PACK - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to the Ranpak Q1 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now Chief hand and Financial would to conference Secretary. I Murgio, David -- Instructions] like the to over [Operator Sustainability Officer Please sir. go ahead

David Murgio

and you, good everyone. Thank morning,

discuss our remind Before Securities Private from Act results that we those like Actual Reform as to XXXX. differ begin, we under identified statements other I’d Litigation Form release and will may forward-looking of press discussed in as our on SEC. the a the result with forward-looking report risk filings of in statements defined you factors various XX-K annual factors and including materially those our the

Some results of place the forward-looking submitted are statements website. update responses statements reliance to We these statements. differ in could no events questions include subject of statements. should posted are the this not that the of future Investor materially and which to presentation has SEC copy to call morning today’s these issued in release from forward-looking section call. Form to included of conference for the intend Relations speak your this assumes does not that and any been Ranpak and we may actual and obligation the forward-looking as our call statements company such of on we The release to A undue uncertainties all the earnings today. this X-K our only before the cause to on

refer table comparable include We this today’s is the presentation financial information a that earnings we non-GAAP slide to GAAP on webcast information. the will call The reconciliations also website. a and company on make replay of accompanying have the via conference release. to presented Please available basis

for will of for summarize today available will Investor with over CFO. the section we’ll opening Bill questions. that, the results and Relations to the XX-Q March the our the our ending and detail be With and XX-Q Bill Chairman shortly XX, call me I website. through Omar be our have Drew, will SEC Lastly, CEO; on XXXX. Asali, The turn three provide the or first our I’ll Omar before our SEC some months filing quarter Omar. With up call

Omar Asali

morning, David. everyone. Good you, Thank

As always, are families a off staying and good everybody XXXX Ranpak. listening in start hope I their to healthy. for very is

quarter products The Asia. our in first a the quarter for was by robust record Europe continued and demand driven

topline to the team Once come the coordinated by serve has by Our hard customers to organization way across in must I’m every outstanding we employees in globally who to place again, and we regions have incredibly the our globe. double-digit and would together. continued these clip work contributions our Ranpak particular to a our recognize the our in them, a point or show made I and converting manufacturing achieve not facilities quarter. first be the make to impressed at the up able day equipment saw Without growth

end goods. users keep seamlessly Ranpak rely their their running and protect and to businesses Our on customers

committed has to fulfilling beyond on Throughout the and team. employees pride meet While our that proud environment. the team medical not our to on of customers. needs. advice customers. CDC following of pandemic, their priority and be great globe more chain protect the the of our the health and to been impact focused same team safety professionals are our obligations at in other around remain customer’s and utmost to world the the could Ranpak’s has and supply the signaling take and above continue members I go they time to our these We

who to day helping time so choose we needed. off our team vaccinated vaccination the get say, with to as enter As to committed members we are do

vaccine the regions rollout, world had getting COVID initial are along as their populations does further on the impact as vaccinated. different certain so Just its at in times,

our our taking ramp We expanding because and approach to this regional a measured return we approach to in of of abilities the monitoring to as employees being we’ll safety first, employees normal slightly closely put up cautious improve. we’re take America and to to office and business and rhythm, a and employees health North groups local rates more are activity bringing vaccination a then back elsewhere the and first

As laser growing focused on and a we execution continue business. to be company our

talent hiring key implementing We’re areas. growth expansion in adding strategies capabilities by our and our technology, improving

XXXX in Our of year data new both all of start off lot regions our and a online which spring this in to in-store. are of is a traction in great solid number products key the pause gaining and of rollout we retailers a retail with

in Our continues with team robotics. out in a intelligence on America building automation focus particular North our investment Ranpak artificial and with

automation the boat, offense that making are have and I a businesses of to navigating through become business. backlogged that or are to remain supercycle position the Ranpak to other that numerous times occasions operations perspective, we are and report We pleased air our expensive. supply like global ourselves has operational success. believe as global at each on said we’re in ports many on facilities at of and more shipping From goods continue truck chain continues investments areas longer uninterrupted, for via beginning of our is all and I previously still long-term needed sustainability we an lead

We’re customers ensure protective prices the packaging they Commodity taking increased in to the necessary when them. resin the products we our whether them are start and needs have or getting within of need our steps year. of to paper meeting the business

current as suppliers, being in partners all our with the good working to macro are customers of light are environment. as we ensure well we So

has of resin-based cost substrates the increased competitive significantly. Fortunately, plastics like

and this attractive. we pleased with are an paper environment solutions our positioning competitive where feel overall, So, is very are

remain business. to results advanced environment execute ability and our with am quarter constructive While volatile, grow key first the as Ranpak the continues team near-term be of happy our very the and on may I to more I outlook strong the initiatives.

to improvements in to constant XX.X% by industrial demand way. a the with increased and X.X% net revenue as Wrapping all driven robust net activity seen For have year-over-year, globally. e-commerce elevated revenue $XX packaging leading remained quarter, America the growth increased North returned for has we protective million, products, consolidated currency as basis on

We products, our increased continue as well activity to of users trial offerings. strong newer by as sustainability see automation adoption end focus and on and

solid territories will environmentally Performance to capabilities and in commercial North the enhanced region packaging expect end well-positioned. in this box America up growth continues year particular across start is year-over-year. specific in meaningfully France are saw traction increased strong be trial with rest industrial and the and as of sectors to with regions We momentum year. friendly and penetrate in America general Europe users often just Europe, of picking further U.K. switch the in to I of we the we applications. in strength by seen Wrapping focus did continued retail level Void-Fill very solutions. northern Our getting a quarter. and in drove activity is rebound In like have Eastern believe of feel Europe Germany, the in all the that reason as ship-from-store. our our traction the seen manufacturing for we North Geami Continuous to Europe, up paper the in suit it the products with on extremely a meaningful and the plastic-based almost continues North follow America performance highlighted sustainability Europe, growth to from We for activity with automotive applications the in e-commerce the all deliver and get

strength marketplace. tailwinds, we sustainability the with to speed, pleased and and Asia-Pacific, had the the products the extremely Board, like in a very reliability, well cake. our We market icing delivering compete e-commerce. in our segments, a on industrial In along focused of at how and sustainability indicating in we across are strong the we the solution the customers cost While the we reliable with electronic are demonstrate always to Ranpak recovery on on top as performance continued

let steady the switch region. In particular, trial higher the costs input further partners XX% high ability solutions to the distribution are signed South to constant operating We Australia, and the South year. to level development Korea help relatively leverage have Japan greater we to significant start excellent growth. Overall, million region, of in year. on currency and and e-commerce. feel was $XX further of that, sales as sustainable and presence. experiencing Bill growth to give is new in Australia, demand driven Those we in great and terms driving very and adjusted compared employees, the Within areas our last cost higher volumes, as me pleased summary, lead to year-over-year the points the up invest over EBITDA robust due responded by Indonesia details we’re in the labor call future continued took penetrate activity with such our is the Korea further our the us Australia level of In quarter. opportunities. on who our region safety related growth activity With strong about focus continue our In to to turn will you to of to expand

Bill Drew

Thank systems you’ll performance, becoming Cushioning further filing than as which We’ll our more also Wrapping XX.X%. to placement operating X.X%, contributor placed its systems XX.X% is continues increased rapid results. key XX-Q, increase from indicators. a we with our deck, our in topline. you, be performance the X,XXX Void-Fill XXX,XXX of quarter, meaningful grew expansion Consistent see year-over-year Omar. information over XX.X% a Machine while way to the the installed on up provides In year-over-year on the machines continue summary to globally. of recent its machines impacts of steady some

APAC, was continues growth XX.X% being constant a drivers basis, basis, XX% and the for and over margin As for company XX.X%, year-over-year. for On as the the applications both pressure performance and prior than primary prior Omar with costs was Net margin. freight on Europe of constant Wrapping the mentioned, quarter period in in the increased well currency North XX% quarter improving strong to more and by than a its on America. year, up production revenue gross Cushioning the XX.X% more overall slight as driven currency first Void-Fill net increased in in compared the impressive revenue growth year-over-year

As up and in shipping congestion Omar activity to ramping of due mentioned, rapidly channels. globally trade freight costs up are

experienced severe papers was While trends of operations. Southern among our to do Offset sourcing as a continue this, to we company in transitory expedited February, their due in specific some pressure believe unplanned experienced paper which our downtime costs U.S. weather the we within and throughout North suppliers moving different portion these suppliers America our we we incurred facilities. of XXXX, expect from alternative issues of impacted the and in network

quarter. for as increased Adjusted interest of volumes remainder higher temporary Additional tranche of leverage million year expenses globe. investments is the converters, support Capital the margin across chain year. throughout and overtime of and supply our in installed and basis consistent projects, increased sales been interest approximately grew were on the benefit and to production million gross the the SG&A. operating year-over-year EBITDA Wrapping the a in disruptions should costs their robust, well and for been to improved especially of our demand year impacting actively as USD labor, the related we’ve manage quarter elevated of converters growing XX.X% margin Void-Fill, as exposure the of has the our XX.X%, majority largely our in quarter also Cash to to within due expense placement expenditures operating remain placing as for the $XX.X prior comprised Margin XXX in resulting points approximately was $X.X base XX.X% compared and hedged.

sheet our remained Lastly, balance strong.

payment previous $XX.X to made call, in March of on as we driving decline a one-time the our was our earnings the exit XXst. an position $X.X to communicated in first As lender cash quarter million million

the build fully we to supply times should additional the to is The risk available We investment to also in and liquidity. business us drawn working of to decision made momentum of capital longer $XX and to lead chains. in reduce the the increase inventory seek revolver due million

the of a on X.X was end at leverage adjusted Our times quarter. EBITDA bank the

The SEC on which came statement balance out is accounting presented are SEC’s interpretations as new period. introduced some As common mark-to-market the perspective have should to warrant purpose special seen you with in the sheet that that each may XXth, and guidance structures corporations. on April SPAC be acquisition the a liabilities warrants of

change of authors, course, results we the advisors is to recall, accounting impact extent by results Omar operating and operating will that structure questions. income back potential any This, We’ve outside immaterial which our were are when conclusion is to prior to important note, any is you periods XXXX As our previously does structure of filed. there previous XX-Q before metrics. in any we review and To assistance periods. for analysis changes, not performance or done in XXXX. metrics the if financial to currently key our however, I’ll of all necessary, is GAAP in that is of management’s It XQ with impact our of subject our our September turn this any reported that impact of metrics, we’ll in underway. above preliminary warrants the would our With the update the over in the to our in eliminated non-GAAP that, warrants it it you on move of is present not

Omar Asali

for manage APAC to are beat. very this globe happy across of chain the demand without challenges exceptional To with results year. how the first Europe also to I’m team’s time in and quarter a the with you, and ability happy unprecedented missing supply we navigating Thank I’m Bill. summarize,

I be vision, as quarterly in on achieving the on the to one the the start. long-term environment fair to and build the But strong for expectations team proud we think very is relates and are value. have our annual our That vaccine of we results strong shared thinking, quarter, outcomes. ability of not capture the many strong for growth it to focused very many I themselves we and rather trends. conditions. that that feel still based many that for experiencing one and outperform more with the company uncertainties, do it past, long-term enthusiastic world robust although, update guidance pandemic to as year. With results That as is We very more the in we to shareholder means say only And quarter, and given a is speak business. than XXXX advocacy expect are customer importantly, deliver economic confident continue rollout, we said, the long-term to positive want current tailwinds could to you it any mindset for of given our our the especially plan about and remainder the macro our our remain being

is key product across of we expansion our in good paramount for our all continuous our good and very team, investment the feel initiatives. our business a all getting the vision of in regions. is globe As long-term about we are Demand to and robust momentum traction our lines

protective Our awareness taking building are up digital and brand benefits stepped efforts marketing environmentally the of also hold and friendly the of packaging. raising

sustainability Lastly, I all updated our provides our It our and our new ESG XXXX context environmental and metrics published related saw Impact employees and to governance. and Report we communities month. hope performance efforts, corporate commitment to this you earlier

total the of consisting our at or by alternative paper paper and from out supply of also reduce commitments source faults, laid supply for XX% recycled paper, decade, sell XXX% aggregate waste our gas FSC targets also certified. our We emissions least greenhouse aggressive and products XX% source of lastly, next and namely, at XX, post-consumer

to to questions. Our improvements that, to our all of XXXX. attain all Like you again as on joining will With and open up call. we thank Operator? for hit pledge now ESG are our aspects key it journey business, by goals is committed keep our I’ll we updated constant we these you milestones. these

Operator

Greg Thank Palm Your first comes line from from you. question the [Operator Instructions] of Craig-Hallum.

open. Your lines is now

Greg Palm

here, the Bill. congrats Yeah. Thanks. results. morning, Omar, on Great. good really Good Hey, quarter so

Bill Drew

you. Thank

Omar Asali

Thank Greg. Good morning. you,

Greg Palm

but incredible? you’ll much is the new the Europe, regions? acceleration see customers So new the those just standout bit you’re about exactly sounds America a I new But sort last And You in same APAC lagging some of the distribution regions? an but of driven is question then again of terms year. think, confident that How talked I you what on partners, it’s was maybe, quarter. pretty -- growth, like by growth geographies, activity seeing versus I North this guess there’s it in are still still vice-versa, entering question and clearly asked first

the geography great? So, be anyways, little on would differences help of bit a

Omar Asali

Sure. Yeah.

with folks in area. shipping paper. is So the let me customers, in It’s particular, new of start customers moving from away e-commerce a existing obviously, boxes, and to plastics more mix Europe. definitely It

new you to idea us switched they main to the to be reason around Just of ago. used XX% them an Europe and with sustainability give telling XX% years XX% customers, than less are is that four in number

with we activity, industrial of geographically. Asia-Pacific, that players, guys, manufacturing Germany, market in clear customers. these trend than contributed. So gaining Nordic the there new the of expanding region, share a Netherlands, some all In e-commerce elevated sustainability of and And frankly, quarter some pickup started a this is around then activity, past seeing we some automotive are other continues U.K.,

But manufacturing, like also electronics, new of like that Cushioning is, So pretty to our light and similar continue few feel e-commerce South a activity activity lot story distributors Europe, our that’s innings, product light of guys Australia, was that’s for industrial in We the Japan, it’s we and but to also signed as trend around helping. helping. embrace in countries big those regions the many a frankly, to Greg. early products Korea, continue strong like light

and am of I right are that saying confident leading -- trending months been all reason North the why couple the and way. I’ve the publicly for on now Lastly for in America indicators is, a

converters is North America activity. starting we’re we in we’re sustainability. something to to for is just talk And thought need QX. we our pipeline. accelerating in demand equipment. the our see and our few to we more equipment give you the about also The is demand. us trial North and would seeing We a tangible, what And see years accounts we’re belief more America see Our behind and Europe see We

to that accelerating QX. We’re

we thought QX we QX. need North going were we’re accelerating America, that to While in in to

from So going believe, progresses, I Europe, activity is and I a couple see think come. North the America, year just to over nice growth you’ll that which you’re see as to behind time, some years of

think and lot as year demand the on. overall, America strong for products some pick across we you of the meaningful our goes So, North in a expect Board up should

Greg Palm

Great.

I -- factor also And the understand term here. helpful -- think commentary. That’s that sustainability I Okay. in we

what’s I resin kind equally potential market think convert we’ve to of interesting with to, shortages is the also that substrate any these folks read of what’s about what’s which a costs, all the you that I in some from I alluded happened think, recently catalyst is to more customers all mean, are this and signs plastic early going paper, on? seeing. happened that’s

Omar Asali

secure competitors of some couple telling ours answer growth have the And good cases, a year. it’s is for and opportunity supply already. and months increased lead-time that fulfill are there increasing pricing to In and early and times is the of take are many of cannot of them a is confidence business number our signs, rhythm a resin-based long which customers, the them rest our going Many of the to big catalyst for sort Absolutely. demand. of and

stepping that. into We’re

leaning We’re hard. forward

to we given are going customers doing sort meet to all the we’re there by as demand make is, and are for that a we the of key up think using us sure are cases of exists. you pricing the our things the ops many the procurement, standpoint, be operationally not can lead-time two out where we is in as customers. all chain, all working and narrow much And going work We’re from that’s these one, then secondarily, fulfill will, helping if want. shorter supply us it that paper The new to manufacturing resin spread, the demand some helping

pricing, paper, reasons that shift to these addition expect well capacity will share some continued market you availability to in from sustainability for plastic and So Greg. see just as I as of reasons,

Greg Palm

Yeah.

then last one, guidance. Okay. the clarify to just want And I around comments the

ago. forward on you’re like couple just or you’re and what not see based that, you you’re months it in withdrawing guidance laid that QX of out you thought sounded what updating outperform the is clearly So a expecting sort it, going happened to what

you just to sure meant I want exactly all make clear we’re what there? So on

Omar Asali

Absolutely. Yes.

the annual have annual a three-year So, of last announced to we’re look, going target. we have quarter. multiyear we We company, and the sort as we plans team our and way run plans management that guidance

have to we be updating guidance when clearly, an I quarter, want plan. on well. annual the every performed This keeps company very don’t that quarter we

commentary to year. will this guidance. the year, In We and we this crystal provided given of the given our But of questions. we start I to we to for the believe your we’re want the think surpass meaningfully saying just be in what business continuously comfortable given seeing, I in are updating year, the clear. don’t answers plan be sort XXXX, all

delivering We are driving on numbers. and focused outcomes really just

Greg Palm

Understood. luck the of All right. and Thanks forward. color for all best going

Omar Asali

Greg. I appreciate it. Thank you,

Operator

you. Thank

next from question the Securities. on, from Crist your Stefanos line Moving comes CJS of

is line open. Your now

Stefanos Crist

and Bill, on good a congrats quarter. morning, and great Omar

Omar Asali

Good morning, you Stef. very Thank much.

Stefanos Crist

a and of that First, revenue could of Wrapping and growth sense the you chain product offerings us stuff? the new give new was cold that like by driven kind

Omar Asali

do you that? want Bill, take Sure. to

Bill Drew

Yeah. to. Sure. Happy

see can that as meaningfully. from you right, the continues to grow converted Wrapping placement, So,

also We’re traction great our offering, Geami getting globally. that’s really expanding

So, Wrapping, contributions take I was at those over the on think from overall, topline, look you XX% the a on topline. if products the

expand there’s to and take it that that opportunity fantastic there real big and performance retail. So we into a think

can offerings, is new from going quite number a on you well. the retail see online, you we’re look If of feedback getting that which our

So course, coming base, a from of but… small

Omar Asali

on I sorry, cold we’re asking sorry, chain, I losing Bill, that. Stef, think, since Stef, add just And about line. would also what you’re your

to area and invest continue We in that grow.

customers, number a of is great. have there rhythm We frankly, the

plan I growing expanding Asia-Pacific. a in recently markets cold some of of what quite our in into of in on in we’ve outside particular, U.S., chin some introduced we Europe are is bit. the We our products that done And and

outsized and think, in tuned should some in of products stay as I one. returns us. on year areas, cold other the But some for that So new deliver these chain progresses,

Stefanos Crist

you volumes. increased with volumes just that now, Are how right pull-forward ago, rising That’s April looking maybe paper that? great. Thank prices, customers And far. so some their are in question, you some years you. Could as you final give saw then color us on more experiencing two

Omar Asali

say think of year strength continues. I I is of the what the will the beginning

demand be look just, in some at e-commerce and reopening happening don’t and is what’s the demand, just forward is economies of products. happening stuff, and in there -- given robust. Our in a continue corrugated volumes industrial The industry, I if people pricing. with you surge to for demand the even think really pulling activities our what’s

So it’s products near expect see not given pricing. it future, And people those more pulling customers I continue shipping just lot, trends to a we continue. the forward more boxes, asking and will for in

Stefanos Crist

that. That’s and again. color great. on Great you Thank congrats

Omar Asali

Thanks it. lot. Appreciate a

Operator

Your next Capital. question of Leach Berenberg comes from line Alexander the from

Your line is now open.

Alexander Leach

question and more there recovery particular guys quarter. a is in was morning, pre-pandemic the and very industrial picking up. much end end in is much strong versus sort on first recovery of was congrats left markets Good market? levels My How around of how what that

Omar Asali

of level think industrial the quite we’re Yeah. them at the seeing I channel, pre-pandemic. don’t in

many first end those quarter. little what pent-up industrial in we’ve I started a bit in and growth seen in Obviously, mean, customers of demand, and the is the XXXX, and what activity towards saw we is significant the of improving of think XXXX then companies I given declines XXXX. experience

So not pre-pandemic. seeing of there regional bit pent-up but little was a of we’re activity demand, levels industrial

geography. nice some terms of will stack And then depends we continue by tailwind of in there. customers your our see I industries, it with to So really think

of a out it of activity. quarter. tools Asia this smaller general sort Europe, appliances. electronics machinery of the manufacturing real of lot manufacturing, the pick in more was light In heavier saw of past in up automotive U.S. in In out industrial and folks of momentum sort Asia, in you So some

geographies. open up of So we’re in a seeing different things lot

different we’re seeing what the GDP. no in think I is tailwind than probably

think not world pre-pandemic I the still the our level a activity, at this least while moment of until as for levels to reached of it’s business. continue for has industrial going normalizes. But

Alexander Leach

and you a as what’s remainder we lot. allocation of of too? are acquisitions sort for the -- And capital your looking sort year, to Okay. look do strategy what of the out Great. Thanks any

Omar Asali

Our is main our focus demand. customer meeting

is said, our make of North across So I sure towards meaningfully meet globe, right we the the to in as the supply in are in which to investing demand, ramp business, end the we strong. And expected now, year. up frankly, the we America, chain, pretty

The area we that year. get really investing and demand there equipment in making second other for The of our strong. automated the half we’re ready is is sure solutions the

seeing deliver You in to that we in that’s capacity are to us the to because given equipment customers asking the second year. the going almost do. numbers already are not what at we’re customers are of But half there

So main our focus. that’s

we’ve it’s chain. exploring some In discussed, couple to between characterize to I small add a of team our to addition to lines offering. we of demand, now, sort exploring solutions adding to And frankly, along then to solution, that to what offering. expectation right expand the are opportunities But where priority we one think given priority how that, is two would same our and add our we’re and add to -- our continue our automation, of these is our a the given acquisitions for strong it rest customer are our that tuck-in These historically, and And of cold we technology, things now year add end. explore the the year. meet

Alexander Leach

Okay. Thank Great. That’s you. very useful.

Omar Asali

Alex. Thanks,

Operator

[Operator McGinnis from from Instructions] comes the line Your of question next Sidoti. Chris

open. Your line is

Chris McGinnis

congrats questions Thanks Yeah. and Good quarter. for my the taking on morning.

Omar Asali

Chris. Thanks,

Chris McGinnis

progress the have missed thought demand kind they there line? for your may I side product thinking Thanks. just and production around as is was throughout of process on year this, that or what your update any but

Omar Asali

you to that. Bill, do want take

Bill Drew

question Yeah. around The is on automation.

Sorry, I broke up a little am bit. online. I

Chris McGinnis

Yeah.

Just the expectation…

Bill Drew

Yeah. Okay.

Chris McGinnis

Yeah. year. progresses through it of … the

Bill Drew

Yeah.

having, number the they on safety we’re the volume folks the their a in right? lot the line excellent, efficient? of on seeing their health have, of at we’d do side, more of to like make reduce employees users the there do improve and the they no, are and automation what the automation, end How facility. businesses that high other is with How of that centered So especially that it’s the we demand conversations we’re

I And the the there, think So our as getting demand on product is robust. on we’re good quite is well. really that I think, line feedback

that about bit the very especially half a second being little us, up we’re contributor optimistic So of a open to the when things and year, real more. automation in

Chris McGinnis

And North Europe the behind, is. ending around as just opens economy the the you’re or I the up? then, are fact just just improving America the behind kind And conversations in few periods where are the those the years having what confidence, -- guess, that of trials a that it’s the just are

continue North to the going Just be the you’re is confidence America kind there, to market? growth Thanks. to able of see that

Omar Asali

Yeah. Sure.

our In by account, terms size account. that of activity, varies account, it of the nature of

it or anywhere be Board. I months year, something the sort month about really North America two typically trial say why So the to it’s few the from months. feel takes what confident of of a rest and more activity And I a elevated our about that in could will across

trials, early some trials So cases close. about close, that in are to trials stage that

our feel ramping equipment percentage high. to deliver up. closing successful start boarded, the of continue these get We we very is they on customers and And as

very demand the the for robust, demand for customers the we and and warehouses these as and trial takes it seeing. all paying the that closing. monitor the for customers successful have to what we And equipment And on are in rest also for and months that’s facilities is ramp year a the up sometimes few activity sort we’re of equipment the our their trials given of our different activity

good data America we confidence, a standpoint, about bottom that North in and you of is sales activity up and feel bit our from if that level of a quite great will, us have region-by-region feel customer-by-customer, giving we So that organization. about we

Honestly, four behind when the think of we’re those have customers saying years do key ago, years when with said about I the the you’re or around we few down, top asking customers Ranpak. it’s monitored about sustainability a sustainability had why XX% XX%. and we’ve why type European to sustainability, were switched dialogue Europe? Today, Now, we of XX% was new they reason

more talking as today America the repeat dialogue We who percentage patterns are and us. the sustainability more sustainability reason people think similar North for expect will itself, still topic. as it’s calling seeing customers that of pattern with where main are to And we we in the around low

whatever some it It up next time. take more lot to ramp take dialogue. may sustainability months a the So XX will

sources engaged the our recycling, end customers, in we with and why distributors, users, here life is team that’s on sustainability the discussions around is environmental feel I Europe end to going all repeat Our with saw with of of pattern potentially our impact, itself U.S. in

Chris McGinnis

luck Great. QX. Good Yeah. appreciate answer. on Really [inaudible] the

Omar Asali

very much. you Thank it. Appreciate

Operator

[Operator back to time. hand no any like There this to now at Mr. for questions it I Drew Instructions] Bill remarks. closing further over will are

Bill Drew

joining us Thank to thank with you Great. Take We look for you. speaking next again today. all forward quarter. you care. And

Operator

this call. gentlemen, Ladies conference for concludes so and today’s Thank participation. you much your

may disconnect. now You

Ranpak (PACK) 10 May 212021 Q1 Earnings call transcript