PACK - Earnings call 3 2023 | Ranpak Holdings Corp.

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Operator

Hello, and welcome to the Ranpak Holdings Third Quarter 2023 Earnings Call. My name is Lauren, and I will be coordinating your call today. [Operator Instructions]

I will now hand you over to your host, Sara Horvath, Vice President, General Counsel and Secretary, to begin. Please go ahead.

Sara Horvath

morning, good and you, everyone. Thank

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

Some of such and responses materially events differ our and not does statements. subject statements statements this cause conference to update to obligation future in the that from intend to your these call and to forward-looking forward-looking could results questions uncertainties statements. that may any Ranpak include actual no are assumes

call Relations release are section copy should undue You that has Form of been this a of this SEC today's posted presentation forward-looking which the call. we A only statements, earnings for to website. X-K these morning before release all in on on as of the we to of the issued company included the today. The place our the speak submitted reliance and not Investor

make replay also website. this available conference call webcast will We a on of via the company

a information the release. table to refer basis, financial presentation to presented we today's GAAP on earnings that Please information. the non-GAAP and For is have comparable included reconciliations accompanying slide

commentary before the Omar. Omar operating results and open our turn on results up and detail call CEO; financial our XX-Q will today, on with the call the The will quarter Bill we that, have over third on questions. With our website. With SEC SEC filing XXXX. through of XX-Q Chairman I'll summarize Asali, ending our I Relations our CFO. additional be we'll provide available the XX, section me Investor and Omar the for the be and Lastly, Drew, the the for landscape, period Bill will September provide or to

Omar Asali

Thank all I morning, and appreciate today. you, good you Sara, everyone. joining us

results year an continued expansion from job on sales the financial overall margin the and demonstrate our improvement has we a start saw higher impacted environment. Large by and rate and like in quarter team gross our nice The done PPS to continues year. this of in in activity I the volumes path a goods environment. Volumes year positive but move automation account but resilient into executing inflationary next Our and getting the proven profile in focused prior as third quarter. a performance increase the increasingly execution. Generally X% initiatives month is challenging activity were pressured in in am to I'm the continued levels purchase for operating volumes, preference as of over have on to back spend share, have experiences percent up a backdrop XXXX, remain in and one pleased and travel positioned really step-up so the consistent continued the year-over-year, choppy year remains next. pressures consumer the somewhat, to improved from the quarter wallet as in the really we going we of Consumers' uncertain. discretionary are speaking, how increased growth macro down higher of by and remains better meaningful

business of number a that in will We from we over validate volume past our the years. have perspective inroads made and XXXX improvements expect the have made we and improve support the

characterize to selling quarters, mix the businesses were as in as labor in volumes greater Manufacturing year. up would last and first and I a with have higher sales the at decent, cost the contraction higher since dealing at in same by activity North fairly tight activity start by the offset small level territory decline which while time, driven investing of uncertainty the impacting PPS. the markets products two of capital average with operating America activity, price of a year, remained contend high were remains and muted quarter in versus levels region partially X.X% a Similar but in costs.

packaging term Our levels due e-commerce in to Medium-term and about grow. online ramp higher for the to favorable continue prices for as goods low to on continues X-month amid purchases spending a to recession. outlook activity concerns consumers' September as more boost preference levels a possible the trends consumer consumer their remains are immediate sustainable pressured discretionary and confidence lower plans dropped to in

this region The tightening malaise as overall market pressures. consistent regions general in higher to their provided quarter environment don't on the growth Europe slower tightly message a cost and overall QX we services I certain many was price sell-through our clear environment manage QX. for in the customers targeted continue are constant well continue and the heard region. and businesses reached to in we spending margin continue by investment lower and borrowing place from to to from up levels. costs in capital receiving region pleased landscape Higher and you us basis. speaking, territory the in as transition on I'm next America, contraction share what paper. in after we currency our companies North pick economic Europe year-over-year, on decrease and have is the in of but by for the inventory monetary weighed to shift to were but volumes the this activity levels catalyst up out with pleased up, be are to consumers end as Asia. Manufacturing in were impact across in Just doing, trends. double to have offset demand Generally to the a Europe XX they habits I'm for players pleased turned inflationary larger the from lower taking Asia digits and with basis forefront. Sales remains points plastic for in to and volume response be year to due economic we commitments That we are plans Pacific at occurring from roll in is

Zealand lackluster which Australia, month and Asia September with is particularly on America, well, In economic with August can mixed, doing South shipments. Similar North with weaker last pretty months, doing pulled China New QX, to Korea July quarter, saw the and back, last be to performance. some activity inconsistent, were to consumer. its followed step we both by remains in places okay but levels the solid toll in year, a due given uncertainty, took and environment electronic struggling which Japan relative volume the back strong a like as

choppy, quarter due volumes margin with and to North continue overall, an uptick that improvement. Input similarly to we improvement costs saw but gross in favorable continued fourth we We the expect the in in continued expected. and seasonality to margin America be be

in critical to as really will continue head investments Ads XXXX. absolutely cash to The on only count made. in productivity our company that profile. believe to aggressively and and spend focused we whole flow lid the and on value currently initiatives we and We demand new we need fulfill are is be manage out improve those generation a to projects keep areas a extract what profile of upcoming maximum our

me let detail. that, Now to financial for turn it Bill some with over

William Drew

results. Machine XX-Q, summary see X.X%, globally. year-over-year filing on some deck, installed void-fill and which the Ranpak's of further operating increased systems performance machines In to We'll placement systems information also key our of increased increased X.X% while provides indicators. XXX,XXX a you'll year-over-year. Cushioning Omar. X.X% you, our Thank be X.X% declined wrapping

combination company which solid as APAC, have in products a solution, refabricating a economic on and region minimizing Europe by spot represented to increased with activity the in spend refurbishing volumes particular, sales and in on lower constant We continue our machines focused revenue by on remained basis input a on and the in back. most many pricing Asia demonstrated of increased steady new X.X% strength and in are a converters net and uptick the year sales approximately Overall, a Base American for new activity void-fill. of on Europe year-over-year, currency driven by seeing with partially quarter prior from account the reporting our increased year, nicely by ago, cushioning year-over-year offset Guardian not volumes volumes bright but in the get X.X% adoption. fleet our a due customers. North shared X.X% CapEx was costs Cushioning region. Automation the and Europe currency year-over-year by flat and basis. region In constant as was offset basis, lower third slightly our increased possible. roughly outperforming driven is to versus and optimization continued in constant our higher revenue efforts revenue net pricing headwinds material being as year-over-year a of currency net X% at due

traction. set continues Our of AutoFill Flap'it! Cut'It!, gain solutions and to

excited to capacity our going additional into utilize XXXX. manufacturing are We

quarter. in We made further the improvement progress on gross margin

XXXX. top to the Although constant basis X%, the we line XX.X% of implying of XX.X% our a improvement margin is XX.X% experienced prior drove the the points improved to better year-over-year QX and compared environment of increase currency profit input cost in a improved XX% This constant gross X,XXX third year. in approximately margin basis, currency from gross in quarter roughly on volumes

by overhead. Constant driven and as profit, We the better areas flow to this help plans. and currency margin we improved expected invested fourth this through in improvement XX% throughout look G&A with a increased key as personnel are in implying EBITDA support million, offset to have gross are overall more increased pleased peak adjusted quarter $XX to continued absorb by costs X.X% sequential year our volumes higher, XXXX and us year-over-year somewhat to

us remain quarter, profile quarter project volume and Input the related improve in As and to performance converter our were projects improve get as million highest portion million, we expenditures for other million real the investments. for to costs $X.X year-end. Capital fourth our into driven financial get approximately traditionally. we attractive year by into of the $X.X equipment expect in going to margin estate we spend $X.X our into spend the

projects on continue strong and cash We CapEx generation spend maximize for the place emphasis flow converter the year. of to to a minimizing remainder

liquidity. the with a balance QX completed position, balance quarter end cash We Moving no briefly and on the $XX.X revolving facility. a liquidity of to including credit to strong our sheet million drawings and

expected similar We on believe remainder on ratio. at peaked the X.Xx EBITDA year. fourth end was EBITDA perspective, Our the to cash quarter bank LTM reported adjusted adjusted net an expect currency of based and constant a based to the leverage maintain leverage and has adjusted balance EBITDA X.Xx comparison favorable the we be is the quarter from as for the a of

will that the only to into next carry remaining is the hopeful for our strategic a be $X will year targeted good towards or items initial ratio turns leverage Malaysia of million project. are step this X getting We below. The back project final

investment phase move of and years, cash before the it profile large maximization. the I'll excited cash of to capital to through are of past area focus. With team Omar we a We towards questions. keep a working continue to has be The on to maximize moving back to turn position, key this back as couple managed diligently that, we'll of our

Omar Asali

closing, In make Bill. environment. a you, to we Thank continue in progress challenging

we and margins turning upwards. of to do have be, to and want target. to I work to dramatically While to a Year-to-date, us financially gross improved still stabilizing volumes lot appear have are get close where be

hit reality now tight I are invested markets as G&A end in on exiting a will we'll lid we'll due I of restarting the it, finish did area confidence in lot on we right, achieve cash, an to EBITDA tools the but in go it this I and believe continue that range. last CapEx continue to I Disappointing, meaningfully we're a enough that keep of will loan we it investment hit be is outperform strong believe hit and just may think to have QX, for $XX do We given think we a job persists our we range this better to and level that don't year. the we time, payments year. focus. would going our using Middle to inflation, expect But uncertainty I everything on in. the in the world do require the and of can of things good but We We're to adjusted not to war student rates, the the get to East, to do that keep be major can the the a our environment. in that low required challenging and to million potential to cycle. At have

really investments lot over work where We've a of a past years, of built to will and the year believe be infrastructure world-class and the start couple hard the through. I XXXX show

order We plastic the show up the in have to we from book the off. start expect takes large to in America activity that in will paper North transition pursuing account as been PPS

second confidence the and Our blind make meaningfully progress machines none. are investing then now really to P&L. My infrastructure pipeline comes we in the at and key been we service automation financial and in of which offering bookings Automation the and taking the notice making area, Ranpak marketplace Customers of is this our And the product and to quality getting overall preferred partner. now we the integrators have the from feedback expense are are from on their have capabilities.

have facilities XXXX have expect key that in we in of follow-through years. for We delivery number projects upcoming won a automation additional to in will substantial

apart us I industry. in and quality of capabilities the set machines think the our service

automation us many we been as show product prove building. as and early our wins out these in on cases, will XXXX grow I thesis that building for we can customers scale an world the based following will we year the blocks. what the offering. Ranpak In beyond are prove with think with XXXX and in inflection be us have

new continue believe be in business, we the will area accounts, double-digit single nicely the top sustainability PPS and tailwinds products, high First, line. Major will on the to low digit, expansion drivers. key which Asia the grow new

date potential true that the The itself This line into step for to in marginally change and has contributed manifested a G&A. primarily is take as a automation. what will headwind top the Second, phase. next Ranpak us business and to

top of business to number the automated there multiples XXXX. some launched believe this be that about Decision we solution for and line customization be over is given ] such it am end-of-line solutions. and newer set is the our in the excited of offerings the as years will in currently where expect next of I confident Tower demand box of We very [ out commercially

cold chain. Third,

in believe an sustainable We believe and and solutions area. wide also the the have but time standard We this ability on cold become into over block chain some are we to the the open. market admit growing traction and get kid make new here, cold-chain market is exciting will

it. platform a strong and that We is to opportunity The at sustainability have confident the are here excited we really of and on automation are crossroads unique. build

very been environment. believe occurred cycle aspirations. The painful our past worthwhile. are couple goals all of years We trials technology challenging lofty focused infrastructure we macro and But truly and of the determined and with and and investment have have I in be a tribulations endured will

create At Star call that, low EBITDA some North profitable I remains value growth will to single of end the the grow digits Our have to digit, generate to for in we low open let's XXs double margins and high with our area to a to company shareholders. high potential the XXs meaningful delivering have sustainable cash. With this, and the Operator? up to questions. for believe

Operator

Capital [Operator Group. question Palm comes first Greg from Instructions] Craig-Hallum from Our

Greg Palm

sounds reacceleration automation, of that of more highlighted your I your little in trends is macro switch customers a some off, just Omar, bit be And starting have know plastic momentum. the those bigger to color whether seem of outside comments, the of that you like just Maybe favor seems to control, in lot on but to closing it's XXXX. some -- paper be on from of a some it

headwinds. destocking no got You've

about bit double-digit about Or high specifically growth. of you're that little you thinking that expectations? a single-digit So highlighting nature? more XXXX. Was color low in XXXX how long-term And on is talked to

Omar Asali

big U.S. paper. cases, In with very growth It's of we about business in hitting than in of you we business think term have particular, in the What lot highlighted, portion XXXX. we would comment medium We're trends was are the accounts, have specifically many accounts, a I more, large some of with plastic seeing into rates encouraging. I bit them and XXXX the from that trials, equipment. large their their work a all nature in the Greg, a Yes, is rather away doing switching say, about

As to the people peak hesitate is season. switch know, in with given business you cadence our QX,

will for But this automation, will quarter, the and in level accounts has we pipeline of of which closings I in now, early large the and engagement with our very, into ongoing right been up beginning activity at that in year. is hopefully, very trials, our record So translate XXXX, assume had a pick quarter. the healthy. In bookings

in So ever in building since automation to means bookings the that customers now equipment deliver this entered largest to business. is we're we've the And that XXXX. order

we seeing customers. If sort many orders are which in have added our we starting solutions visibility that and to we're and are into many So their actual facilities these deliver, end-of-line and want we customers customers of order And large many we execute roll can from cases, believe our these around bookings equipment. think that DCs basically facilities. will, who

another reason excitement. for that's So our

I to I a related makes to happens sentiment bit cautious geopolitics And environment, is us for that a seeing business, execution of any look something automation, I I we market the inconsistent So trial is share, and if or lot look we're in or environment at where mix and own terms other things. The I that are the think rate whether for which company our feel just to our if little similar hesitation to bookings Greg, think all in have, where is about indicating bodes backdrop good are the of the PPS, what macro consumer healthy heading. all the these the But cadence environment progress, making at frankly, XXXX. the I'm pipeline every like. the gaining to for we it's time and in well there

Greg Palm

are you bookings, millions? a And you're where you X? putting these just Yes, sort are tens that's And clear, trials Or about about in scale talking nature? for millions, sort DC or them -- of record automation in to of you of be helpful. large more are these specifically, when talk are

Omar Asali

Yes, this millions a quarter, the tens which is on of to millions, I am build for just let's want we multiple say. talking and close in cadence to

now again, we're bookings, So large just that's orders should medium-sized XXXX. what to quarter, and seeing in we're by exact, it, I with customers. And we very customers by in the half, some purchased bode we trend our just and that which deal be with some customers again the show In sometime XXXX. that in solution, equipment mean and call deliver the seeing cases, building in in in let's are that what because growth equipment just don't bookings, revenue be to will continue, booked these cases in to in the good X And second first half.

good very wins we we the a leading will of it's revenue. that So indicator that actual equipment become once have build

So a it's pipeline a than or trial. bit a just better

Greg Palm

Understood.

Okay. of expecting on business. still it And QX, PPS core us were know that talked you is trends. in just September And sense give how of Can lastly, like October? then sounds ramp some right? I seasonal in of been have or sort kind some trends the you about you're

Omar Asali

and this would has I I'm year Sure. QX Yes. with of say from been comments, executing customers own activity, our year. and it pleased we're inconsistent. look, QX seeing the mentioned this our I and how mean I in in what from I'm

earlier tough how robust to row. 'XX it's very than environment, the it's I given were the challenge months is and book choppiness in a X better inconsistencies, in executing honestly, and XXXX. The think noticeably in we

bit was side, in up. think particular little were June soft a In quarter, on I in very was July recall months, the softer. properly, prior and I and April September picked So May quarter, strong QX, if this August

the October a few or that seeing of softness. To we're strong we're a end of pattern October, on you period answer been every since October, has there's quarter, month month. of So at where a weeks

indication making a November for and are to of our think has I you ramp customer level is Now hopefully, will an one sometimes get activity. bit and run changes seeing customers much very, start. we and be. in would busy frankly ordering shelf. it good difficult speaking, And I that thing needs. The get we're continue Everybody very and delivered minute September. mood companies up inventory is out of going scramble season. prefer that to I little tell see what think anticipating almost And said, then and being But to is no that's that changes to say an period strong to of off quickly, trying the pretty last their to are we quarter we're okay a too despite that trying world of and that product versus forecast. dynamic building and to is product as been October, But December to is the it to on other around one And softness carrying a ready in I cautious. consistent I react their

Operator

comes question next Ghansham Our Panjabi from from Baird.

Ghansham Panjabi

want volume referenced Omar, to been quarter second the quarter, third very back obviously the I the which in has you to throughout go choppy cadence just as well. as

that fact and of If that's that set of and macro standpoint? and customers inventory the into sort optimized destock of we're what it the previously is been now the reflecting terms from just just volatility attribute Or a details do of towards? kind you supply obvious month-to-month the aside aggressively you of macro, sort maybe is in of just you sort which drill chain, some the micro just down

Omar Asali

Yes.

largely issue frankly, as exceptions. globally. not We're Ghansham, us destocking, an think is I very behind seeing with few very, anymore, that

applies that and to to So APAC, customers. to U.S. Europe

that in you're a And and volatility want seeing more of obviously, we lot to I related that it's of company seeing where bit, do little help I and bit frankly, a happening a what's some a in people activity. think headlines level, at product. are industrial are conservative, level the the effort. little and carry And think is don't what to consumer order bit patterns nervousness not of

if some a will, quarterly the more So little of inconsistent. causing I are you bit be think activity, these to factors

our or all wrapping companies segments, see getting business this accounts there that we accounts themselves in bigger. in business. are know, consumer of where and softness In environment, furnishings Smaller are little Now consumer certain our in manifesting might say, we trends we they that, within Ghansham, a larger are those. wrapping by in that expensive softness struggling more and them see the particular, home more We're driven retailers, in in bit solution. goods in that's goods, durable let's adding seeing more be

it's consistent. part of in cushioning the a continue it's perform e-commerce, just happening dependent seeing void-fill, more and related, And weighty our And more our very grocery product that related that's bit on the play. If we little being to items be typically more small where our not if frankly, in see require business We're solutions, in and slightly it's where that's items, you because broadly e-commerce. if you will, that's what's not e-commerce consumed. then

feel honestly, with a and innovating we've a sensitivity So cushioning in solutions address been surprise reasons, The been bigger a market bigger and void-fill disappointment In is the up wrapping, from and okay reason and quite has our despite I We for of needs why say, varied, to this us. the some bit softness customers. overall. new volatility. that coming would price

Ghansham Panjabi

a pronounced Or more is in North equally of is sort monthly softness basis that And distributed? Europe? on it or America

Omar Asali

bit pronounced bit country, of I North quite in Asia, volatility. would there's depending say, than say America a little in probably on the monthly I Europe. would in a And more

Japan I out Australia and little a terms cetera, China, pronounced South pretty more cadence. see, places bit what can like Europe Korea, a volume. has of So have been we consistent. in better say And then had of in particular be certainly, would et

Ghansham Panjabi

comments there finally, And to about your some made commitment et as cetera. Okay. towards in deleveraging, relates you it just deleveraging, then

the cash swap which coming going But to you well. liquidity have highlighted June next of up big couple I of a year, You expires as in have. tranches you And is for that think your debt increase renewal. cost the of

strategy how the we free target improvement is that? to towards pathway based as what of hitting about cash hitting flow the towards level beyond your the relates -- Xx? it EBITDA think phase on towards should it just -- under conversion Is your then Or So some deleveraging? and of

Omar Asali

Sure.

chime details. let and -- in I'll the Bill with think I

then the high-X the given cost is environment given right step we to in through right and and detail. EBITDA end move we in swap, term. Bill improvement. all this help first is EBITDA direction. growth, will the And believe trend I think year, the could by at that meaningful continue be will discussions of then The we very -- financing said from handle, We looking about at of chime next the let us obviously, we think optimizing the a then. we of as you end near a which in XXXX, will QX, feel the and outlook, I'll give be But more year, the capital in depending on at meaningfully down we discussed, we way. And But here you go the

William Drew

Ghansham. Yes,

as mean deleveraging, organization. the a us top on Just for that's priority right? I an

The want ready to that will hit time, leverage increase got position we So is we priority #X And a XX right, then interest that and we've right, that save from So but right? to the get do maturity get XX, to continue numbers, leverage below to expense market. just of on turns, based EBITDA strength. get when X and bps the year, cash it ratio hit throughout next down. our so continue some each us on focus ratio. And maximization ourselves on June is refinancing quarter

really That focus us over part our this it next to end maintaining So top as next majority the of between and year. are through nice which with carrying on coming all priority balance will cash ERP small the year. only for CapEx. is a investments, real year we right, are thing organization is as into cycle, IT and help major as investment well The the our growing an we estate minimize exit the investments

Operator

from Adam comes Our Instructions] question next [Operator from Sachs. Samuelson Goldman

Adam Samuelson

EBITDA in high target flow, to first, those you flow the and run flow cash the discussion free to the What guess, earlier going kind Can cash do that that margins, we cash sales the to conversion margins think of What you think I you at talked rate? actually the when like? path to do you get like free XXs? looks free the talk to CapEx EBITDA looks just deleveraging. that cash back Omar, So about to

Omar Asali

But that scale get Sure. require just as CapEx have that these Bill some do upfront our the to of for chain, we I'll -- take I we automation Adam. businesses in and just again that profile, let business both to want in PPS. one, blade not scale same some razor/razor in cold reiterate and

bit that let through to Bill will move little I'll profile. cash But the walk of the it. sort So numbers a you improve

William Drew

Adam. Yes,

on in to there's than already The to of converter XX% grow to to different the high the we've be that high margins which right, automation PPS is in that CapEx the single-digit, Omar business. we margins XX% double-digit way kind right, I I in a nice close CapEx EBITDA bit outside XX%, of XXs, think should area, teens. the a that of facilities, of mentioned, about is in to the business, grow, PPS for spend. Overall, as low to We're for to that the it, sales, PPS percentage order the think profile expect near of should think, to double a sales, that it as be it's just that on single continue business of converter thing the to then which right? the CapEx, minimize digit that XX%, term, the spend. not would gross over we refurbishment business to right? in digit, the refabrication a We're minimal investing of But the of focused about business, And get that longer term as around business right, expect and machines done. lot back high grows, high in

be percentage low over the of So that business for CapEx as digits. time, sales should a single

of a what think mid- years, digits getting from as single number sales the to model low planning you down CapEx about digits So high for here. your the that over of the kind next double to percentage if of we're is

So you. high helps kind think if about you high that XX% CapEx, XX% you a XXs, sales, of of margin as in overall be minus should margin teens the a if percentage area EBITDA EBITDA the

Adam Samuelson

in actually you're conditions. the you're -- back And interesting sequential base, it's core the wrapping. think to in and as has some meaningful it Yes, given recently coming seems cushioning but PPS more does. seeing then maybe the you declines most about to And in pressure installed economic declines not the be growth throughput slowed that But some just business.

customers drive of clearly, sales. just where look there asset of kind the that you today, point is when challenges at with productive there's right get optimization significant view these installed base that some wrapping to in And got we've business customers we base investments, your and placements guess, towards we and volume economic with challenges a But it at forward? to look, you footprint way any intended as and their I size of is as an made you not this to a more the say, where as

Omar Asali

for are customers, some solution sort introducing a And of number to a doing wrapping our it's in in Adam, back and products refurbishing I we're if the of of was ship to and and big that was part the this what help doing alluding their the we're some actually been thing now from from retail, equipment. of has earlier that last warehouse. and big referring is Bill we're these the store, whether to store. And think that, of or of of type I And number will, you of other constantly DCs retail. But the just equipment. why quarters, from retailers, helping doing we've focus on that, our the had of converters, type some this of different the front store very ship a different of we're refabs and the is

footprint in doing on the And the pipeline have be that a and quarters. to we've and near store, focus the continue much aesthetics. you're of fit front the smaller, frankly we i.e., some If things, been next launching for smaller to lot term, stuff in of of different these a tend to have they couple

So of will are a seeing us, we be think given converters a have store volume these converter, may lot more standpoint, that cost a driving that are that from of unit customers. retail as from But you they our for see cheaper hoping out will, there converter of and we some shift pickup, if some what we're footprint. lot from per per number we're you

happening the we're little we just the been the what's are of some customers footprint of with couple seeing changing mix the quarters, on feel in where So last the and service focus has to providing our wrapping it's a some DCs store of terms bit these and what that help not use of and in trying given the to their optimal the optimizing activity retailers do that they're the of to focus and warehouse fulfillment.

Operator

you. Thank

closing now back over remarks. no have Drew We I'll to so hand questions, further for Bill

William Drew

look thank us next seeing joining you today. you to forward and We for Lauren, quarter. all you, Thank

Operator

you, for Thank you joining. today's This call. concludes everyone. Thank

your disconnect now may You lines.

Ranpak (PACK) 31 Oct 232023 Q3 Earnings call transcript