economic exposure related to these investments. These investments do not require consolidation and are individually and collectively immaterial to our condensed consolidated financial statements.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards — On January 1, 2021, we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), which requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months and recognize expense over the lease term. We elected to transition to ASC 842 using the modified retrospective method. Prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under previous lease guidance, ASC Topic 840, Leases (“ASC 840”). We elected to use the package of practical expedients permitted under the transition guidance. We did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. For lease agreements that include lease and non-lease components, we elected to use the practical expedient on all leases entered into or modified after January 1, 2021 to combine lease and non-lease components for all classes of assets. Additionally, we elected to not record on the balance sheet leases with a term of twelve months or less. Adopting ASC 842 did not result in a material impact to our financial statements and disclosures. Refer to Note 12, “ Leases ” for further detail. Recently Issued Accounting Standards — In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the FASB’s guidance on the impairment of financial instruments. ASU 2016-13 adds to GAAP an impairment model (known as the “current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016-13 was originally effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. In October 2019, the FASB delayed the implementation of ASU 2016-13 for private companies until fiscal years beginning January 1, 2023. Given our status as an EGC at the time, we had planned to adopt ASU 2016-13 in accordance with private company guidance. However, as we will lose EGC status, we will adopt ASU 2016-13 on January 1, 2022. We are currently evaluating the impact that this new guidance will have on our financial position, results of operations, cash flows and related disclosures.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data and Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Components of Accounts Receivable, Net	Accounts Receivable, net — The components of accounts receivable, net was follows: September 30, 2021 December 31, 2020 Accounts receivable $ 45.6 $ 39.6 Allowance for doubtful accounts ( 0.8 ) ( 0.5 ) Accounts receivable, net $ 44.8 $ 39.1
Schedule of Inventory, Net	Inventories, net — The components of inventories, net were as follows: September 30, 2021 December 31, 2020 Raw materials $ 16.1 $ 9.8 Work-in-process 1.7 0.5 Finished goods 13.4 6.8 Total inventories 31.2 17.1 Reserve for obsolescence ( 1.0 ) ( 1.0 ) Inventories, net $ 30.2 $ 16.1
Property, Plant and Equipment	Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2021 December 31, 2020 Land $ 4.1 $ 4.2 Buildings and improvements 8.7 8.7 Machinery and equipment 19.9 15.3 Computer and office equipment 12.0 10.7 Converting machines 158.8 134.7 Total property, plant, and equipment 203.5 173.6 Accumulated depreciation ( 77.0 ) ( 49.2 ) Property, plant, and equipment, net $ 126.5 $ 124.4 Depreciation expense recorded in cost of goods sold and depreciation and amortization in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended September 30, Nine Months Ended September 30, Depreciation expense included in 2021 2020 2021 2020 Cost of goods sold $ 9.8 $ 8.0 $ 28.3 $ 22.4 Depreciation and amortization expense 1.4 0.6 4.1 1.6 Total depreciation expense $ 11.2 $ 8.6 $ 32.4 $ 24.0
Schedule of Accrued Liabilities and Other	Accrued Liabilities and Other – The components of accrued liabilities and other was as follows: September 30, 2021 December 31, 2020 Employee compensation $ 2.4 $ 2.6 Taxes 6.2 3.5 Professional fees 5.8 1.2 Bonus 7.1 6.0 Interest 1.7 1.9 Exit Payment - 8.2 Interest rate swap liability, current portion 4.6 4.6 Other 3.8 2.7 Accrued liabilities and other $ 31.6 $ 30.7
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Supplemental cash flow information Interest paid $ 5.6 $ 5.5 $ 16.5 $ 17.0 Taxes paid 2.1 1.2 7.1 2.7 Non-cash investing activities Right-of-use assets obtained in exchange for lease liabilities $ 0.1 $ - $ 10.7 $ - Equipment purchased under capital leases (ASC 840) - - - 0.3 Capital expenditures in accounts payable — — $ 0.3 $ 2.3

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Revenue, Segment Gross Profit from External Customers, Certain Expenses and Long-Lived Assets, by Geographical Areas	We attribute revenue and gross profit to individual countries based on the selling location. Our products are primarily sold from North America and Europe. As previously noted, segment gross profit includes certain depreciation and amortization expenses that are included in cost of goods sold. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue North America $ 37.3 $ 33.3 $ 101.1 $ 88.6 Europe/Asia 59.8 43.5 173.7 117.7 Net revenue 97.1 76.8 274.8 206.3 Segment gross profit North America 14.4 12.7 37.5 34.8 Europe/Asia 23.6 17.5 72.5 49.2 Gross profit 38.0 30.2 110.0 84.0 Expenses excluded from segment gross profit Selling, general and administrative expenses 27.1 16.6 70.8 56.9 Transaction costs - 1.2 - 1.2 Depreciation and amortization expense 8.7 7.7 26.1 22.9 Other operating expense (income), net ( 0.1 ) 1.9 2.0 2.9 Interest expense 5.5 4.9 17.1 16.6 Foreign currency (gain) loss ( 1.5 ) 3.2 ( 3.9 ) 3.1 Loss before income tax expense (benefit) $ ( 1.7 ) $ ( 5.3 ) $ ( 2.1 ) $ ( 19.6 ) The following table presents our long-lived assets by geographic region: September 30, 2021 December 31, 2020 North America $ 61.9 $ 59.4 Europe/Asia 64.6 65.0 Total long-lived assets $ 126.5 $ 124.4

Revenue Recognition, Contract_2

Revenue Recognition, Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Change in Deferred Revenue	Beginning and ending balances of deferred revenue were as follows: Nine Months Ended September 30, 2021 2020 Beginning balance $ 1.4 $ 2.5 Ending balance $ 1.7 $ 0.8
Revenue from Contracts with Customers Summarized by Segment Geography	In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we further disaggregate our revenue by segment geography to assist in evaluating the nature, timing, and uncertainty of revenue and cash flows that may be impacted by economic factors: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 ASC 606 North America $ 32.0 $ 29.0 $ 86.2 $ 76.6 Europe/Asia 53.3 37.4 153.6 101.4 Total paper and other revenue $ 85.3 $ 66.4 $ 239.8 $ 178.0 ASC 842 Machine lease revenue $ 11.8 $ 10.4 $ 35.0 $ 28.3 Net revenue $ 97.1 $ 76.8 $ 274.8 $ 206.3

Goodwill, Long-Lived and Inta_2

Goodwill, Long-Lived and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Balances by Operating Segment	The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: North America Europe Total Balance at December 31, 2020 $ 338.8 $ 119.6 $ 458.4 Currency translation - ( 6.3 ) ( 6.3 ) Balance at September 30, 2021 $ 338.8 $ 113.3 $ 452.1
Schedule of Indefinite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships $ 202.9 $ ( 31.7 ) $ 171.2 $ 209.2 $ ( 22.2 ) $ 187.0 Patented/unpatented technology 170.0 ( 35.4 ) 134.6 169.2 ( 23.7 ) 145.5 Intellectual property 0.5 ( 0.1 ) 0.4 0.4 - 0.4 In-process research and development 1.6 - 1.6 1.6 - 1.6 Total definite-lived intangible assets 375.0 ( 67.2 ) 307.8 380.4 ( 45.9 ) 334.5 Trademarks/tradenames with indefinite lives 106.1 - 106.1 106.1 - 106.1 Identifiable intangible assets, net $ 481.1 $ ( 67.2 ) $ 413.9 $ 486.5 $ ( 45.9 ) $ 440.6
Finite-lived Intangible Assets Amortization Expense	The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2021: Year Amount 2021 $ 7.3 2022 29.2 2023 29.2 2024 29.1 2025 28.6 Thereafter 182.8 $ 306.2
Schedule of Finite-Lived Intangible Assets	The following table shows the remaining weighted-average useful life of our definite lived intangible assets as of September 30, 2021: Remaining Weighted-Average Useful Life September 30, 2021 December 31, 2020 Customer/distributor relationships 13 years 13 years Patented/unpatented technology 9 years 10 years Intellectual property 7 years 6 years Total identifiable assets, net with definite lives 11 years 12 years

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: September 30, 2021 December 31, 2020 First Lien Dollar Term Facility $ 250.0 $ 270.9 First Lien Euro Term Facility 158.8 168.9 Finance lease liabilities 1.6 - Deferred financing costs, net ( 5.4 ) ( 6.6 ) Total debt 405.0 433.2 Less: current portion of long-term debt ( 0.5 ) ( 0.5 ) Less: current portion of finance lease liabilities ( 0.6 ) - Long-term debt $ 403.9 $ 432.7

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	A summary of our interest rate swaps is as follows: Interest Rate Swap Agreements Designation Maturity Date Rate Notional Value Debt Instrument Hedged Percentage of Debt Instrument Outstanding September 30, 2021 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 20 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 80 % $ 250.0 100 % December 31, 2020 September 2019 Swap Cash flow hedge June 1, 2023 1.50 % $ 50.0 First Lien Dollar Term Facility 18 % Second Amended January 2019 Swap Cash flow hedge June 1, 2024 2.09 % 200.0 First Lien Dollar Term Facility 74 % $ 250.0 92 %
Schedule of Derivative Assets at Fair Value	The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Balance Sheet Classification September 30, 2021 December 31, 2020 Interest Rate Swap Agreements Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 4.6 Designated as cash flow hedges Derivative instruments 4.9 9.6 $ 9.5 $ 14.2 Cross Currency Swap Agreement Designated as net investment hedge Other assets $ 1.4 $ - $ 1.4 $ -
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the total fair values of derivative assets and liabilities and the respective classification in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10, “Fair Value Measurement” : Balance Sheet Classification September 30, 2021 December 31, 2020 Interest Rate Swap Agreements Designated as cash flow hedges Accrued liabilities and other $ 4.6 $ 4.6 Designated as cash flow hedges Derivative instruments 4.9 9.6 $ 9.5 $ 14.2 Cross Currency Swap Agreement Designated as net investment hedge Other assets $ 1.4 $ - $ 1.4 $ -
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative financial instruments on our unaudited condensed consolidated statements of operations. The income effects of our derivative activities are reflected in interest expense. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total interest expense presented in the statement of operations $ 5.5 $ 4.9 $ 17.1 $ 16.6 Interest rate swap agreements designated as cash flow hedges 1.0 1.2 2.9 1.6 Cross currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing $ ( 0.1 ) $ - $ ( 0.1 ) $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components of AOCI	The components of accumulated other comprehensive income at September 30, 2021 and December 31, 2020 were as follows: September 30, 2021 Gross Balance Tax Effect Net Balance Foreign currency translation $ 6.8 $ - $ 6.8 Unrealized gain (loss) on interest rate swaps ( 5.8 ) 1.7 ( 4.1 ) Unrealized gain (loss) on cross currency swap 1.3 ( 0.3 ) 1.0 Total $ 2.3 $ 1.4 $ 3.7 December 31, 2020 Gross Balance Tax Effect Net Balance Foreign currency translation $ 17.9 $ - $ 17.9 Unrealized gain (loss) on interest rate swaps ( 9.9 ) 2.7 ( 7.2 ) Total $ 8.0 $ 2.7 $ 10.7 The following table presents the changes in accumulated other comprehensive income (loss) by component: Nine Months Ended September 30, 2021 Foreign currency translation Unrealized gain (loss) on interest rate swaps Unrealized gain (loss) on cross currency swap Total Beginning balance $ 17.9 $ ( 7.2 ) $ - $ 10.7 Other comprehensive income (loss) before reclassifications ( 11.1 ) 7.0 1.2 ( 2.9 ) Amounts reclassified from accumulated other comprehensive income (loss) - ( 3.9 ) ( 0.2 ) ( 4.1 ) Ending balance $ 6.8 $ ( 4.1 ) $ 1.0 $ 3.7

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of September 30, 2021 and December 31, 2020: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2021 Money market fund $ 70.0 $ 70.0 $ - $ - Current and long-term debt 410.4 - 410.4 - Interest rate swap agreements liability 9.5 - 9.5 - Cross currency swap asset $ 1.4 $ - $ 1.4 $ - December 31, 2020 Current and long-term debt $ 439.8 $ - $ 439.8 $ - Interest rate swap agreements liability $ 14.2 $ - $ 14.2 $ -

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Our effective tax rate was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Effective tax rate 16.1 % ( 15.7 )% 89.1 % 7.1 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Operating Leases and Finance Leases included in Condensed Consolidated Balance Sheets	Operating leases and finance leases are included in the condensed consolidated balance sheets as follows: Classification September 30, 2021 Lease assets Operating lease right-of-use assets, net Assets $ 6.8 Finance lease right of use assets, net Property, plant, and equipment, net 1.6 Total lease assets $ 8.4 Lease liabilities Operating lease liabilities, current Current liabilities $ 2.4 Operating lease liabilities, non-current Liabilities 4.4 Finance lease liabilities, current Current portion of long-term debt 0.6 Finance lease liabilities, non-current Long-term debt 1.0 Total lease liabilities $ 8.4
Summary of Components of Lease Costs	The components of lease costs, which are included in income from operations in our condensed consolidated statements of operations and comprehensive income (loss), were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Operating leases Operating lease costs $ 0.7 $ 2.1 Variable lease costs 0.1 0.2 Total operating lease costs $ 0.8 $ 2.3 Finance leases Amortization of right-of-use asset $ 0.2 $ 0.4 Interest on finance lease liabilities - - Total finance lease costs $ 0.2 $ 0.4
Summary of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2021 are as follows: Operating Finance Total 2021 $ 0.7 $ 0.2 $ 0.9 2022 2.5 0.6 3.1 2023 1.7 0.4 2.1 2024 1.2 0.2 1.4 2025 1.0 0.1 1.1 2026 and Thereafter 0.2 0.2 0.4 Total lease payments 7.3 1.7 9.0 Less lease interest ( 0.5 ) ( 0.1 ) ( 0.6 ) Total lease liabilities $ 6.8 $ 1.6 $ 8.4
Summary of Minimum Lease Payments	Minimum lease payments under ASC 840, as of December 31, 2020, were as follows: Year Ended Amount 2021 $ 2.8 2022 2.3 2023 1.4 2024 1.0 2025 0.8 Thereafter 0.2 Total $ 8.5
Summary of Additional Information Related to Leases	Additional information related to leases is presented as follows: September 30, 2021 Operating leases Weighted average remaining lease term 3.5 years Weighted average discount rate 3.9 % Finance leases Weighted average remaining lease term 3.1 years Weighted average discount rate 3.3 % Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 0.7 $ 2.0 Operating cash flows from finance leases - - Financing cash flows from finance leases 0.2 0.5 Total cash paid $ 0.9 $ 2.5 Leased assets obtained in exchange for new operating lease liabilities $ - $ 8.6 Leased assets obtained in exchange for new finance lease liabilities 0.1 2.1 ROU assets obtained in exchange for lease liabilities $ 0.1 $ 10.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Payment Arrangement, Cost by Plan	The table below summarizes certain data for our stock-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based compensation expense $ 6.9 $ 1.7 $ 14.3 $ 5.9 Tax benefit for stock-based compensation - 0.4 1.2 1.1 Fair value of vested awards $ 6.9 $ 2.1 $ 15.5 $ 7.0
Share-based Payment Arrangement, Activity	As of September 30, 2021, the pool of shares in the 2019 Plan is summarized as follows: 2019 Plan Quantity Maximum allowed for issuance 13,118,055 Awards granted ( 5,358,958 ) Awards forfeited 889,971 Available for future awards 8,649,068 Awards vested 1,239,469
Share-based Payment Arrangement, Restricted Stock Unit, Activity	Activity of our RSUs and PRSUs is as follows: RSUs PRSUs Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Restricted at December 31, 2020 669,855 $ 8.60 550,496 $ 8.09 Granted 295,160 24.19 2,677,695 22.10 Vested ( 459,149 ) 11.67 ( 386,508 ) 8.90 Forfeited ( 11,369 ) 13.30 ( 135,026 ) 8.35 Outstanding at September 30, 2021 494,497 $ 14.95 2,706,657 $ 21.82
Schedule of Nonvested Performance-based Units Activity	. The fair value of our PRSUs is determined on the grant date. Compensation cost for these awards is recognized based on the probability of achievement of the performance-based conditions. Activity of our RSUs and PRSUs is as follows: RSUs PRSUs Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Restricted at December 31, 2020 669,855 $ 8.60 550,496 $ 8.09 Granted 295,160 24.19 2,677,695 22.10 Vested ( 459,149 ) 11.67 ( 386,508 ) 8.90 Forfeited ( 11,369 ) 13.30 ( 135,026 ) 8.35 Outstanding at September 30, 2021 494,497 $ 14.95 2,706,657 $ 21.82
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	: Director Stock Units Quantity Weighted Average Grant Date Fair Value Balance at December 31, 2020 80,214 $ 7.48 Granted 40,688 22.74 Vested ( 92,538 ) 8.92 Balance at September 30, 2021 28,364 $ 24.67

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock Outstanding	At September 30, 2021 and December 31, 2020, the Company had the following shares of common stock outstanding: September 30, 2021 December 31, 2020 Class A Class C Total Common Class A Class C Total Common Shares outstanding not subject to an earn-out agreement 78,475,824 2,921,099 81,396,923 62,888,606 5,779,910 68,668,516 Shares subject to $ 15.00 earn-out - - - 2,940,336 - 2,940,336 Shares subject to $ 12.50 earn-out - - - 3,018,617 731,383 3,750,000 Shares subject to $ 12.25 earn-out - - - 157,500 - 157,500 Total 78,475,824 2,921,099 81,396,923 69,005,059 6,511,293 75,516,352

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following tables set forth the computation of our earnings (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ ( 1.4 ) $ ( 6.1 ) $ ( 0.3 ) $ ( 18.2 ) Net loss attributable to common stockholders for basic and diluted EPS $ ( 1.4 ) $ ( 6.1 ) $ ( 0.3 ) $ ( 18.2 ) Denominator: Basic weighted average common shares outstanding 81,396,832 72,396,183 77,579,205 71,401,580 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class A and Class C earnout shares - - - - Diluted weighted average common shares outstanding 81,396,832 72,396,183 77,579,205 71,401,580 Loss per share attributable to common stockholders Basic $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Diluted $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Two-class method: Class A Common Stock Basic weighted average common shares outstanding 78,475,733 65,884,890 73,512,399 64,890,287 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class A earnout shares - - - - Diluted weighted average common shares outstanding 78,475,733 65,884,890 73,512,399 64,890,287 Proportionate share of net loss $ ( 1.3 ) $ ( 5.6 ) $ ( 0.3 ) $ ( 16.5 ) Class A – basic loss per share $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Class A – diluted loss per share $ ( 0.02 ) $ ( 0.08 ) $ - $ ( 0.25 ) Class C Common Stock Basic weighted average common shares outstanding 2,921,099 6,511,293 4,066,806 6,511,293 Dilutive effect of assumed vesting of RSUs and PRSUs - - - - Dilutive effect of Class C earnout shares - - - - Diluted weighted average common shares outstanding 2,921,099 6,511,293 4,066,806 6,511,293 Proportionate share of net loss $ ( 0.1 ) $ ( 0.5 ) $ - $ ( 1.7 ) Class C – basic earnings per share $ ( 0.03 ) $ ( 0.08 ) $ - $ ( 0.26 ) Class C – diluted loss per share $ ( 0.03 ) $ ( 0.08 ) $ - $ ( 0.26 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings	The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSUs and PRSUs 3,290,689 1,230,024 1,920,875 982,473 Total antidilutive securities 3,290,689 1,230,024 1,920,875 982,473

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Aggregate market value		$ 700
Other Ownership Interests, Contributed Capital	$ 9.2

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data and Cash Flow Information - Components of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounts receivable	$ 45.6	$ 39.6
Allowance for doubtful accounts	(0.8)	(0.5)
Accounts receivable, net	$ 44.8	$ 39.1

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data and Cash Flow Information - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021
Accounts Notes And Loans Receivable [Line Items]
Money market fund				$ 70
Cash		$ 70
Exit Payment		$ 0	$ 8.2
Allotment Option
Accounts Notes And Loans Receivable [Line Items]
Sale of stock, number of shares issued in transaction (shares)	0.8
Class A
Accounts Notes And Loans Receivable [Line Items]
Sale of stock, number of shares issued in transaction (shares)	4.5
Sale of stock, consideration received per transaction	$ 103.4
No Customer | Maximum | Accounts Receivable | Customer Concentration Risk
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage		10.00%
One Customer | Maximum | Accounts Receivable | Customer Concentration Risk
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage			12.90%

Supplemental Balance Sheet Da_5

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Inventory, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Raw materials	$ 16.1	$ 9.8
Work-in-process	1.7	0.5
Finished goods	13.4	6.8
Total inventories	31.2	17.1
Reserve for obsolescence	(1)	(1)
Inventories, net	$ 30.2	$ 16.1

Supplemental Balance Sheet Da_6

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Property. Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 203.5	$ 173.6
Accumulated depreciation	(77)	(49.2)
Property, plant, and equipment, net	126.5	124.4
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	4.1	4.2
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	8.7	8.7
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	19.9	15.3
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	12	10.7
Converting Machines
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 158.8	$ 134.7

Supplemental Balance Sheet Da_7

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 11.2	$ 8.6	$ 32.4	$ 24
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation	9.8	8	28.3	22.4
Depreciation and amortization expense
Property, Plant and Equipment [Line Items]
Depreciation	$ 1.4	$ 0.6	$ 4.1	$ 1.6

Supplemental Balance Sheet Da_8

Supplemental Balance Sheet Data and Cash Flow Information - Schedule of Accrued Liabilities and Other (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Employee compensation	$ 2.4	$ 2.6
Taxes	6.2	3.5
Professional fees	5.8	1.2
Bonus	7.1	6
Interest	1.7	1.9
Exit Payment	0	8.2
Interest rate swap liability, current portion	4.6	4.6
Other	3.8	2.7
Accrued liabilities and other	$ 31.6	$ 30.7

Supplemental Balance Sheet Da_9

Supplemental Balance Sheet Data and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Interest paid	$ 5.6	$ 5.5	$ 16.5	$ 17
Taxes paid	2.1	1.2	7.1	2.7
Non-cash investing activities
Right-of-use assets obtained in exchange for lease liabilities	0.1	0	10.7	0
Equipment purchased under capital leases (ASC 840)	0	$ 0	0	0.3
Capital expenditures in accounts payable	$ 0		$ 0.3	$ 2.3

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) - Segment	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments	2
Number of reportable segments	1
No Customer | Revenue | Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Revenue, Segment Gross Profit from External Customers, Certain Expenses and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 97.1	$ 76.8	$ 274.8	$ 206.3
Gross profit	38	30.2	110	84
Selling, general and administrative expenses	27.1	16.6	70.8	56.9
Transaction costs	0	1.2	0	1.2
Depreciation and amortization expense	8.7	7.7	26.1	22.9
Other operating expense (income), net	0.1	(1.9)	(2)	(2.9)
Interest expense	5.5	4.9	17.1	16.6
Foreign currency (gain) loss	(1.5)	3.2	(3.9)	3.1
Loss before income tax expense (benefit)	(1.7)	(5.3)	(2.1)	(19.6)
Long-lived assets	126.5		126.5		$ 124.4
North America
Segment Reporting Information [Line Items]
Revenues	37.3	33.3	101.1	88.6
Gross profit	14.4	12.7	37.5	34.8
Long-lived assets	61.9		61.9		59.4
Europe/Asia
Segment Reporting Information [Line Items]
Revenues	59.8	43.5	173.7	117.7
Gross profit	23.6	$ 17.5	72.5	$ 49.2
Long-lived assets	$ 64.6		$ 64.6		$ 65

Revenue Recognition, Contract_3

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Contract assets	$ 0	$ 0

Revenue Recognition, Contract_4

Revenue Recognition, Contracts with Customers - Schedule of Change in Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1.4	$ 0.8	$ 2.5
Ending balance	$ 1.7	$ 1.4	$ 0.8

Revenue Recognition, Contract_5

Revenue Recognition, Contracts with Customers - Revenue from Contracts with Customers Summarized by Segment Geography (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 97.1	$ 76.8	$ 274.8	$ 206.3
ASC 606
Disaggregation of Revenue [Line Items]
Net revenue	85.3	66.4	239.8	178
ASC 842
Disaggregation of Revenue [Line Items]
Machine lease revenue	11.8	10.4	35	28.3
Net revenue	97.1	76.8	274.8	206.3
North America | ASC 606
Disaggregation of Revenue [Line Items]
Revenue	32	29	86.2	76.6
Europe/Asia | ASC 606
Disaggregation of Revenue [Line Items]
Revenue	$ 53.3	$ 37.4	$ 153.6	$ 101.4

Goodwill, Long-Lived and Inta_3

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Goodwill Balances by Operating Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Gross carrying value, beginning balance	$ 458.4
Currency translation	(6.3)
Gross carrying value, ending balance	452.1
North America
Goodwill [Roll Forward]
Gross carrying value, beginning balance	338.8
Currency translation	0
Gross carrying value, ending balance	338.8
Europe
Goodwill [Roll Forward]
Gross carrying value, beginning balance	119.6
Currency translation	(6.3)
Gross carrying value, ending balance	$ 113.3

Goodwill, Long-Lived and Inta_4

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Identifiable Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 375	$ 380.4
Accumulated Amortization	(67.2)	(45.9)
Net	307.8	334.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, Gross Carrying Amount	481.1	486.5
Intangible assets, net	413.9	440.6
Indefinite-lived intangible assets (excluding goodwill)		0
Trademarks/tradenames with indefinite lives
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	106.1	106.1
Indefinite-lived intangible assets (excluding goodwill)	106.1	106.1
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	202.9	209.2
Accumulated Amortization	(31.7)	(22.2)
Net	171.2	187
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	170	169.2
Accumulated Amortization	(35.4)	(23.7)
Net	134.6	145.5
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0.5	0.4
Accumulated Amortization	(0.1)	0
Net	0.4	0.4
In-Process Research and Development
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.6	1.6
Accumulated Amortization	0	0
Net	$ 1.6	$ 1.6

Goodwill, Long-Lived and Inta_5

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) $ in Millions	Sep. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 7.3
2022	29.2
2023	29.2
2024	29.1
2025	28.6
Thereafter	182.8
Finite-lived intangible assets, Net	$ 306.2

Goodwill, Long-Lived and Inta_6

Goodwill, Long-Lived and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7.3	$ 7.1	$ 22	$ 21.3

Goodwill, Long-Lived and Inta_7

Goodwill, Long-Lived and Intangible Assets, Net - Schedule of Intangible Asset Remaining Useful Life (Details) - Weighted Average	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	11 years	12 years
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	13 years	13 years
Patented/Unpatented Technology
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	9 years	10 years
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (years)	7 years	6 years

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) € in Millions, $ in Millions	Feb. 14, 2020USD ($)	Jun. 03, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2021USD ($)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Long-term debt			$ 405		$ 433.2
Long-term line of credit			0
Debt covenant, restrictive payments	$ 10					$ 7
Debt covenant, threshold percentage of debt capacity of cash contributions	10.00%					7.00%
Exit Payment			0		8.2
Amortization of deferred financing costs			$ 1.5	$ 1.2
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 45
Debt instrument maturity date			2024
Long-term line of credit					0
Line of credit facility, additional borrowing capacity			$ 95
Percentage of consolidated EBIDTA			100.00%
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term line of credit			$ 5
First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument maturity date			2026
Principal Payments on term loans		107.7
Exit Payment					8.2
First Lien Dollar Term Facility
Debt Instrument [Line Items]
Prepaid of principal amount							$ 20.9
Amortization of deferred financing costs			$ 0.3
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		378.2	250		270.9
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Long-term debt		$ 152.6	$ 158.8		$ 168.9			€ 140
Debt instrument, interest rate, effective percentage			3.75%		3.75%
Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage			3.84%		3.91%
Line of Credit | First Lien Credit Agreement
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, minimum			0.05%
Line of Credit | First Lien Credit Agreement | Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Basis spread on variable rate			3.75%		3.75%
Line of Credit | First Lien Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				4.00%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) € in Millions, $ in Millions	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 03, 2019USD ($)	Jun. 03, 2019EUR (€)
Debt Instrument [Line Items]
Total long-term debt	$ 405	$ 433.2
Finance lease liabilities	1.6
Less: current portion of long-term debt	(0.5)	(0.5)
Less: current portion of finance lease liabilities	(0.6)	0
Long-term debt	403.9	432.7
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	250	270.9	$ 378.2
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Total long-term debt	158.8	168.9	$ 152.6	€ 140
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Finance lease liabilities	1.6	0
Deferred financing costs, net	$ (5.4)	$ (6.6)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jul. 23, 2020	Sep. 25, 2019	Jan. 31, 2019
Derivative [Line Items]
Derivative, Description of Terms	The September 2021 Swap involves the receipt of fixed-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract without exchange of the underlying notional amounts. At a spot exchange rate of 1.1835, we converted notional amounts of approximately $80.0 million at 5.84% for €67.6 million at 5.02%. The change in fair value of the September 2021 Swap is recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the September 2021 Swap excluded from the assessment of effectiveness are amortized out of accumulated other comprehensive income (loss) and into interest expense over the life of the September 2021 Swap to maturity on June 1, 2024.
Interest rate cash flow hedge loss to be reclassified during next twelve months, net	$ (4.6)
Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	250	$ 250
January 2019 Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount					$ 200
Derivative, fixed interest rate					2.56%
January 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	$ 200	$ 200
Derivative, fixed interest rate	2.09%	2.09%	2.10%	2.31%
September 2019 Swap | Designated as Hedging Instrument | Cash Flow Hedge
Derivative [Line Items]
Derivative, notional amount	$ 50	$ 50		$ 50
Derivative, fixed interest rate	1.50%	1.50%		1.50%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Jul. 23, 2020	Sep. 25, 2019
Derivative [Line Items]
Derivative, notional amount	$ 250	$ 250
Percentage of Debt Instrument Outstanding	100.00%	92.00%
September 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	1.50%	1.50%		1.50%
Derivative, notional amount	$ 50	$ 50		$ 50
September 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	20.00%	18.00%
January 2019 Swap
Derivative [Line Items]
Derivative, fixed interest rate	2.09%	2.09%	2.10%	2.31%
Derivative, notional amount	$ 200	$ 200
January 2019 Swap | First Lien Term Facility
Derivative [Line Items]
Percentage of Debt Instrument Outstanding	80.00%	74.00%

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liability, fair value	$ 9.5	$ 14.2
Accrued liabilities and other | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	4.6	4.6
Derivative instruments | Interest Rate Swap
Derivative [Line Items]
Derivative liability, fair value	4.9	9.6
Prepaid Expenses And Other Current Assets | Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	1.4	0
Other Assets | Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	$ 1.4	$ 0

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statement of Financial Position (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Interest expense	$ 5.5	$ 4.9	$ 17.1	$ 16.6
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreements designated as cash flow hedges	1	1.2	2.9	1.6
Cross currency swap agreement designated as net investment hedge, amounts excluded from effectiveness testing	$ (0.1)	$ 0	$ (0.1)	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Foreign currency translation, Gross Balance	$ 6.8	$ 17.9	$ 4.9	$ 8.4	$ (11.1)	$ 7.9
Foreign currency translation, Tax Effect	0	0
Foreign currency translation, Net Balance	6.8	17.9
Unrealized gain (loss) on cross currency swap, Gross Balance	1.3
Unrealized gain (loss) on cross currency swap, Tax Effect	(0.3)
Unrealized gain (loss) on cross currency swap, Net Balance	6.8	17.9	4.9	8.4	(11.1)	7.9
Unrealized gain (loss) on cross currency swap, Net Balance	1
Unrealized gain (loss) on interest rate swaps, Gross Balance	(5.8)	(9.9)	$ 0.8	$ (0.5)	$ 4	$ (12.2)
Unrealized gain (loss) on interest rate swaps, Tax Effect	(1.7)	2.7
Unrealized gain (loss) on interest rate swaps, Net Balance	(4.1)	(7.2)
Total, Gross Balance	2.3	8
Total, Tax Effect	(1.4)	2.7
Total, Net Balance	$ 3.7	$ 10.7

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Changes in AOCI (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 522.9
Ending Balance	631.6
Foreign currency translation Member
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	17.9
Other comprehensive income (loss) before reclassifications	(11.1)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	6.8
Unrealized gain (loss) on interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(7.2)
Other comprehensive income (loss) before reclassifications	7
Amounts reclassified from accumulated other comprehensive income (loss)	(3.9)
Ending Balance	(4.1)
Unrealized gain (loss) on cross currency swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Other comprehensive income (loss) before reclassifications	1.2
Amounts reclassified from accumulated other comprehensive income (loss)	(0.2)
Ending Balance	1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	10.7
Other comprehensive income (loss) before reclassifications	(2.9)
Amounts reclassified from accumulated other comprehensive income (loss)	(4.1)
Ending Balance	$ 3.7

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying Amounts, Estimated Fair Values and Respective Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund		$ 70
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	$ 70
Current and long-term debt	0
Interest rate swap agreements liability	0
Cross currency swap asset	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0
Current and long-term debt	410.4		$ 439.8
Interest rate swap agreements liability	9.5		14.2
Cross currency swap asset	1.4
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0
Current and long-term debt	0
Interest rate swap agreements liability	0
Cross currency swap asset	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	70
Current and long-term debt	410.4		439.8
Interest rate swap agreements liability	9.5		$ 14.2
Cross currency swap asset	$ 1.4

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate, percent	16.10%	(15.70%)	89.10%	7.10%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	9 Months Ended
	Sep. 30, 2021
Earliest Tax Year
Income Taxes [Line Items]
Examination tax year	2018
Latest Tax Year
Income Taxes [Line Items]
Examination tax year	2021

Leases - Schedule of Operating

Leases - Schedule of Operating Leases and Finance Leases included in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Lease assets
Operating lease right-of-use assets, net	$ 6.8	$ 0
Finance lease right of use assets, net	1.6
Total lease assets	8.4
Lease liabilities
Operating lease liabilities, current	2.4	0
Operating lease liabilities, non-current	4.4	0
Finance lease liabilities, current	0.6	$ 0
Finance lease liabilities, non-current	1
Total lease liabilities	$ 8.4
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long Term Debt Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt

Leases - Schedule of Components

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Operating leases
Operating lease costs	$ 0.7	$ 2.1
Variable lease costs	0.1	0.2
Total operating lease costs	0.8	2.3
Finance leases
Amortization of right-of-use asset	0.2	0.4
Interest on finance lease liabilities	0	0
Total finance lease costs	$ 0.2	$ 0.4

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Leases [Abstract]
Rental expense	$ 0.6	$ 1.6

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2021USD ($)
Operating leases
2021	$ 0.7
2022	2.5
2023	1.7
2024	1.2
2025	1
2026 and Thereafter	0.2
Total lease payments	7.3
Less lease interest	(0.5)
Total lease liabilities	6.8
Finance leases
2021	0.2
2022	0.6
2023	0.4
2024	0.2
2025	0.1
2026 and Thereafter	0.2
Total lease payments	1.7
Less lease interest	(0.1)
Finance lease liabilities	1.6
Total
2021	0.9
2022	3.1
2023	2.1
2024	1.4
2025	1.1
2026 and Thereafter	0.4
Total lease payments	9
Less lease interest	(0.6)
Total lease liabilities	$ 8.4

Leases - Summary of Minimum Lea

Leases - Summary of Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 2.8
2022	2.3
2023	1.4
2024	1
2025	0.8
Thereafter	0.2
Total	$ 8.5

Leases - Schedule of Additional

Leases - Schedule of Additional Information to Leases (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Operating leases
Weighted average remaining lease term	3 years 6 months	3 years 6 months
Weighted average discount rate	3.90%	3.90%
Finance leases
Weighted average remaining lease term	3 years 1 month 6 days	3 years 1 month 6 days
Weighted average discount rate	3.30%	3.30%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 0.7	$ 2
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	0.2	0.5
Total cash paid	0.9	2.5
Leased assets obtained in exchange for new operating lease liabilities	0	8.6
Leased assets obtained in exchange for new finance lease liabilities	0.1	2.1
ROU assets obtained in exchange for lease liabilities	$ 0.1	$ 10.7

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Certain Data for Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based compensation expense	$ 6.9	$ 1.7	$ 14.3	$ 5.9
Tax (expense) benefit for stock-based compensation	0	0.4	1.2	1.1
Fair value of vested awards	$ 6.9	$ 2.1	$ 15.5	$ 7

Stock-Based Compensation - 2019

Stock-Based Compensation - 2019 Plan (Details) - shares	1 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance of future awards	9,000,000
2019 Plan | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum allowed for issuance		13,118,055
Awards granted		(5,358,958)
Awards forfeited		889,971
Available for future awards		8,649,068
Awards vested		1,239,469

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
RSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.1
RSUs | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
RSUs | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained	0.00%
PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained	150.00%
2021 LTIP PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained	0.00%
2021 LTIP PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Targeted performance goal expressed as percentage of growth in performance level attained	300.00%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Unit and Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at December 31, 2020 (shares) | shares	669,855
Granted (shares) | shares	295,160
Vested (shares) | shares	(459,149)
Forfeited (shares) | shares	(11,369)
Outstanding at June 30, 2021 (shares) | shares	494,497
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 (USD per share) | $ / shares	$ 8.60
Granted (USD per share) | $ / shares	24.19
Vested (USD per share) | $ / shares	11.67
Forfeited (USD per share) | $ / shares	13.30
Outstanding at June 30, 2021 (USD per share) | $ / shares	$ 14.95
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at December 31, 2020 (shares) | shares	550,496
Granted (shares) | shares	2,677,695
Vested (shares) | shares	(386,508)
Forfeited (shares) | shares	(135,026)
Outstanding at June 30, 2021 (shares) | shares	2,706,657
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 (USD per share) | $ / shares	$ 8.09
Granted (USD per share) | $ / shares	22.10
Vested (USD per share) | $ / shares	8.90
Forfeited (USD per share) | $ / shares	8.35
Outstanding at June 30, 2021 (USD per share) | $ / shares	$ 21.82

Stock-Based Compensation - Dire

Stock-Based Compensation - Director Stock Unit Activity (Details) - Director Stock Units	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Quantity
Outstanding at December 31, 2020 (shares) | shares	80,214
Granted (shares) | shares	40,688
Vested (shares) | shares	(92,538)
Outstanding at June 30, 2021 (shares) | shares	28,364
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 (USD per share) | $ / shares	$ 7.48
Granted (USD per share) | $ / shares	22.74
Vested (USD per share) | $ / shares	8.92
Outstanding at June 30, 2021 (USD per share) | $ / shares	$ 24.67

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	May 31, 2021USD ($)shares	Apr. 05, 2021shares	Sep. 21, 2020shares	Jan. 17, 2018$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares	Aug. 06, 2020$ / shares
Class of Stock [Line Items]
Common stock, shares authorized (shares)					426,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001
Preferred stock, shares authorized (shares)					1,000,000
Preferred stock, par value (USD per shares) | $ / shares					$ 0.0001
Proceeds from issuance of common stock | $					$ 104	$ 0
Preferred stock, shares outstanding (shares)					0
Warrant Amendment
Class of Stock [Line Items]
Number of shares in valid tendering				20,000,000
Percentage of issued shares in valid tendering				99.70%
Number of remaining warrants outstanding			60,493
Ratio of warrants exchanged into common shares			0.00198
Class A
Class of Stock [Line Items]
Common stock, shares authorized (shares)					200,000,000		200,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001		$ 0.0001
Conversion of converted shares exercised		3,600,000
Common stock, shares issued (shares)	5,300,000				78,475,824		69,005,059
Proceeds from issuance of common stock | $	$ 103.4
Outstanding warrants converted into common stock | $ / shares				$ 0.198
Class A | Warrant Amendment
Class of Stock [Line Items]
Number of shares issued in valid tendering				4,400,000
Class of warrants or right exchange of warrants outstanding shares issued			11,977
Class A | Private Placement | Forward Purchase Warrants and Private Placement Warrants
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares								$ 0.0001
Sale of stock, price per share | $ / shares								$ 0.22
Class B
Class of Stock [Line Items]
Common stock, shares authorized (shares)					25,000,000
Class C
Class of Stock [Line Items]
Common stock, shares authorized (shares)					200,000,000		200,000,000
Common stock, par value (USD per share) | $ / shares					$ 0.0001		$ 0.0001
Conversion of converted shares exercised		3,600,000
Common stock, shares issued (shares)					2,921,099		6,511,293

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	81,396,923			75,516,352
Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	78,475,824	78,469,923	69,343,361	69,005,059	68,991,155	64,556,459	64,352,247	64,293,741
Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,921,099	2,921,099	6,511,293	6,511,293	6,511,293	6,511,293	6,511,293	6,511,293
Shares outstanding not subject to an earn-out agreement
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	81,396,923			68,668,516
Shares outstanding not subject to an earn-out agreement | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	78,475,824			62,888,606
Shares outstanding not subject to an earn-out agreement | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	2,921,099			5,779,910
Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			2,940,336
Shares subject to $15.00 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			2,940,336
Shares subject to $15.00 earn-out | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			0
Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			3,750,000
Shares subject to $12.50 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			3,018,617
Shares subject to $12.50 earn-out | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			731,383
Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			157,500
Shares subject to $12.25 earn-out | Class A
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			157,500
Shares subject to $12.25 earn-out | Class C
Class of Stock [Line Items]
Common stock, shares outstanding (shares)	0			0

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Common Stock Outstanding (Parenthetical) (Details)	Sep. 30, 2021$ / shares
Shares subject to $15.00 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	$ 15
Shares subject to $12.50 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	12.50
Shares subject to $12.25 earn-out
Class of Stock [Line Items]
Business combination, earn out price (USD per share)	$ 12.25

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Basic [Line Items]
Net loss	$ (1.4)	$ (5.2)	$ 6.3	$ (6.1)	$ (8.5)	$ (3.6)	$ (0.3)	$ (18.2)
Net loss attributable to common stockholders for basic and diluted EPS	$ (1.4)			$ (6.1)			$ (0.3)	$ (18.2)
Basic weighted average common shares outstanding (shares)	81,396,832			72,396,183			77,579,205	71,401,580
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0			0			0	0
Dilutive effect of Class A and Class C earnout shares	0			0			0	0
Dilutive weighted average common shares outstanding (shares)	81,396,832			72,396,183			77,579,205	71,401,580
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.02)			$ (0.08)	$ (0.08)		$ 0	$ (0.25)
Diluted (USD per share)	$ (0.02)			$ (0.08)			$ 0	$ (0.25)
Class A
Earnings Per Share Basic [Line Items]
Net loss	$ (1.3)			$ (5.6)			$ (0.3)	$ (16.5)
Basic weighted average common shares outstanding (shares)	78,475,733			65,884,890			73,512,399	64,890,287
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0			0			0	0
Dilutive effect of Class A and Class C earnout shares	0			0			0	0
Dilutive weighted average common shares outstanding (shares)	78,475,733			65,884,890			73,512,399	64,890,287
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.02)			$ (0.08)			$ 0	$ (0.25)
Diluted (USD per share)	$ (0.02)			$ (0.08)			$ 0	$ (0.25)
Class C
Earnings Per Share Basic [Line Items]
Net loss	$ (0.1)			$ (0.5)			$ 0	$ (1.7)
Basic weighted average common shares outstanding (shares)	2,921,099			6,511,293			4,066,806	6,511,293
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of assumed vesting of RSUs and PRSUs (shares)	0			0			0	0
Dilutive effect of Class A and Class C earnout shares	0			0			0	0
Dilutive weighted average common shares outstanding (shares)	2,921,099			6,511,293			4,066,806	6,511,293
Loss per share attributable to common stockholders
Basic (USD per share)	$ (0.03)			$ (0.08)	$ (0.08)		$ 0	$ (0.26)
Diluted (USD per share)	$ (0.03)			$ (0.08)			$ 0	$ (0.26)

Earnings (Loss) per Share - Add

Earnings (Loss) per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Dilutive effect of shares omitted from the calculation of diluted weighted average shares outstanding and diluted earnings per share	1.2	0.6	0.4	0.3

Earnings (Loss) per Share - S_2

Earnings (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Warrants on common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	3,290,689	1,230,024	1,920,875	982,473
RSUs and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	3,290,689	1,230,024	1,920,875	982,473

Transactions with Related Par_2

Transactions with Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
One Madison Group LLC
Related Party Transaction [Line Items]
Related party transaction, fees	$ 100	$ 100	$ 300	$ 300
Director
Related Party Transaction [Line Items]
Related party transaction, fees			$ 50