Ranpak (PACK) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	false
Entity Shell Company	false
Entity Central Index Key	0001712463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment flag	false
Class A common shares, par value $0.0001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		80,336,268
Class C common shares, par value $0.0001 per share
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total paper and other revenue	$ 78.6	$ 69.6	$ 223.9	$ 207.2
Machine lease revenue	13.6	13.2	40	38.7
Net revenue	92.2	82.8	263.9	245.9
Cost of goods sold	57.8	51.3	165.5	156.7
Gross profit	34.4	31.5	98.4	89.2
Selling, general and administrative expenses	28.8	20.9	84	64.4
Depreciation and amortization expense	8.2	8.1	24.9	24.2
Other operating expense, net	1.6	0.9	3.7	3.5
Income (loss) from operations	(4.2)	1.6	(14.2)	(2.9)
Interest expense	9.3	6.8	20.8	18.4
Foreign currency (gain) loss	0.2	(0.7)	(1.1)	0.2
Other non-operating income, net	(3.1)	(0.1)	(21)	(0.8)
Loss before income tax benefit	(10.6)	(4.4)	(12.9)	(20.7)
Income tax benefit	(2.5)	(1.1)	(2.2)	(2.9)
Net loss	$ (8.1)	$ (3.3)	$ (10.7)	$ (17.8)
Basic and diluted loss per share
Basic (in usd per share)	$ (0.10)	$ (0.04)	$ (0.13)	$ (0.22)
Diluted (in usd per share)	$ (0.10)	$ (0.04)	$ (0.13)	$ (0.22)
Weighted average number of shares outstanding – Class A and C – basic and diluted
Basic (in shares)	83,227,887	82,322,957	82,994,759	82,297,985
Diluted (in shares)	83,227,887	82,322,957	82,994,759	82,297,985
Other comprehensive income (loss), before tax
Foreign currency translation adjustments	$ 3.6	$ (1.9)	$ 1.4	$ (1)
Interest rate swap adjustments	0	(2.2)	(3.4)	(5.3)
Total other comprehensive income (loss), before tax	3.6	(4.1)	(2)	(6.3)
Provision (benefit) for income taxes related to other comprehensive income (loss)	(0.8)	0.1	(0.8)	(1.1)
Total other comprehensive income (loss), net of tax	4.4	(4.2)	(1.2)	(5.2)
Comprehensive loss, net of tax	$ (3.7)	$ (7.5)	$ (11.9)	$ (23)
Class A common stock
Basic and diluted loss per share
Basic (in usd per share)	$ (0.10)	$ (0.04)	$ (0.13)	$ (0.22)
Diluted (in usd per share)	$ (0.10)	$ (0.04)	$ (0.13)	$ (0.22)
Weighted average number of shares outstanding – Class A and C – basic and diluted
Basic (in shares)	80,306,788	79,401,858	80,073,660	79,376,886
Diluted (in shares)	80,306,788	79,401,858	80,073,660	79,376,886
Class C common stock
Basic and diluted loss per share
Basic (in usd per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.21)
Diluted (in usd per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.21)
Weighted average number of shares outstanding – Class A and C – basic and diluted
Basic (in shares)	2,921,099	2,921,099	2,921,099	2,921,099
Diluted (in shares)	2,921,099	2,921,099	2,921,099	2,921,099
Paper revenue
Total paper and other revenue	$ 71.3	$ 64.8	$ 205	$ 192.4
Other revenue
Total paper and other revenue	$ 7.3	$ 4.8	$ 18.9	$ 14.8

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 69.5	$ 62
Accounts receivable, net	40.2	31.6
Inventories	22.5	17.3
Income tax receivable	11.1	0.9
Prepaid expenses and other current assets	9.7	13.1
Total current assets	153	124.9
Property, plant and equipment, net	143.9	142.1
Operating lease right-of-use assets, net	22.2	23.7
Goodwill	451.3	450.1
Intangible assets, net	324.4	345.4
Deferred tax assets	0.1	0.1
Other assets	38.4	36.4
Total assets	1,133.3	1,122.7
Current liabilities
Accounts payable	24.4	17.6
Accrued liabilities and other	28.9	22.1
Current portion of long-term debt	2.7	2.5
Operating lease liabilities, current	4	3.8
Deferred revenue	4.8	2
Total current liabilities	64.8	48
Long-term debt	400.5	397.8
Deferred tax liabilities	71.2	71.6
Derivative instruments	7.4	6.3
Operating lease liabilities, non-current	22.3	24.7
Other liabilities	2.8	2.3
Total liabilities	569	550.7
Commitments and contingencies – Note 13
Shareholders’ equity
Additional paid-in capital	697.9	693.7
Accumulated deficit	(134.5)	(123.8)
Accumulated other comprehensive income	0.9	2.1
Total shareholders’ equity	564.3	572
Total liabilities and shareholders’ equity	1,133.3	1,122.7
Class A common stock, $0.0001 par, 200,000,000 shares authorized at September 30, 2024 and December 31, 2023 Shares issued and outstanding: 80,309,764 and 79,684,170 at September 30, 2024 and December 31, 2023, respectively
Shareholders’ equity
Common stock	0	0
Convertible Class C common stock, $0.0001 par, 200,000,000 shares authorized at September 30, 2024 and December 31, 2023 Shares issued and outstanding: 2,921,099 at September 30, 2024 and December 31, 2023
Shareholders’ equity
Common stock	$ 0	$ 0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Class A common stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	80,309,764	79,684,170
Common stock, outstanding (in shares)	80,309,764	79,684,170
Class C common stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	2,921,099	2,921,099
Common stock, outstanding (in shares)	2,921,099	2,921,099

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Class A common stock	Class A common stock Common Stock	Class C common stock	Class C common stock Common Stock
Beginning balance (in shares) at Dec. 31, 2022						79,086,372		2,921,099
Beginning balance at Dec. 31, 2022	$ 612.8	$ 704.3	$ (96.7)	$ 5.2		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						368,153
Stock Issued During Period, Value, New Issues	(0.4)	(0.4)
Issue Director shares (in shares)						14,084
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	2.8	2.8
Net income (loss)	(12.4)		(12.4)
Other comprehensive income (loss)	0.8			0.8
Ending balance (in shares) at Mar. 31, 2023						79,468,609		2,921,099
Ending balance at Mar. 31, 2023	603.6	706.7	(109.1)	6		$ 0		$ 0
Beginning balance (in shares) at Dec. 31, 2022						79,086,372		2,921,099
Beginning balance at Dec. 31, 2022	612.8	704.3	(96.7)	5.2		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17.8)
Other comprehensive income (loss)	(5.2)
Ending balance (in shares) at Sep. 30, 2023						79,652,315		2,921,099
Ending balance at Sep. 30, 2023	577.6	692.1	(114.5)	0		$ 0		$ 0
Beginning balance (in shares) at Mar. 31, 2023						79,468,609		2,921,099
Beginning balance at Mar. 31, 2023	603.6	706.7	(109.1)	6		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						27,931
Issue Director shares (in shares)						51,240
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	(9.5)	(9.5)
Net income (loss)	(2.1)		(2.1)
Other comprehensive income (loss)	(1.8)			(1.8)
Ending balance (in shares) at Jun. 30, 2023						79,547,780		2,921,099
Ending balance at Jun. 30, 2023	590.2	697.2	(111.2)	4.2		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						65,830
Issue Director shares (in shares)						38,705
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	(5.1)	(5.1)
Net income (loss)	(3.3)		(3.3)
Other comprehensive income (loss)	(4.2)			(4.2)
Ending balance (in shares) at Sep. 30, 2023						79,652,315		2,921,099
Ending balance at Sep. 30, 2023	577.6	692.1	(114.5)	0		$ 0		$ 0
Beginning balance (in shares) at Dec. 31, 2023					79,684,170	79,684,170	2,921,099	2,921,099
Beginning balance at Dec. 31, 2023	572	693.7	(123.8)	2.1		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						353,622
Stock Issued During Period, Value, New Issues	(0.4)	(0.4)
Issue Director shares (in shares)						16,110
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	1.3	1.3
Net income (loss)	(8.1)		(8.1)
Other comprehensive income (loss)	(4.8)			(4.8)
Ending balance (in shares) at Mar. 31, 2024						80,053,902		2,921,099
Ending balance at Mar. 31, 2024	560	694.6	(131.9)	(2.7)		$ 0		$ 0
Beginning balance (in shares) at Dec. 31, 2023					79,684,170	79,684,170	2,921,099	2,921,099
Beginning balance at Dec. 31, 2023	572	693.7	(123.8)	2.1		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10.7)
Other comprehensive income (loss)	(1.2)
Ending balance (in shares) at Sep. 30, 2024					80,309,764	80,309,764	2,921,099	2,921,099
Ending balance at Sep. 30, 2024	564.3	697.9	(134.5)	0.9		$ 0		$ 0
Beginning balance (in shares) at Mar. 31, 2024						80,053,902		2,921,099
Beginning balance at Mar. 31, 2024	560	694.6	(131.9)	(2.7)		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						7,500
Issue Director shares (in shares)						228,510
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	1.5	1.5
Net income (loss)	5.5		5.5
Other comprehensive income (loss)	(0.8)			(0.8)
Ending balance (in shares) at Jun. 30, 2024						80,289,912		2,921,099
Ending balance at Jun. 30, 2024	566.2	696.1	(126.4)	(3.5)		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based awards vested and distributed (in shares)						7,500
Issue Director shares (in shares)						12,352
APIC, Share-Based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	1.8	1.8
Net income (loss)	(8.1)		(8.1)
Other comprehensive income (loss)	4.4			4.4
Ending balance (in shares) at Sep. 30, 2024					80,309,764	80,309,764	2,921,099	2,921,099
Ending balance at Sep. 30, 2024	$ 564.3	$ 697.9	$ (134.5)	$ 0.9		$ 0		$ 0

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net income (loss)	$ (10.7)	$ (17.8)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	49.4	49.4
Amortization of deferred financing costs	2.1	1.5
Loss on disposal of property and equipment	0.9	0.8
Gain on sale of patents	(5.4)	0
Deferred income taxes	2.6	(1.5)
Amortization of initial value of interest rate swap	(1.2)	(1.6)
Currency (gain) loss on foreign denominated debt and notes payable	(1.1)	0.2
Stock-based compensation expense	4.6	(11.8)
Amortization of cloud-based software implementation costs	2.6	2.2
Unrealized loss on strategic investments	0.4	0
Changes in operating assets and liabilities:
(Increase) decrease in receivables, net	(6)	(4.1)
(Increase) decrease in inventory	(5)	3.3
(Increase) decrease in income tax receivable	(10.1)	(1.6)
(Increase) decrease in prepaid expenses and other assets	(1.6)	(1.9)
Increase (decrease) in accounts payable	6.2	(1.2)
Increase (decrease) in accrued liabilities	7.7	11.3
Change in other assets and liabilities	(0.5)	(4.2)
Net cash provided by operating activities	34.9	23
Cash Flows from Investing Activities
Purchases of converter equipment	(21.3)	(17.5)
Purchases of other property, plant, and equipment	(4)	(17.4)
Proceeds from sale of patents	5.4	0
Proceeds from sale of plant, property, and equipment	0	2.9
Cash paid for strategic investments	(4.8)	0
Net cash used in investing activities	(24.7)	(32)
Cash Flows from Financing Activities
Principal payments on term loans	(0.8)	(1.5)
Financing costs of debt facilities	0	(1)
Proceeds from equipment financing	0.7	2.3
Payments on equipment financing	(0.9)	0
Payments on finance lease liabilities	(0.9)	(0.7)
Tax payments for withholdings on stock-based awards distributed	(0.4)	(0.5)
Net cash used in financing activities	(2.3)	(1.4)
Effect of Exchange Rate Changes on Cash	(0.4)	(0.3)
Net Increase (Decrease) in Cash and Cash Equivalents	7.5	(10.7)
Cash and Cash Equivalents, beginning of period	62	62.8
Cash and Cash Equivalents, end of period	$ 69.5	$ 52.1

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations We are a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-Commerce and industrial supply chains. Through our proprietary protective packaging solutions (“PPS”) systems and paper consumables, we offer a full suite of protective packaging solutions. Our business is global, with a strong presence in the United States, Europe and Asia. 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, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	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, 2023, 2022, and 2021, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 10-K”). The three months ended September 30, 2024 may be further referred to herein as the “third quarter of 2024.” The three months ended September 30, 2023 may be further referred to herein as the “third quarter of 2023.” 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. All amounts are in millions, except share and per share amounts. 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. We are subject to currency translation exposure because the operations of our subsidiaries are measured in their functional currency, which is the currency of the primary economic environment in which the subsidiary operates. Any currency balances that are denominated in currencies other than the functional currency of the subsidiary are re-measured into the functional currency, with the resulting gain or loss recorded in the foreign currency (gains) losses in our Unaudited Condensed Consolidated Statements of Operations. In turn, subsidiary income statement balances that are denominated in currencies other than U.S. dollars (“USD”) are translated into USD, our reporting currency, in consolidation using the average exchange rate in effect during each fiscal month during the period, with any related gain or loss recorded as foreign currency translation adjustments in other comprehensive income (loss). The assets and liabilities of subsidiaries that use functional currencies other than the USD are translated into USD in consolidation using period end exchange rates, with the effects of foreign currency translation adjustments included in accumulated other comprehensive income (loss). Revenue Recognition — Revenue from contracts with customers is recognized using a five-step model consisting of the following: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. Performance obligations are satisfied when we transfer control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which we expect to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and we no longer have an obligation to transfer additional goods or services to the customer or collectability becomes probable. We sell our PPS products to end-users primarily through an established distributor network and direct sales to select end-users. For both customer types, the customer is granted the right to use our machine(s) for which we charge an annual or quarterly fixed fee or may waive the fee at management’s discretion. Our revenue associated with our PPS business contains (i) a non-lease component (the paper consumables) accounted for as revenue under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), and (ii) a lease component (our PPS systems) accounted for as machine lease revenue under ASC Topic 842, Leases (“ASC 842”). Machine lease revenue is recognized on a straight-line basis over the terms of the PPS systems agreements with customers, which have durations of less than one year. In paper consumables sales for both distributor agreements and direct agreements, we have determined the contract to be a combination of the master service agreement (“MSA”) and purchase order (“PO”). The MSA contains general terms and conditions which govern the agreement, including general payment terms. Individual PO’s must be placed underneath the terms of the MSA to order specific paper products which we promise to deliver. The PO contains relevant details of the contract including the type of paper, quantity, unit price, total price, as well as payment terms and estimated delivery date. Under the MSA, multiple PO’s for one customer may be placed at or near the same time. In situations where there are multiple PO’s issued at or near the same time to the same customer, we treat each PO in combination with the MSA as a separate contract for revenue recognition purposes. 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. Maintenance revenue is based on a fixed fee that is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. We determine the standalone selling price for a performance obligation sold on a standalone basis. We offer rebates to customers in their contracts that are related to the amount of consumables purchased. We believe that this form of variable consideration should only be allocated to consumables because the entire amount of variable consideration relates to the customer’s purchase of and our efforts to provide consumables. We allocate a percentage of PPS paper revenue to machine lease revenue using the residual approach to estimate the standalone selling price of our PPS systems to customers. The allocation is performed based on the number of PPS systems in the field. We do not sell or transfer ownership of our PPS systems to our customers. Our lease agreements with customer for PPS systems are for one year or less and renew annually. We have forms of variable consideration present in our contracts with customers, including rebates and other discounts. Charges for rebates and other allowances were approximately 11% and 12% of revenue in the three months ended September 30, 2024 and 2023, respectively, and approximately 11% and 13% for the nine months ended September 30, 2024 and 2023, respectively. For all contracts that contain a form of variable consideration, we estimate at contract inception, and periodically throughout the term of the contract, what volume of goods and/or services the customer will purchase in a given period and determine how much consideration is payable to the customer or how much consideration we would be able to recover from the customer based on the structure of the type of variable consideration, using either the expected value method or the most likely amount method. In most cases, the variable consideration in contracts with customers results in amounts payable to the customer by the Company. We adjust the contract transaction price based on any changes in estimates each reporting period and perform an inception to date cumulative adjustment to the amount of revenue previously recognized. 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. To provide Automation solution goods and services, an agreement is documented and agreed to between Ranpak and the customer. This is in the form of a proposal contract for automation machines with separate proposals for related goods and services. Typically, machines have their own proposal, and other related goods and services such as preventative maintenance, and spare parts have a separate proposal with these goods and services all detailed. These written agreements outline the terms and conditions for respective transactions between us and our customers and represent contracts with enforceable rights. For each type of contract, there are various levels of termination provisions for each party. We recognize revenue from each Automation product separately, on a contract-by-contract basis (i.e., by individual machine). Each contract represents its own unit of accounting. Our Automation machines are highly customized to customer specific needs and termination is only allowed in the case of breach of contract. As such, we are entitled to all consideration from the production of the machine. We cannot sell the machine to another customer due to the level of customization and, as such, there is not an alternative use for the product produced. Because of these factors, we recognize machine revenue over time on a contract-by-contract basis using an input method, based on the percentage of costs and effort incurred to complete the construction of the machine. We also sell extended warranties, preventative maintenance services, spare parts and spare part packages related to our sale of Automation products. We recognize revenue on maintenance contracts and spare parts separately from their Automation products. Revenue for the sale of spare parts is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Maintenance revenue is based on a fixed fee that is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. We recognize incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. For example, we generally expense sales commissions when incurred because the contract term is less than one year. These costs are recorded within selling, general and administrative (“SG&A”) expenses in our Unaudited Condensed Consolidated Statements of Operations. We elected to account for shipping and handling costs as fulfillment activities. Sales, value-added, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue on the Unaudited Condensed Consolidated Statements of Operations. Goodwill and Identifiable Intangible Assets, net — 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 1st 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. As of September 30, 2024, there were no indicators to suggest that it is more likely than not that the fair value of our reporting units and indefinite-lived assets were below their carrying values. Recently Issued Accounting Standards — In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280). This ASU is intended to improve financial reporting by providing additional disclosures regarding a company’s segment expenses and more detailed and timely segment information reporting throughout the fiscal period. The amendment requires companies to disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the Chief Operating Decision Making (“CODM”), report an “other segment items” category which represents the difference between segment revenue less the significant expenses along with a description of composition, clarify if the CODM uses more than one measure of a segment’s profit or loss, and disclose the title and position of the CODM along with an explanation of how the CODM uses the reported measures. All annual disclosures required by Topic 280, Segment Reporting, will also be required for all interim periods. The amendment does not change how a company identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The ASU will be effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented. We are in the process of evaluating the impact of the future adoption of this standard on our consolidated financial statements. In December 31, 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require us to provide a tabular rate reconciliation that reconciles income tax attributable to continuing operations to the statutory federal income tax applied to our pre-tax income from continuing operations, including the nature and amount of significant reconciling items, and will require disclosure of additional disaggregated information on income taxes paid. ASU 2023-09 will become effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We are in the process of evaluating the impact of future adoption of this standard on our consolidated financial statements.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data and Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Data and Cash Flow Information	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, and our investment in a money market account, which is classified as a cash equivalent because of its short-term, highly liquid nature that is readily convertible to cash. The balance in our money market account was approximately $45.4 million and $17.6 million at September 30, 2024 and December 31, 2023, respectively. The fair value of money market accounts is considered Level 1 in the fair value hierarchy because they are securities traded in active markets. Accounts Receivable, net — The components of accounts receivable, net were as follows: September 30, 2024 December 31, 2023 Accounts receivable $ 41.1 $ 32.2 Allowance for doubtful accounts (0.9) (0.6) Accounts receivable, net $ 40.2 $ 31.6 One customer’s accounts receivable balance represented 24.8% and 16.9% of our accounts receivable balance as of September 30, 2024 and December 31, 2023, respectively. Inventories — The components of inventories were as follows: September 30, 2024 December 31, 2023 Raw materials $ 13.1 $ 11.5 Work-in-process 1.1 1.4 Finished goods 8.3 4.4 Inventories 22.5 17.3 Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2024 December 31, 2023 Land $ 2.4 $ 2.4 Buildings and improvements 12.4 12.3 Leasehold improvements 21.8 20.7 Machinery and equipment 36.3 30.9 Computer and office equipment 17.3 16.8 Converting machines 232.1 216.6 Total property, plant and equipment 322.3 299.7 Accumulated depreciation (178.4) (157.6) Property, plant and equipment, net $ 143.9 $ 142.1 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, 2024 2023 2024 2023 Cost of goods sold $ 5.7 $ 8.3 $ 24.5 $ 25.2 Depreciation and amortization expense 0.9 0.9 3.1 2.5 Total depreciation expense $ 6.6 $ 9.2 $ 27.6 $ 27.7 Accrued Liabilities and Other – The components of accrued liabilities and other were as follows: September 30, 2024 December 31, 2023 Employee compensation $ 6.1 $ 3.8 Taxes 7.1 2.5 Professional fees 3.6 3.3 Bonus 5.8 4.6 Interest 2.7 3.0 Warranty reserve 0.8 0.8 Amounts owed to customers 0.4 1.5 Other 2.4 2.6 Accrued liabilities and other $ 28.9 $ 22.1 Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Nine Months Ended September 30, 2024 2023 Supplemental cash flow information Interest paid $ 23.0 $ 19.2 Income taxes paid $ 2.9 $ 2.5 Non-cash investing activities Capital expenditures in accounts payable $ 0.8 $ 1.2

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information We have determined we have two operating segments which are aggregated into one reportable segment, Ranpak. Our CODM 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 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.The operating segments were aggregated for purposes of determining whether segments meet the quantitative threshold for separate reporting. We attribute net revenue to individual countries based on the selling location. The following table presents our net revenue by geographic location: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 40.3 $ 34.9 $ 109.9 $ 98.2 Europe/Asia 51.9 47.9 154.0 147.7 Net revenue $ 92.2 $ 82.8 $ 263.9 $ 245.9 The following table presents our long-lived assets by geographic region: September 30, 2024 December 31, 2023 North America $ 87.1 $ 87.5 Europe/Asia 79.0 78.3 Total long-lived assets $ 166.1 $ 165.8

Contracts with Customers

Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contracts with Customers	Contracts with Customers Deferred Revenue and Contract Balances — Deferred revenue primarily represents contractual amounts received from customers that exceed revenue recognized for automation equipment sales. Our enforceable contractual obligations have durations of less than one year and are included in current liabilities on the Unaudited Condensed Consolidated Balance Sheets. The following table presents our contract assets and contract liabilities as of the period ended September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Contract Assets $ 2.7 $ 1.4 Contract Liabilities $ 4.8 $ 2.0 The contract liability balance represents deferred revenue related to our automation contracts. Deferred revenue from our automation projects is recognized within twelve months. In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we also 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, 2024 2023 2024 2023 North America $ 34.0 $ 28.9 $ 91.3 $ 80.8 Europe/Asia 44.6 40.7 132.6 126.4 Total paper and other revenue 78.6 69.6 223.9 207.2 North America 6.3 6.0 18.6 17.5 Europe/Asia 7.3 7.2 21.4 21.2 Machine lease revenue 13.6 13.2 40.0 38.7 Net revenue $ 92.2 $ 82.8 $ 263.9 $ 245.9 North America consists of the United States, Canada and Mexico, among others; Europe/Asia consists of European, Asian (including China), Pacific Rim, South American and African countries, among others. During the three months ended September 30, 2024, one customer comprised 10.6% of our total net revenue. During the three and nine months ended September 30, 2023 and the nine months ended September 30, 2024, no customers exceeded 10% of net revenue.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Goodwill The following table shows our goodwill balances by operating segment that are aggregated into one reportable segment: North America Europe/Asia Total Balance at December 31, 2023 $ 338.8 $ 111.3 $ 450.1 Currency translation — 1.2 1.2 Balance at September 30, 2024 $ 338.8 $ 112.5 $ 451.3 Intangible Assets, net Finite-lived or amortizable intangible assets consist of patented and unpatented technology, customer/distributor relationships, and other intellectual property. The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2024 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 200.1 $ (71.0) $ 129.1 Patented/unpatented technology 6 171.7 (82.8) 88.9 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 8 372.3 (154.1) 218.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 478.5 $ (154.1) $ 324.4 December 31, 2023 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 198.8 $ (60.6) $ 138.2 Patented/unpatented technology 7 171.7 (70.9) 100.8 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 9 371.0 (131.8) 239.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 477.2 $ (131.8) $ 345.4 The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2024: Year Amount 2024 $ 7.4 2025 28.7 2026 28.4 2027 28.2 2028 28.2 Thereafter 97.3 $ 218.2

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In 2019, the Company entered into a First Lien Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which consists of senior secured credit facilities of a $378.2 million USD-denominated first lien term facility (the “First Lien Dollar Term Facility”), a €140.0 million ($148.9 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 June 2026 and the Revolving Facility matures in June 2025. Borrowings under the Facilities, at our option, bear interest at either (1) an adjusted eurocurrency rate or the secured overnight financing rate (“SOFR”), or (2) a base rate, in each case plus an applicable margin. The applicable margin is 3.75% with respect to eurocurrency borrowings or SOFR borrowings, as applicable, and 2.75% with respect to base rate borrowings, in each case 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 4.00% for eurocurrency borrowings and SOFR borrowings, as applicable, and 3.00% with respect to base rate borrowings. The interest rate for the First Lien Dollar Term Facility as of September 30, 2024 and December 31, 2023, was 9.05% and 9.44%, respectively. The interest rate for the First Lien Euro Term Facility as of September 30, 2024 and December 31, 2023, was 7.36% and 7.86%, respectively. As of September 30, 2024 and December 31, 2023, no amounts were outstanding under the Revolving Facility. The Revolving Facility includes borrowing capacity available for standby letters of credit of up to $5.0 million. As of September 30, 2024, we had $1.5 million committed to outstanding letters of credit, leaving net availability under the Revolving Facility at $43.5 million. Long-term debt consisted of the following: September 30, 2024 December 31, 2023 First Lien Dollar Term Facility $ 250.0 $ 250.0 First Lien Dollar Term Facility exit fees payable 2.5 2.5 First Lien Euro Term Facility 148.9 148.8 First Lien Euro Term Facility exit fees payable 1.5 1.5 Finance lease liabilities 4.2 1.9 Equipment financing 1.1 2.7 Deferred financing costs, net (5.0) (7.1) Total debt 403.2 400.3 Less: current portion of long-term debt (1.1) (1.6) Less: current portion of finance lease liabilities (1.6) (0.9) Long-term debt $ 400.5 $ 397.8 The Credit Agreement contains customary events of default, representations and warranties, and affirmative and negative covenants, including restr ictions on certain of the Company’s subsidiaries’ ability to incur additional debt and liens or undergo certain fundamental changes, as well as certain financial tests and ratios. We were in compliance with all financial covenants as of September 30, 2024. The Cr edit Agreement also has customary mandatory prepayment provisions, including the requirement for the borrowers under the Credit Agreement to apply excess cash flow to mandatorily prepay term loans under the Credit Agreement.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	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. Interest Rate Swap Agreement Our 2.1% interest rate swap, which was entered into to hedge part of the floating interest rate exposure under the First Lien Dollar Term Facility and designated as a cash flow hedge, matured on June 1, 2024. Cross Currency Swap Agreements In November 2022, we entered into a fixed-to-fixed cross-currency rate swap contract between the Euro and U.S. dollar to protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates and that we designated as a hedge and accounted for as a net investment hedge (the “November 2022 Swap”). At the spot exchange rate of 1.0205, we converted notional amounts of approximately $80.0 million at 5.84% for €78.4 million at 3.95%. On May 20, 2024, we entered into a fixed-for-fixed cross currency swap in a transaction commonly referred to as a “blend-and-extend,” whereby the November 2022 Swap was effectively terminated and voluntarily de-designated, and the modified swap (the “May 2024 Swap”) converted notional amounts of $80.0 million at 5.84% for €78.4 million at 4.54%. The May 2024 swap is designated as a hedge and accounted for as a net investment hedge. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates are economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period, with changes in fair value recorded in currency translation in other comprehensive income (loss) and accumulated other comprehensive income (loss). Components of the May 2024 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 May 2024 Swap to maturity on June 1, 2025. 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, 2024 and December 31, 2023. The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10 — Fair Value Measurement: Assets (Liabilities) Balance Sheet Classification September 30, 2024 December 31, 2023 Interest Rate Swap Designated as cash flow hedges Prepaid expenses and other current assets $ — $ 3.2 Cross-Currency Swap Designated as net investment hedge Derivative instruments $ (7.4) $ (6.3) 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 (income) expense, net. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate swap designated as cash flow hedge $ — $ (2.4) $ (4.0) $ (6.2) Cross-currency swap designated as net investment hedge, amounts excluded from effectiveness testing $ (0.2) $ (0.3) $ 0.3 $ (1.0)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is a separate line within the Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity that presents our other comprehensive income (loss) that has not been reported as part of net loss. The components of accumulated other comprehensive income (loss) at September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 Gross Balance Tax Effect Net Balance Foreign currency translation Translation of foreign subsidiaries $ (1.1) $ — $ (1.1) Realized gain on cross-currency swap 10.0 (2.4) 7.6 Unrealized loss on cross-currency swap (7.4) 1.8 (5.6) Total $ 1.5 $ (0.6) $ 0.9 December 31, 2023 Gross Balance Tax Effect Net Balance Foreign currency translation Translation of foreign subsidiaries $ (3.6) $ — $ (3.6) Realized gain on cross-currency swap 10.0 (2.4) 7.6 Unrealized loss on cross-currency swap (6.3) 1.6 (4.7) Total foreign currency translation 0.1 (0.8) (0.7) Unrealized gain on interest rate swaps 3.4 (0.6) 2.8 Total $ 3.5 $ (1.4) $ 2.1 The following tables present the changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ (0.7) $ 2.8 $ 2.1 Other comprehensive loss before reclassifications 1.3 1.8 3.1 Amounts reclassified from accumulated other comprehensive income (loss) (0.3) (4.0) (4.3) Tax effects 0.6 (0.6) — Ending balance $ 0.9 $ — $ 0.9 Nine Months Ended September 30, 2023 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ (3.4) $ 8.6 $ 5.2 Other comprehensive loss before reclassifications (1.9) 3.0 1.1 Amounts reclassified from accumulated other comprehensive income (loss) 1.0 (8.7) (7.7) Tax effects (0.3) 1.7 1.4 Ending balance $ (4.6) $ 4.6 $ —

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	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. • 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, 2024 and December 31, 2023. The cross-currency swap is valued utilizing forward and spot prices for currencies and SOFR forward curves, as applicable, which are considered Level 2 inputs. We estimate the fair value of our strategic investments in unconsolidated affiliates based on Level 3 inputs when there is an observable price change. The fair values of these investments are determined based upon valuation techniques using the Option Pricing Method and market comparables. The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of September 30, 2024 and December 31, 2023: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2024 Money market fund $ 45.4 $ 45.4 $ — $ — Current and long-term debt $ 408.2 $ — $ 406.9 $ — Cross-currency swap agreement $ 7.4 $ — $ 7.4 $ — December 31, 2023 Money market fund $ 17.6 $ 17.6 $ — $ — Current and long-term debt $ 407.4 $ — $ 398.2 $ — Interest rate swap agreements $ 3.2 $ — $ 3.2 $ — Cross-currency swap agreement $ 6.3 $ — $ 6.3 $ —

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	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, 2024 2023 2024 2023 Effective tax rate 23.2% 26.0% 16.8% 14.2% The fluctuation in the effective tax rate over the periods presented above was primarily attributable to the litigation settlement and patent sale in the second quarter of 2024 (as described in Note 13 — Commitments and Contingencies), and a tax expense of $0.6 million and $1.8 million related to stock-based compensation shortfall recognized for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate for the nine months ended September 30, 2024 is less than the U.S. federal and state statutory rates due primarily to stock-based compensation adjustments. The fluctuation in the effective tax rate for the three months ended September 30, 2024 and 2023 was due to the difference in pre-tax loss

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases We have operating and finance leases for automobiles, machinery, equipment, warehouses, and office buildings. Our leases have remaining terms ranging from one year to 15 years, some of which include options to extend the leases from one Supplemental balance sheet information related to leases is as follows: Classification September 30, 2024 December 31, 2023 Lease assets Operating lease right-of-use assets, net Non-current assets $ 22.2 $ 23.7 Finance lease right of use assets, net Property, plant, and equipment, net 4.1 1.9 Total lease assets $ 26.3 $ 25.6 Lease liabilities Operating lease liabilities, current Current liabilities $ 4.0 $ 3.8 Operating lease liabilities, non-current Non-current liabilities 22.3 24.7 Finance lease liabilities, current Current portion of long-term debt 1.6 0.9 Finance lease liabilities, non-current L ong-term debt 2.6 1.0 Total lease liabilities $ 30.5 $ 30.4 The components of lease costs included in our Condensed Consolidated Statements of Operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating leases Operating lease costs $ 1.9 $ 1.4 $ 4.7 $ 3.6 Variable lease costs 0.2 0.1 0.7 0.2 Short-term lease costs 0.1 — 0.4 0.2 Finance leases Amortization of right-of-use asset $ 0.3 $ 0.2 $ 1.1 $ 0.6 Maturities of lease liabilities as of September 30, 2024 are as follows: Operating Finance Total 2024 $ 1.6 $ 0.6 $ 2.2 2025 6.3 1.9 8.2 2026 4.7 1.5 6.2 2027 3.3 0.8 4.1 2028 3.0 — 3.0 2029 and Thereafter 22.9 — 22.9 Total lease payments 41.8 4.8 46.6 Less lease interest (15.5) (0.6) (16.1) Total lease liabilities $ 26.3 $ 4.2 $ 30.5 Additional information related to leases is presented as follows: September 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term 10.0 years 10.3 years Weighted average discount rate 10.0% 10.0% Finance leases Weighted average remaining lease term 2.7 years 2.4 years Weighted average discount rate 9.7% 7.2% Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5.0 $ 3.6 Financing cash flows from finance leases 0.9 0.7 Right-of-use assets obtained in exchange for lease liabilities Leased assets obtained in exchange for new operating lease liabilities $ 0.3 $ 20.1 Leased assets obtained in exchange for new finance lease liabilities 3.0 0.6

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of any insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs as incurred. 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, 2024. On April 22, 2024, we entered into a settlement agreement (“the Settlement Agreement”) with a competitor (the “Defendant”) in connection with a patent infringement action we filed against the Defendant regarding a patented feature on some of our machines. Pursuant to the Settlement Agreement, on April 24, 2024, we received a cash payment in the amount of €15 million (approximately $16.1 million USD), and a second cash payment of €5 million (approximately $5.4 million USD) related to the sale of two patents, both of which were recorded in other non-operating income, net in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The patents sold were never used in a commercial product or arrangement and the combined carrying value at the time of sale was insignificant. 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We record stock-based compensation at fair value on the date of grant and record the expense for these awards in SG&A expenses in our Unaudited Condensed Consolidated Statements of Operations on a ratable basis over the requisite employee service period. Stock-based compensation expense includes actual forfeitures incurred. For performance-based awards, including performance-based restricted stock units (“PRSUs”) and our 2021 LTIP PRSUs, we reassess at each reporting date whether achievement of the performance condition is probable and accrue compensation expense if and when achievement of the performance condition is probable. The table below summarizes our stock-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1.8 $ (5.1) $ 4.6 $ (11.8) Tax effect on stock-based compensation 0.5 (1.3) 1.2 (3.0) Stock-based compensation expense, net of tax $ 1.3 $ (3.8) $ 3.4 $ (8.8) As of September 30, 2024, the pool of shares in the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (as amended, restated, supplemented or otherwise modified from time to time) is summarized as follows: 2019 Plan Quantity As of January 1, 2024 5,885,434 Awards granted (1,769,161) Awards forfeited 1,084,928 Available for future awards 5,201,201 Activity related to our restricted stock units (“RSUs”), PRSUs, and Director Stock Units is as follows: RSUs PRSUs Director Stock Units Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Outstanding, January 1, 2024 948,781 $ 6.17 3,289,213 $ 16.44 216,720 $ 3.23 Granted 990,657 5.45 628,877 4.49 149,627 6.43 Vested (164,270) 8.13 (274,629) 15.87 (256,972) 3.75 Forfeited (64,361) 6.46 (1,020,567) 7.01 — — Outstanding, September 30, 2024 1,710,807 $ 5.55 2,622,894 $ 17.30 109,375 $ 6.40

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) per Share	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. Earnings (loss) per share is calculated using the two-class method. 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, 2024, we have not issued any instruments that are 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 table sets forth the computation of our earnings (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ (8.1) $ (3.3) $ (10.7) $ (17.8) Net loss attributable to common stockholders for basic and diluted EPS $ (8.1) $ (3.3) $ (10.7) $ (17.8) Denominator: Basic and diluted weighted average common shares outstanding 83,227,887 82,322,957 82,994,759 82,297,985 Two-class method: Basic and diluted loss per share $ (0.10) $ (0.04) $ (0.13) $ (0.22) Class A Common Stock: Basic and diluted weighted average common shares outstanding 80,306,788 79,401,858 80,073,660 79,376,886 Proportionate share of net loss $ (7.8) $ (3.2) $ (10.3) $ (17.2) Basic and diluted loss per share $ (0.10) $ (0.04) $ (0.13) $ (0.22) Class C Common Stock Basic and diluted weighted average common shares outstanding 2,921,099 2,921,099 2,921,099 2,921,099 Proportionate share of net loss $ (0.3) $ (0.1) $ (0.4) $ (0.6) Basic and diluted loss per share $ (0.10) $ (0.03) $ (0.13) $ (0.21)

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties In 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 an entity controlled by our chief executive officer, 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 were not material for the third quarter of 2024 and

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity On July 26, 2022, the Company’s board of directors authorized a general share repurchase program of the Company’s Class A common stock of up to $50.0 million, with a 36-month expiration. These Class A common stock repurchases may occur in transactions that may include, without limitation, tender offers, open market purchases, accelerated share repurchases, negotiated block purchases, and transactions effected through plans under Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of different factors and may be modified, suspended or terminated at any time at the discretion of the Directors. There have been no repurchases executed to date.

Strategic Investments

Strategic Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Strategic Investments	Strategic Investments As part of our strategy, we continuously evaluate opportunities for strategic investments that align with our mission. We account for these investments in non-public companies under the ASC Topic 321, Investments - Equity Securities, measurement alternative for equity securities without readily determinable fair values, as there are no quoted market prices for these investments. The investments are measured at cost and adjusted to fair value when there is an observable price change, and are assessed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. We hold investments in Pickle Robot Co. (“Pickle”) and Creapaper GmbH (“Creapaper”). Pickle is a robotics-solutions company which has developed robots for sorting, loading and unloading packaged goods. Creapaper uses a patented process to produce grass fiber, a raw material required for producing their grasspaper packaging products. As of December 31, 2023, we held investments in Pickle and Creapaper of $9.4 million and $4.9 million, respectively. During the second quarter of 2024, we invested an additional $4.3 million in cash in exchange for preferred shares in Pickle which was considered an observable price change that required remeasurement of the carrying value of our investment in Pickle, resulting in a $3.5 million unrealized loss for the six months ended June 30, 2024. During the three months ended September 30, 2024 we became aware of an investment in Pickle made by a new third party investor which was considered an observable price change. We performed a valuation of our investment in Pickle which resulted in an unrealized gain of $3.1 million for the three months ended September 30, 2024. We have recognized a $0.4 million unrealized loss in our investment in Pickle for the nine months ended September 30, 2024. The gain/loss is recognized in other non-operating income, net in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). There were no adjustments recognized in the three or nine months ended September 30, 2023. As of September 30, 2024, the carrying value of our investments in Pickle and Creapaper were $13.8 million and $4.9 million, respectively.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Statements	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, 2023, 2022, and 2021, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 10-K”). The three months ended September 30, 2024 may be further referred to herein as the “third quarter of 2024.” The three months ended September 30, 2023 may be further referred to herein as the “third quarter of 2023.” 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	Principles of Consolidation
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. We are subject to currency translation exposure because the operations of our subsidiaries are measured in their functional currency, which is the currency of the primary economic environment in which the subsidiary operates. Any currency balances that are denominated in currencies other than the functional currency of the subsidiary are re-measured into the functional currency, with the resulting gain or loss recorded in the foreign currency (gains) losses in our Unaudited Condensed Consolidated Statements of Operations. In turn, subsidiary income statement balances that are denominated in currencies other than U.S. dollars (“USD”) are translated into USD, our reporting currency, in consolidation using the average exchange rate in effect during each fiscal month during the period, with any related gain or loss recorded as foreign currency translation adjustments in other comprehensive income (loss). The assets and liabilities of subsidiaries that use functional currencies other than the USD are translated into USD in consolidation using period end exchange rates, with the effects of foreign currency translation adjustments included in accumulated other comprehensive income (loss).
Revenue Recognition	Revenue Recognition — Revenue from contracts with customers is recognized using a five-step model consisting of the following: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. Performance obligations are satisfied when we transfer control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which we expect to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and we no longer have an obligation to transfer additional goods or services to the customer or collectability becomes probable. We sell our PPS products to end-users primarily through an established distributor network and direct sales to select end-users. For both customer types, the customer is granted the right to use our machine(s) for which we charge an annual or quarterly fixed fee or may waive the fee at management’s discretion. Our revenue associated with our PPS business contains (i) a non-lease component (the paper consumables) accounted for as revenue under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), and (ii) a lease component (our PPS systems) accounted for as machine lease revenue under ASC Topic 842, Leases (“ASC 842”). Machine lease revenue is recognized on a straight-line basis over the terms of the PPS systems agreements with customers, which have durations of less than one year. In paper consumables sales for both distributor agreements and direct agreements, we have determined the contract to be a combination of the master service agreement (“MSA”) and purchase order (“PO”). The MSA contains general terms and conditions which govern the agreement, including general payment terms. Individual PO’s must be placed underneath the terms of the MSA to order specific paper products which we promise to deliver. The PO contains relevant details of the contract including the type of paper, quantity, unit price, total price, as well as payment terms and estimated delivery date. Under the MSA, multiple PO’s for one customer may be placed at or near the same time. In situations where there are multiple PO’s issued at or near the same time to the same customer, we treat each PO in combination with the MSA as a separate contract for revenue recognition purposes. 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. Maintenance revenue is based on a fixed fee that is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. We determine the standalone selling price for a performance obligation sold on a standalone basis. We offer rebates to customers in their contracts that are related to the amount of consumables purchased. We believe that this form of variable consideration should only be allocated to consumables because the entire amount of variable consideration relates to the customer’s purchase of and our efforts to provide consumables. We allocate a percentage of PPS paper revenue to machine lease revenue using the residual approach to estimate the standalone selling price of our PPS systems to customers. The allocation is performed based on the number of PPS systems in the field. We do not sell or transfer ownership of our PPS systems to our customers. Our lease agreements with customer for PPS systems are for one year or less and renew annually. We have forms of variable consideration present in our contracts with customers, including rebates and other discounts. Charges for rebates and other allowances were approximately 11% and 12% of revenue in the three months ended September 30, 2024 and 2023, respectively, and approximately 11% and 13% for the nine months ended September 30, 2024 and 2023, respectively. For all contracts that contain a form of variable consideration, we estimate at contract inception, and periodically throughout the term of the contract, what volume of goods and/or services the customer will purchase in a given period and determine how much consideration is payable to the customer or how much consideration we would be able to recover from the customer based on the structure of the type of variable consideration, using either the expected value method or the most likely amount method. In most cases, the variable consideration in contracts with customers results in amounts payable to the customer by the Company. We adjust the contract transaction price based on any changes in estimates each reporting period and perform an inception to date cumulative adjustment to the amount of revenue previously recognized. 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. To provide Automation solution goods and services, an agreement is documented and agreed to between Ranpak and the customer. This is in the form of a proposal contract for automation machines with separate proposals for related goods and services. Typically, machines have their own proposal, and other related goods and services such as preventative maintenance, and spare parts have a separate proposal with these goods and services all detailed. These written agreements outline the terms and conditions for respective transactions between us and our customers and represent contracts with enforceable rights. For each type of contract, there are various levels of termination provisions for each party. We recognize revenue from each Automation product separately, on a contract-by-contract basis (i.e., by individual machine). Each contract represents its own unit of accounting. Our Automation machines are highly customized to customer specific needs and termination is only allowed in the case of breach of contract. As such, we are entitled to all consideration from the production of the machine. We cannot sell the machine to another customer due to the level of customization and, as such, there is not an alternative use for the product produced. Because of these factors, we recognize machine revenue over time on a contract-by-contract basis using an input method, based on the percentage of costs and effort incurred to complete the construction of the machine. We also sell extended warranties, preventative maintenance services, spare parts and spare part packages related to our sale of Automation products. We recognize revenue on maintenance contracts and spare parts separately from their Automation products. Revenue for the sale of spare parts is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Maintenance revenue is based on a fixed fee that is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. We recognize incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. For example, we generally expense sales commissions when incurred because the contract term is less than one year. These costs are recorded within selling, general and administrative (“SG&A”) expenses in our Unaudited Condensed Consolidated Statements of Operations. We elected to account for shipping and handling costs as fulfillment activities. Sales, value-added, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue on the Unaudited Condensed Consolidated Statements of Operations.
Goodwill and Identifiable Intangible Assets, net	Goodwill and Identifiable Intangible Assets, net — 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 1st 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. As of September 30, 2024, there were no indicators to suggest that it is more likely than not that the fair value of our reporting units and indefinite-lived assets were below their carrying values.
Recently Issued Accounting Standards	Recently Issued Accounting Standards — In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280). This ASU is intended to improve financial reporting by providing additional disclosures regarding a company’s segment expenses and more detailed and timely segment information reporting throughout the fiscal period. The amendment requires companies to disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the Chief Operating Decision Making (“CODM”), report an “other segment items” category which represents the difference between segment revenue less the significant expenses along with a description of composition, clarify if the CODM uses more than one measure of a segment’s profit or loss, and disclose the title and position of the CODM along with an explanation of how the CODM uses the reported measures. All annual disclosures required by Topic 280, Segment Reporting, will also be required for all interim periods. The amendment does not change how a company identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The ASU will be effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented. We are in the process of evaluating the impact of the future adoption of this standard on our consolidated financial statements. In December 31, 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require us to provide a tabular rate reconciliation that reconciles income tax attributable to continuing operations to the statutory federal income tax applied to our pre-tax income from continuing operations, including the nature and amount of significant reconciling items, and will require disclosure of additional disaggregated information on income taxes paid. ASU 2023-09 will become effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We are in the process of evaluating the impact of future adoption of this standard on our consolidated financial statements.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data and Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Accounts Receivable, Net	Accounts Receivable, net — The components of accounts receivable, net were as follows: September 30, 2024 December 31, 2023 Accounts receivable $ 41.1 $ 32.2 Allowance for doubtful accounts (0.9) (0.6) Accounts receivable, net $ 40.2 $ 31.6
Schedule of Components of Inventories	Inventories — The components of inventories were as follows: September 30, 2024 December 31, 2023 Raw materials $ 13.1 $ 11.5 Work-in-process 1.1 1.4 Finished goods 8.3 4.4 Inventories 22.5 17.3
Schedule of Property, Plant and Equipment	Property, Plant and Equipment, net — The following table details our property, plant and equipment, net: September 30, 2024 December 31, 2023 Land $ 2.4 $ 2.4 Buildings and improvements 12.4 12.3 Leasehold improvements 21.8 20.7 Machinery and equipment 36.3 30.9 Computer and office equipment 17.3 16.8 Converting machines 232.1 216.6 Total property, plant and equipment 322.3 299.7 Accumulated depreciation (178.4) (157.6) Property, plant and equipment, net $ 143.9 $ 142.1 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, 2024 2023 2024 2023 Cost of goods sold $ 5.7 $ 8.3 $ 24.5 $ 25.2 Depreciation and amortization expense 0.9 0.9 3.1 2.5 Total depreciation expense $ 6.6 $ 9.2 $ 27.6 $ 27.7
Schedule of Accrued Liabilities and Other	Accrued Liabilities and Other – The components of accrued liabilities and other were as follows: September 30, 2024 December 31, 2023 Employee compensation $ 6.1 $ 3.8 Taxes 7.1 2.5 Professional fees 3.6 3.3 Bonus 5.8 4.6 Interest 2.7 3.0 Warranty reserve 0.8 0.8 Amounts owed to customers 0.4 1.5 Other 2.4 2.6 Accrued liabilities and other $ 28.9 $ 22.1
Schedule of Supplemental Cash Flow Information	Supplemental Cash Flow Information — Supplemental cash flow information is as follows: Nine Months Ended September 30, 2024 2023 Supplemental cash flow information Interest paid $ 23.0 $ 19.2 Income taxes paid $ 2.9 $ 2.5 Non-cash investing activities Capital expenditures in accounts payable $ 0.8 $ 1.2

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue and Long-Lived Assets by Geographical Location	The following table presents our net revenue by geographic location: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 40.3 $ 34.9 $ 109.9 $ 98.2 Europe/Asia 51.9 47.9 154.0 147.7 Net revenue $ 92.2 $ 82.8 $ 263.9 $ 245.9 The following table presents our long-lived assets by geographic region: September 30, 2024 December 31, 2023 North America $ 87.1 $ 87.5 Europe/Asia 79.0 78.3 Total long-lived assets $ 166.1 $ 165.8

Contracts with Customers (Table

Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	The following table presents our contract assets and contract liabilities as of the period ended September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Contract Assets $ 2.7 $ 1.4 Contract Liabilities $ 4.8 $ 2.0
Schedule of Disaggregation of Revenue	In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we also 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, 2024 2023 2024 2023 North America $ 34.0 $ 28.9 $ 91.3 $ 80.8 Europe/Asia 44.6 40.7 132.6 126.4 Total paper and other revenue 78.6 69.6 223.9 207.2 North America 6.3 6.0 18.6 17.5 Europe/Asia 7.3 7.2 21.4 21.2 Machine lease revenue 13.6 13.2 40.0 38.7 Net revenue $ 92.2 $ 82.8 $ 263.9 $ 245.9

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2024
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/Asia Total Balance at December 31, 2023 $ 338.8 $ 111.3 $ 450.1 Currency translation — 1.2 1.2 Balance at September 30, 2024 $ 338.8 $ 112.5 $ 451.3
Schedule of Identifiable Definite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2024 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 200.1 $ (71.0) $ 129.1 Patented/unpatented technology 6 171.7 (82.8) 88.9 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 8 372.3 (154.1) 218.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 478.5 $ (154.1) $ 324.4 December 31, 2023 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 198.8 $ (60.6) $ 138.2 Patented/unpatented technology 7 171.7 (70.9) 100.8 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 9 371.0 (131.8) 239.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 477.2 $ (131.8) $ 345.4
Schedule of Identifiable Indefinite-Lived Intangible Assets	The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives: September 30, 2024 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 200.1 $ (71.0) $ 129.1 Patented/unpatented technology 6 171.7 (82.8) 88.9 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 8 372.3 (154.1) 218.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 478.5 $ (154.1) $ 324.4 December 31, 2023 Remaining Weighted-Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Customer/distributor relationships 10 $ 198.8 $ (60.6) $ 138.2 Patented/unpatented technology 7 171.7 (70.9) 100.8 Intellectual property 7 0.5 (0.3) 0.2 Total definite-lived intangible assets 9 371.0 (131.8) 239.2 Trademarks/tradenames with indefinite lives 106.2 — 106.2 Identifiable intangible assets, net $ 477.2 $ (131.8) $ 345.4
Schedule of Remaining Estimated Amortization Expense for Definite-Lived Intangible Assets	The following table shows the remaining estimated amortization expense for our definite-lived intangible assets at September 30, 2024: Year Amount 2024 $ 7.4 2025 28.7 2026 28.4 2027 28.2 2028 28.2 Thereafter 97.3 $ 218.2

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: September 30, 2024 December 31, 2023 First Lien Dollar Term Facility $ 250.0 $ 250.0 First Lien Dollar Term Facility exit fees payable 2.5 2.5 First Lien Euro Term Facility 148.9 148.8 First Lien Euro Term Facility exit fees payable 1.5 1.5 Finance lease liabilities 4.2 1.9 Equipment financing 1.1 2.7 Deferred financing costs, net (5.0) (7.1) Total debt 403.2 400.3 Less: current portion of long-term debt (1.1) (1.6) Less: current portion of finance lease liabilities (1.6) (0.9) Long-term debt $ 400.5 $ 397.8

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The net amount of derivatives can be reconciled to the tabular disclosure of fair value in Note 10 — Fair Value Measurement: Assets (Liabilities) Balance Sheet Classification September 30, 2024 December 31, 2023 Interest Rate Swap Designated as cash flow hedges Prepaid expenses and other current assets $ — $ 3.2 Cross-Currency Swap Designated as net investment hedge Derivative instruments $ (7.4) $ (6.3)
Schedule of Effect of Derivative Instruments on Statement of Operations	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 (income) expense, net. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest rate swap designated as cash flow hedge $ — $ (2.4) $ (4.0) $ (6.2) Cross-currency swap designated as net investment hedge, amounts excluded from effectiveness testing $ (0.2) $ (0.3) $ 0.3 $ (1.0)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) at September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 Gross Balance Tax Effect Net Balance Foreign currency translation Translation of foreign subsidiaries $ (1.1) $ — $ (1.1) Realized gain on cross-currency swap 10.0 (2.4) 7.6 Unrealized loss on cross-currency swap (7.4) 1.8 (5.6) Total $ 1.5 $ (0.6) $ 0.9 December 31, 2023 Gross Balance Tax Effect Net Balance Foreign currency translation Translation of foreign subsidiaries $ (3.6) $ — $ (3.6) Realized gain on cross-currency swap 10.0 (2.4) 7.6 Unrealized loss on cross-currency swap (6.3) 1.6 (4.7) Total foreign currency translation 0.1 (0.8) (0.7) Unrealized gain on interest rate swaps 3.4 (0.6) 2.8 Total $ 3.5 $ (1.4) $ 2.1 The following tables present the changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ (0.7) $ 2.8 $ 2.1 Other comprehensive loss before reclassifications 1.3 1.8 3.1 Amounts reclassified from accumulated other comprehensive income (loss) (0.3) (4.0) (4.3) Tax effects 0.6 (0.6) — Ending balance $ 0.9 $ — $ 0.9 Nine Months Ended September 30, 2023 Foreign currency translation Unrealized gain (loss) on interest rate swaps Total Beginning balance $ (3.4) $ 8.6 $ 5.2 Other comprehensive loss before reclassifications (1.9) 3.0 1.1 Amounts reclassified from accumulated other comprehensive income (loss) 1.0 (8.7) (7.7) Tax effects (0.3) 1.7 1.4 Ending balance $ (4.6) $ 4.6 $ —

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of September 30, 2024 and December 31, 2023: Fair Value Measurements Carrying Amount Level 1 Level 2 Level 3 September 30, 2024 Money market fund $ 45.4 $ 45.4 $ — $ — Current and long-term debt $ 408.2 $ — $ 406.9 $ — Cross-currency swap agreement $ 7.4 $ — $ 7.4 $ — December 31, 2023 Money market fund $ 17.6 $ 17.6 $ — $ — Current and long-term debt $ 407.4 $ — $ 398.2 $ — Interest rate swap agreements $ 3.2 $ — $ 3.2 $ — Cross-currency swap agreement $ 6.3 $ — $ 6.3 $ —

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rate	Our effective tax rate was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Effective tax rate 23.2% 26.0% 16.8% 14.2%

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: Classification September 30, 2024 December 31, 2023 Lease assets Operating lease right-of-use assets, net Non-current assets $ 22.2 $ 23.7 Finance lease right of use assets, net Property, plant, and equipment, net 4.1 1.9 Total lease assets $ 26.3 $ 25.6 Lease liabilities Operating lease liabilities, current Current liabilities $ 4.0 $ 3.8 Operating lease liabilities, non-current Non-current liabilities 22.3 24.7 Finance lease liabilities, current Current portion of long-term debt 1.6 0.9 Finance lease liabilities, non-current L ong-term debt 2.6 1.0 Total lease liabilities $ 30.5 $ 30.4
Schedule of Components of Lease Costs	The components of lease costs included in our Condensed Consolidated Statements of Operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating leases Operating lease costs $ 1.9 $ 1.4 $ 4.7 $ 3.6 Variable lease costs 0.2 0.1 0.7 0.2 Short-term lease costs 0.1 — 0.4 0.2 Finance leases Amortization of right-of-use asset $ 0.3 $ 0.2 $ 1.1 $ 0.6
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2024 are as follows: Operating Finance Total 2024 $ 1.6 $ 0.6 $ 2.2 2025 6.3 1.9 8.2 2026 4.7 1.5 6.2 2027 3.3 0.8 4.1 2028 3.0 — 3.0 2029 and Thereafter 22.9 — 22.9 Total lease payments 41.8 4.8 46.6 Less lease interest (15.5) (0.6) (16.1) Total lease liabilities $ 26.3 $ 4.2 $ 30.5
Schedule of Additional Information Related to Leases	Additional information related to leases is presented as follows: September 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term 10.0 years 10.3 years Weighted average discount rate 10.0% 10.0% Finance leases Weighted average remaining lease term 2.7 years 2.4 years Weighted average discount rate 9.7% 7.2% Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5.0 $ 3.6 Financing cash flows from finance leases 0.9 0.7 Right-of-use assets obtained in exchange for lease liabilities Leased assets obtained in exchange for new operating lease liabilities $ 0.3 $ 20.1 Leased assets obtained in exchange for new finance lease liabilities 3.0 0.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Plans	The table below summarizes our stock-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1.8 $ (5.1) $ 4.6 $ (11.8) Tax effect on stock-based compensation 0.5 (1.3) 1.2 (3.0) Stock-based compensation expense, net of tax $ 1.3 $ (3.8) $ 3.4 $ (8.8)
Schedule of Pool of Shares in 2019 Omnibus Plan	As of September 30, 2024, the pool of shares in the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (as amended, restated, supplemented or otherwise modified from time to time) is summarized as follows: 2019 Plan Quantity As of January 1, 2024 5,885,434 Awards granted (1,769,161) Awards forfeited 1,084,928 Available for future awards 5,201,201
Schedule of Activity Related to Restricted Stock Units	Activity related to our restricted stock units (“RSUs”), PRSUs, and Director Stock Units is as follows: RSUs PRSUs Director Stock Units Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Quantity Weighted Average Grant Date Fair Value Outstanding, January 1, 2024 948,781 $ 6.17 3,289,213 $ 16.44 216,720 $ 3.23 Granted 990,657 5.45 628,877 4.49 149,627 6.43 Vested (164,270) 8.13 (274,629) 15.87 (256,972) 3.75 Forfeited (64,361) 6.46 (1,020,567) 7.01 — — Outstanding, September 30, 2024 1,710,807 $ 5.55 2,622,894 $ 17.30 109,375 $ 6.40

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Earnings (Loss) per Share	The following table sets forth the computation of our earnings (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ (8.1) $ (3.3) $ (10.7) $ (17.8) Net loss attributable to common stockholders for basic and diluted EPS $ (8.1) $ (3.3) $ (10.7) $ (17.8) Denominator: Basic and diluted weighted average common shares outstanding 83,227,887 82,322,957 82,994,759 82,297,985 Two-class method: Basic and diluted loss per share $ (0.10) $ (0.04) $ (0.13) $ (0.22) Class A Common Stock: Basic and diluted weighted average common shares outstanding 80,306,788 79,401,858 80,073,660 79,376,886 Proportionate share of net loss $ (7.8) $ (3.2) $ (10.3) $ (17.2) Basic and diluted loss per share $ (0.10) $ (0.04) $ (0.13) $ (0.22) Class C Common Stock Basic and diluted weighted average common shares outstanding 2,921,099 2,921,099 2,921,099 2,921,099 Proportionate share of net loss $ (0.3) $ (0.1) $ (0.4) $ (0.6) Basic and diluted loss per share $ (0.10) $ (0.03) $ (0.13) $ (0.21)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Charges for rebates and other allowances as a percentage of revenue	0.11	0.12	0.11	0.13

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data and Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 69.5	$ 62
One Customer | Accounts Receivable | Customer Concentration Risk
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage	24.80%	16.90%
Money market
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 45.4	$ 17.6

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data and Cash Flow Information - Components of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 41.1	$ 32.2
Allowance for doubtful accounts	(0.9)	(0.6)
Accounts receivable, net	$ 40.2	$ 31.6

Supplemental Balance Sheet Da_5

Supplemental Balance Sheet Data and Cash Flow Information - Components of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 13.1	$ 11.5
Work-in-process	1.1	1.4
Finished goods	8.3	4.4
Inventories	$ 22.5	$ 17.3

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, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 322.3	$ 299.7
Accumulated depreciation	(178.4)	(157.6)
Property, plant and equipment, net	143.9	142.1
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2.4	2.4
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	12.4	12.3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	21.8	20.7
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	36.3	30.9
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	17.3	16.8
Converting machines
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 232.1	$ 216.6

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 6.6	$ 9.2	$ 27.6	$ 27.7
Cost of goods sold
Property, Plant and Equipment [Line Items]
Total depreciation expense	5.7	8.3	24.5	25.2
Depreciation and amortization expense
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 0.9	$ 0.9	$ 3.1	$ 2.5

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, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation	$ 6.1	$ 3.8
Taxes	7.1	2.5
Professional fees	3.6	3.3
Bonus	5.8	4.6
Interest	2.7	3
Warranty reserve	0.8	0.8
Amounts owed to customers	0.4	1.5
Other	2.4	2.6
Accrued liabilities and other	$ 28.9	$ 22.1

Supplemental Balance Sheet Da_9

Supplemental Balance Sheet Data and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow information
Interest paid	$ 23	$ 19.2
Income taxes paid	2.9	2.5
Non-cash investing activities
Capital expenditures in accounts payable	$ 0.8	$ 1.2

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Revenue and Long-Lived Assets by Geographical Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 92.2	$ 82.8	$ 263.9	$ 245.9
Total long-lived assets	166.1		166.1		$ 165.8
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	40.3	34.9	109.9	98.2
Total long-lived assets	87.1		87.1		87.5
Europe/Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	51.9	$ 47.9	154	$ 147.7
Total long-lived assets	$ 79		$ 79		$ 78.3

Contracts with Customers - Sche

Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 2.7	$ 1.4
Contract Liabilities	$ 4.8	$ 2

Contracts with Customers - Narr

Contracts with Customers - Narrative (Details)	3 Months Ended
	Sep. 30, 2024
Revenue | Customer Concentration Risk | One Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	10.60%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, expected timing of recognition	12 months

Contracts with Customers - Sc_2

Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total paper and other revenue	$ 78.6	$ 69.6	$ 223.9	$ 207.2
Machine lease revenue	13.6	13.2	40	38.7
Net revenue	92.2	82.8	263.9	245.9
North America
Disaggregation of Revenue [Line Items]
Total paper and other revenue	34	28.9	91.3	80.8
Machine lease revenue	6.3	6	18.6	17.5
Europe/Asia
Disaggregation of Revenue [Line Items]
Total paper and other revenue	44.6	40.7	132.6	126.4
Machine lease revenue	$ 7.3	$ 7.2	$ 21.4	$ 21.2

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill Balances by Operating Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) segment
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments | segment	1
Goodwill [Roll Forward]
Beginning balance	$ 450.1
Currency translation	1.2
Ending balance	451.3
North America
Goodwill [Roll Forward]
Beginning balance	338.8
Currency translation	0
Ending balance	338.8
Europe/Asia
Goodwill [Roll Forward]
Beginning balance	111.3
Currency translation	1.2
Ending balance	$ 112.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Identifiable Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 372.3	$ 371
Accumulated Amortization	(154.1)	(131.8)
Net	218.2	239.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, Gross Carrying Amount	478.5	477.2
Intangible assets, net	$ 324.4	$ 345.4
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	8 years	9 years
Trademarks/tradenames with indefinite lives
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.2	$ 106.2
Customer/distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	200.1	198.8
Accumulated Amortization	(71)	(60.6)
Net	$ 129.1	$ 138.2
Customer/distributor relationships | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	10 years	10 years
Patented/unpatented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 171.7	$ 171.7
Accumulated Amortization	(82.8)	(70.9)
Net	$ 88.9	$ 100.8
Patented/unpatented technology | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	6 years	7 years
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 0.5	$ 0.5
Accumulated Amortization	(0.3)	(0.3)
Net	$ 0.2	$ 0.2
Intellectual property | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	7 years	7 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Schedule of Remaining Estimated Amortization Expense for Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 7.4
2025	28.7
2026	28.4
2027	28.2
2028	28.2
Thereafter	97.3
Net	$ 218.2	$ 239.2

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7.3	$ 7.2	$ 21.8	$ 21.7

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) € in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)
Debt Instrument [Line Items]
Long-term debt	$ 403,200,000	$ 400,300,000
Long-term line of credit	0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 45,000,000
Long-term line of credit		0
Letters of credit outstanding amount	1,500,000
Credit facility, net availability	43,500,000
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term line of credit	5,000,000
First Lien Term Facility | Dollar Denominated Line of Credit
Debt Instrument [Line Items]
Long-term debt	250,000,000	250,000,000	$ 378,200,000
First Lien Term Facility | First Lien Euro Term Facility
Debt Instrument [Line Items]
Long-term debt	$ 148,900,000	$ 148,800,000		€ 140
Debt instrument, interest rate, effective percentage	7.36%	7.86%
First Lien Term Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	9.05%	9.44%
First Lien Credit Agreement | Second Exit Payment Date
Debt Instrument [Line Items]
Commitment fee percentage	1%
Debt and deferred financing fees	$ 5,000,000
First Lien Credit Agreement | Line of Credit | Interest Rate Scenario One
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, minimum	5%
First Lien Credit Agreement | Line of Credit | Eurocurrency | Interest Rate Scenario One
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
First Lien Credit Agreement | Line of Credit | Eurocurrency | Interest Rate Scenario Two
Debt Instrument [Line Items]
Basis spread on variable rate	4%
First Lien Credit Agreement | Line of Credit | Base rate | Interest Rate Scenario One
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
First Lien Credit Agreement | Line of Credit | Base rate | Interest Rate Scenario Two
Debt Instrument [Line Items]
Basis spread on variable rate	3%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)
Debt Instrument [Line Items]
Total debt	$ 403.2	$ 400.3
Finance lease liabilities	4.2	1.9
Long-term debt	400.5	397.8
Less: current portion of long-term debt	(1.1)	(1.6)
Less: current portion of finance lease liabilities	(1.6)	(0.9)
Dollar Denominated Line of Credit | First Lien Term Facility
Debt Instrument [Line Items]
Total debt	250	250	$ 378.2
Dollar Denominated Line of Credit | First Lien Term Facility exit fees payable
Debt Instrument [Line Items]
Total debt	2.5	2.5
First Lien Euro Term Facility | First Lien Term Facility
Debt Instrument [Line Items]
Total debt	148.9	148.8		€ 140
First Lien Euro Term Facility | First Lien Term Facility exit fees payable
Debt Instrument [Line Items]
Total debt	1.5	1.5
Equipment financing
Debt Instrument [Line Items]
Long-term debt	1.1	2.7
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ (5)	$ (7.1)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) € in Millions, $ in Millions	Jun. 01, 2024	May 20, 2024 USD ($)	May 20, 2024 EUR (€)	Nov. 30, 2022 USD ($)	Nov. 30, 2022 EUR (€)
Interest Rate Swap | Cash Flow Hedge | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, fixed interest rate	2.10%
Cross-Currency Swap
Derivative [Line Items]
Derivative, fixed interest rate		5.84%	5.84%	5.84%	5.84%
Derivative, spot exchange rate				1.0205	1.0205
Derivative, notional amount		$ 80	€ 78.4	$ 80	€ 78.4
Derivative, fixed interest rate, converted		0.0454	0.0454	0.0395	0.0395

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Interest Rate Swap | Cash Flow Hedge
Derivative [Line Items]
Derivative assets	$ 0	$ 3.2
Cross-Currency Swap | Net Investment Hedge
Derivative [Line Items]
Derivative liabilities	$ (7.4)	$ (6.3)

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Rate Swap
Derivative [Line Items]
Interest rate swap designated as cash flow hedge	$ 0	$ (2.4)	$ (4)	$ (6.2)
Cross-Currency Swap
Derivative [Line Items]
Cross-currency swap designated as net investment hedge, amounts excluded from effectiveness testing	$ (0.2)	$ (0.3)	$ 0.3	$ (1)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance	$ 1.5	$ 3.5
Tax Effect	(0.6)	(1.4)
Net Balance	0.9	2.1
Foreign currency translation
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance		0.1
Tax Effect		(0.8)
Net Balance		(0.7)
Translation of foreign subsidiaries
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance	(1.1)	(3.6)
Tax Effect	0	0
Net Balance	(1.1)	(3.6)
Realized gain on cross-currency swap
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance	10	10
Tax Effect	(2.4)	(2.4)
Net Balance	7.6	7.6
Unrealized loss on cross-currency swap
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance	(7.4)	(6.3)
Tax Effect	1.8	1.6
Net Balance	$ (5.6)	(4.7)
Unrealized gain on interest rate swaps
Accumulated Other Comprehensive Income Loss [Line Items]
Gross Balance		3.4
Tax Effect		(0.6)
Net Balance		$ 2.8

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 572	$ 612.8
Ending balance	564.3	577.6
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2.1	5.2
Other comprehensive loss before reclassifications	3.1	1.1
Amounts reclassified from accumulated other comprehensive income (loss)	(4.3)	(7.7)
Tax effects	0	1.4
Ending balance	0.9	0
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.7)	(3.4)
Other comprehensive loss before reclassifications	1.3	(1.9)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)	1
Tax effects	0.6	(0.3)
Ending balance	0.9	(4.6)
Unrealized gain (loss) on interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2.8	8.6
Other comprehensive loss before reclassifications	1.8	3
Amounts reclassified from accumulated other comprehensive income (loss)	(4)	(8.7)
Tax effects	(0.6)	1.7
Ending balance	$ 0	$ 4.6

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	$ 45.4	$ 17.6
Current and long-term debt	0	0
Interest rate swap agreements		0
Cross-currency swap agreement	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Current and long-term debt	406.9	398.2
Interest rate swap agreements		3.2
Cross-currency swap agreement	7.4	6.3
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Current and long-term debt	0	0
Interest rate swap agreements		0
Cross-currency swap agreement	0	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	45.4	17.6
Current and long-term debt	408.2	407.4
Interest rate swap agreements		3.2
Cross-currency swap agreement	$ 7.4	$ 6.3

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	23.20%	26%	16.80%	14.20%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Tax expense	$ 0	$ 0.5	$ 0.6	$ 1.8

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2024
Financing Receivable, Past Due [Line Items]
Lessee, lease termination period	1 year
Minimum
Financing Receivable, Past Due [Line Items]
Lessee, remaining lease term	1 year
Lessee, lease extension term	1 year
Maximum
Financing Receivable, Past Due [Line Items]
Lessee, remaining lease term	15 years
Lessee, lease extension term	5 years

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Lease assets
Operating lease right-of-use assets, net	$ 22.2	$ 23.7
Finance lease right of use assets, net	$ 4.1	$ 1.9
Finance lease right of use assets, net, location	Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets	$ 26.3	$ 25.6
Lease liabilities
Operating lease liabilities, current	4	3.8
Operating lease liabilities, non-current	22.3	24.7
Finance lease liabilities, current	$ 1.6	$ 0.9
Finance lease liabilities, current, location	Current portion of long-term debt	Current portion of long-term debt
Finance lease liabilities, non-current	$ 2.6	$ 1
Finance lease liabilities, non-current, location	Long-term debt	Long-term debt
Total lease liabilities	$ 30.5	$ 30.4

Leases - Schedule of Components

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating leases
Operating lease costs	$ 1.9	$ 1.4	$ 4.7	$ 3.6
Variable lease costs	0.2	0.1	0.7	0.2
Short-term lease costs	0.1	0	0.4	0.2
Finance leases
Amortization of right-of-use asset	$ 0.3	$ 0.2	$ 1.1	$ 0.6

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating
2024	$ 1.6
2025	6.3
2026	4.7
2027	3.3
2028	3
2029 and Thereafter	22.9
Total lease payments	41.8
Less lease interest	(15.5)
Total lease liabilities	26.3
Finance
2024	0.6
2025	1.9
2026	1.5
2027	0.8
2028	0
2029 and Thereafter	0
Total lease payments	4.8
Less lease interest	(0.6)
Total lease liabilities	4.2	$ 1.9
Total
2024	2.2
2025	8.2
2026	6.2
2027	4.1
2028	3
2029 and Thereafter	22.9
Total lease payments	46.6
Less lease interest	(16.1)
Total lease liabilities	$ 30.5

Leases - Schedule of Additional

Leases - Schedule of Additional Information Related to Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating leases
Weighted average remaining lease term	10 years		10 years 3 months 18 days
Weighted average discount rate	10%		10%
Finance leases
Weighted average remaining lease term	2 years 8 months 12 days		2 years 4 months 24 days
Weighted average discount rate	9.70%		7.20%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 5	$ 3.6
Financing cash flows from finance leases	0.9	0.7
Right-of-use assets obtained in exchange for lease liabilities
Leased assets obtained in exchange for new operating lease liabilities	0.3	20.1
Leased assets obtained in exchange for new finance lease liabilities	$ 3	$ 0.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - Apr. 24, 2024 € in Millions, $ in Millions	EUR (€)	USD ($)
Positive outcome of patent infringement, patent one
Gain Contingencies [Line Items]
Settlement amount received	€ 15	$ 16.1
Positive outcome of patent infringement, patent two
Gain Contingencies [Line Items]
Settlement amount received	€ 5	$ 5.4

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.8	$ (5.1)	$ 4.6	$ (11.8)
Tax effect on stock-based compensation	0.5	(1.3)	1.2	(3)
Stock-based compensation expense, net of tax	$ 1.3	$ (3.8)	$ 3.4	$ (8.8)

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Pool of Shares in 2019 Omnibus Plan (Details) - 2019 Plan - Options	9 Months Ended
	Sep. 30, 2024 shares
Quantity
Available for future awards, beginning (in shares)	5,885,434
Awards granted (in shares)	(1,769,161)
Awards forfeited (in shares)	1,084,928
Available for future awards, ending (in shares)	5,201,201

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Activity Related to Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
RSUs
Quantity
Outstanding (in shares) | shares	948,781
Granted (in shares) | shares	990,657
Vested (in shares) | shares	(164,270)
Forfeited (in shares) | shares	(64,361)
Outstanding (in shares) | shares	1,710,807
Weighted Average Grant Date Fair Value
Outstanding (in usd per share) | $ / shares	$ 6.17
Granted (in usd per share) | $ / shares	5.45
Vested (in usd per share) | $ / shares	8.13
Forfeited (in usd per share) | $ / shares	6.46
Outstanding (in usd per share) | $ / shares	$ 5.55
PRSUs
Quantity
Outstanding (in shares) | shares	3,289,213
Granted (in shares) | shares	628,877
Vested (in shares) | shares	(274,629)
Forfeited (in shares) | shares	(1,020,567)
Outstanding (in shares) | shares	2,622,894
Weighted Average Grant Date Fair Value
Outstanding (in usd per share) | $ / shares	$ 16.44
Granted (in usd per share) | $ / shares	4.49
Vested (in usd per share) | $ / shares	15.87
Forfeited (in usd per share) | $ / shares	7.01
Outstanding (in usd per share) | $ / shares	$ 17.30
Director Stock Units
Quantity
Outstanding (in shares) | shares	216,720
Granted (in shares) | shares	149,627
Vested (in shares) | shares	(256,972)
Forfeited (in shares) | shares	0
Outstanding (in shares) | shares	109,375
Weighted Average Grant Date Fair Value
Outstanding (in usd per share) | $ / shares	$ 3.23
Granted (in usd per share) | $ / shares	6.43
Vested (in usd per share) | $ / shares	3.75
Forfeited (in usd per share) | $ / shares	0
Outstanding (in usd per share) | $ / shares	$ 6.40

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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (8.1)	$ 5.5	$ (8.1)	$ (3.3)	$ (2.1)	$ (12.4)	$ (10.7)	$ (17.8)
Net loss attributable to common stockholders for basic EPS	(8.1)			(3.3)			(10.7)	(17.8)
Net loss attributable to common stockholders for diluted EPS	$ (8.1)			$ (3.3)			$ (10.7)	$ (17.8)
Denominator:
Basic weighted average common shares outstanding (in shares)	83,227,887			82,322,957			82,994,759	82,297,985
Diluted weighted average common shares outstanding (in shares)	83,227,887			82,322,957			82,994,759	82,297,985
Basic loss per share (in usd per share)	$ (0.10)			$ (0.04)			$ (0.13)	$ (0.22)
Diluted loss per share (in usd per share)	$ (0.10)			$ (0.04)			$ (0.13)	$ (0.22)
Class A common stock
Denominator:
Basic weighted average common shares outstanding (in shares)	80,306,788			79,401,858			80,073,660	79,376,886
Diluted weighted average common shares outstanding (in shares)	80,306,788			79,401,858			80,073,660	79,376,886
Proportionate share of net loss	$ (7.8)			$ (3.2)			$ (10.3)	$ (17.2)
Basic loss per share (in usd per share)	$ (0.10)			$ (0.04)			$ (0.13)	$ (0.22)
Diluted loss per share (in usd per share)	$ (0.10)			$ (0.04)			$ (0.13)	$ (0.22)
Class C common stock
Denominator:
Basic weighted average common shares outstanding (in shares)	2,921,099			2,921,099			2,921,099	2,921,099
Diluted weighted average common shares outstanding (in shares)	2,921,099			2,921,099			2,921,099	2,921,099
Proportionate share of net loss	$ (0.3)			$ (0.1)			$ (0.4)	$ (0.6)
Basic loss per share (in usd per share)	$ (0.10)			$ (0.03)			$ (0.13)	$ (0.21)
Diluted loss per share (in usd per share)	$ (0.10)			$ (0.03)			$ (0.13)	$ (0.21)

Earnings (Loss) per Share - Nar

Earnings (Loss) per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares omitted from the calculation of diluted weighted average shares outstanding and diluted earnings per share (in shares)		0.4	0.1	0.8
RSUs and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2.6	1.7	2.2	1.1

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
One Madison Group LLC
Related Party Transaction [Line Items]
Related party transaction, fees	$ 0	$ 0	$ 0.1	$ 0.3

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Class A common stock $ in Millions	Jul. 26, 2022 USD ($)
Class of Stock [Line Items]
Share repurchase program maximum amount	$ 50
Stock repurchase program period	36 months

Strategic Investments (Details)

Strategic Investments (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Additional investment					$ 4,800,000	$ 0
Pickle
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 13,800,000				13,800,000		$ 9,400,000
Additional investment		$ 4,300,000
Unrealized gain (loss) on investment	3,100,000		$ 0	$ (3,500,000)	(400,000)	$ 0
Creapaper
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 4,900,000				$ 4,900,000		$ 4,900,000