QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
|
A
|
(
|
IRS employer identification number
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Accelerated Filer ☐
|
Non-Accelerated Filer ☐
|
Smaller Reporting Company
|
Emerging Growth Company
|
Part I.
|
Financial Information
|
Page No.
|
|
Item 1.
|
Financial Statements:
|
||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2.
|
15
|
||
Item 3.
|
20
|
||
Item 4.
|
20
|
||
Part II.
|
Other Information
|
||
Item 1.
|
21
|
||
Item 1A.
|
21
|
||
Item 2.
|
21
|
||
Item 5.
|
21
|
||
Item 6.
|
22
|
||
23
|
Item 1. |
Financial Statements
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
|
|
|
|
||||||||||||
Selling, general and administrative
|
|
|
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
||||||||||||
Restructuring and transaction activities
|
|
|
|
|
||||||||||||
Operating income
|
|
|
|
|
||||||||||||
Other expense (income)
|
(
|
)
|
|
|
|
|||||||||||
Interest expense
|
|
|
|
|
||||||||||||
Income before income taxes
|
|
|
|
|
||||||||||||
Income tax expense
|
|
|
|
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
|
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Currency translation
|
(
|
)
|
|
|
|
|||||||||||
Derivative instruments
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
Other comprehensive income (loss)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
June 29, 2024
|
September 30, 2023
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Accounts receivable
|
|
|
||||||
Finished goods
|
|
|
||||||
Raw materials and supplies
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Noncurrent assets:
|
||||||||
Property, plant and equipment
|
|
|
||||||
Goodwill and intangible assets
|
|
|
||||||
Right-of-use assets
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accrued employee costs
|
|
|
||||||
Other current liabilities
|
|
|
||||||
Current portion of long-term debt
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Employee benefit obligations
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Other long-term liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Stockholders’ equity:
|
||||||||
Common stock (
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
Three Quarterly Periods Ended
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net cash from operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Non-cash interest (income), net
|
(
|
)
|
(
|
)
|
||||
Settlement of derivatives
|
|
|
||||||
Deferred income tax
|
(
|
)
|
(
|
)
|
||||
Share-based compensation expense
|
|
|
||||||
Loss on divestitures
|
|
|
||||||
Other non-cash operating activities, net
|
|
|
||||||
Changes in working capital
|
(
|
)
|
(
|
)
|
||||
Changes in other assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash from operating activities
|
|
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to property, plant and equipment, net
|
(
|
)
|
(
|
)
|
||||
Divestiture of business
|
|
|
||||||
Acquisition of business and other
|
(
|
)
|
(
|
)
|
||||
Net cash from investing activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from long-term borrowings
|
|
|
||||||
Repayments on long-term borrowings
|
(
|
)
|
(
|
)
|
||||
Proceeds from issuance of common stock
|
|
|
||||||
Repurchase of common stock
|
(
|
)
|
(
|
)
|
||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Other, net
|
(
|
)
|
|
|||||
Net cash from financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of currency translation on cash
|
|
|
||||||
Net change in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Quarterly Period Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at March 30, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive (loss)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at June 29, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at April 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at July 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Three Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at September 30, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive (loss)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at June 29, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at October 1, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at July 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
Restructuring Plans
|
||||||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
Life to date (a)
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||
Consumer Packaging North America
|
|
|
|
|
|
|||||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
|
|||||||||||||||
Flexibles
|
|
|
|
|
|
|||||||||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Restructuring
|
||||||||||||||||||||
Employee
Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment
Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of September 30, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Non-cash items
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Cash
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of June 29, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
June 29, 2024
|
September 30, 2023
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current operating lease liabilities
|
|
|
|
||||||
Noncurrent operating lease liabilities
|
|
|
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current finance lease liability
|
|
|
|
||||||
Noncurrent finance lease liabilities
|
|
|
|
Facility
|
Maturity Date
|
June 29, 2024
|
September 30, 2023
|
||||||
Term loan (a)
|
|
$
|
|
$
|
|
||||
Term loan (a)
|
|
|
|
||||||
Revolving line of credit
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
Debt discounts and deferred fees
|
(
|
)
|
(
|
)
|
|||||
Finance leases and other
|
Various
|
|
|
||||||
Retired debt
|
|
|
|||||||
Total long-term debt
|
|
|
|||||||
Current portion of long-term debt
|
(
|
)
|
(
|
)
|
|||||
Long-term debt, less current portion
|
$
|
|
$
|
|
(a) |
|
(b) |
|
(c) |
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
June 29, 2024
|
September 30, 2023
|
||||||
Cross-currency swaps
|
Designated
|
Other current liabilities
|
|
|
||||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term assets
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term assets
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
||||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||
Cross-currency swaps
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Interest rate swaps
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
As of June 29, 2024
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of September 30, 2023
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Flexibles
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Operating income:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Flexibles
|
|
|
|
|
||||||||||||
Total operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Depreciation and amortization:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Flexibles
|
|
|
|
|
||||||||||||
Total depreciation and amortization
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of world
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||
Numerator
|
||||||||||||||||
Consolidated net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
|
|
|
|
||||||||||||
Dilutive shares
|
|
|
|
|
||||||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
|
|
|
|
||||||||||||
Per common share earnings
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at March 30, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at June 29, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at April 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
|
|
||||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at July 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Three Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at September 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at June 29, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at October 1, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
|
|
||||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at July 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,161
|
$
|
3,229
|
$
|
(68
|
)
|
(2
|
)%
|
|||||||
Cost of goods sold
|
2,560
|
2,649
|
(89
|
)
|
(3
|
)%
|
||||||||||
Other operating expenses
|
298
|
313
|
(15
|
)
|
(5
|
)%
|
||||||||||
Operating income
|
$
|
303
|
$
|
267
|
$
|
36
|
13
|
%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
959
|
$
|
1,036
|
$
|
(77
|
)
|
(7
|
)%
|
|||||||
Operating income
|
$
|
79
|
$
|
68
|
$
|
11
|
16
|
%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
831
|
$
|
798
|
$
|
33
|
4
|
%
|
||||||||
Operating income
|
$
|
103
|
$
|
89
|
$
|
14
|
16
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
647
|
$
|
657
|
$
|
(10
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
34
|
$
|
22
|
$
|
12
|
55
|
%
|
Flexibles
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
724
|
$
|
738
|
$
|
(14
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
87
|
$
|
88
|
$
|
(1
|
)
|
(1
|
)%
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
9,090
|
$
|
9,577
|
$
|
(487
|
)
|
(5
|
)%
|
|||||||
Cost of goods sold
|
7,448
|
7,873
|
(425
|
)
|
(5
|
)%
|
||||||||||
Other operating expenses
|
974
|
926
|
48
|
5
|
%
|
|||||||||||
Operating income
|
$
|
668
|
$
|
778
|
$
|
(110
|
)
|
(14
|
)%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,844
|
$
|
3,031
|
$
|
(187
|
)
|
(6
|
)%
|
|||||||
Operating income
|
$
|
113
|
$
|
190
|
$
|
(77
|
)
|
(41
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,281
|
$
|
2,335
|
$
|
(54
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
243
|
$
|
253
|
$
|
(10
|
)
|
(4
|
)%
|
Health, Hygiene & Specialties
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,896
|
$
|
1,997
|
$
|
(101
|
)
|
(5
|
)%
|
|||||||
Operating income
|
$
|
64
|
$
|
89
|
$
|
(25
|
)
|
(28
|
)%
|
Flexibles
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,069
|
$
|
2,214
|
$
|
(145
|
)
|
(7
|
)%
|
|||||||
Operating income
|
$
|
248
|
$
|
246
|
$
|
2
|
1
|
%
|
June 29, 2024
|
July 1, 2023
|
|||||||
Cash flow from operating activities
|
$
|
297
|
$
|
490
|
||||
Additions to property, plant and equipment, net
|
(473
|
)
|
(560
|
)
|
||||
Free cash flow
|
$
|
(176
|
)
|
$
|
(70
|
)
|
Three Quarterly Periods Ended
|
||||
June 29, 2024
|
||||
Net sales
|
$
|
4,815
|
||
Gross profit
|
981
|
|||
Earnings from continuing operations
|
359
|
|||
Net income
|
$
|
359
|
June 29, 2024
|
September 30, 2023
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
1,485
|
$
|
1,975
|
||||
Noncurrent assets
|
5,903
|
5,997
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
1,010
|
$
|
1,363
|
||||
Intercompany payable
|
799
|
754
|
||||||
Noncurrent liabilities
|
9,970
|
10,271
|
Fiscal Period
|
Total Number of
Shares Purchased
|
Average Price
Paid Per Share
|
Total Number of Shares
Purchased as Part of Publicly
Announced Programs
|
Dollar Value of Shares that
May Yet be Purchased Under
the Program (in millions) (a)
|
||||||||||||
April
|
390,402
|
$
|
58.87
|
390,402
|
$
|
331
|
||||||||||
May
|
22,500
|
58.40
|
22,500
|
329
|
||||||||||||
June
|
80,148
|
58.99
|
80,148
|
324
|
||||||||||||
Total
|
493,050
|
$
|
58.87
|
493,050
|
$
|
324
|
(a) |
All open market purchases during the quarter were made under the 2023 authorization from our board of directors.
|
Exhibit No.
|
Description of Exhibit
|
|
Indenture, dated May 28, 2024, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and
Collateral Agent, relating to the 5.800% First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 28, 2024).
|
||
Registration Rights Agreement, dated May 28, 2024, by and among Berry Global, Inc., Berry Global Group, Inc., each subsidiary of Berry Global, Inc.
identified therein, and Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 5.800% First Priority Senior Secured
Notes due 2031 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 28, 2024).
|
||
22.1*
|
Subsidiary Guarantors.
|
|
31.1*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
|
|
31.2*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
|
|
32.1**
|
Section 1350 Certification of the Chief Executive Officer.
|
|
32.2**
|
Section 1350 Certification of the Chief Financial Officer.
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline
XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
104
|
Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith
|
** |
Furnished herewith
|
Berry Global Group, Inc.
|
|||
August 2, 2024
|
By:
|
/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|
Description of Notes |
1.00% First Priority Senior Secured Notes due 2025 |
1.57% First Priority Senior Secured Notes due 2026 |
4.875% First Priority Senior Secured Notes due 2026 |
1.50% First Priority Senior Secured Notes due 2027 |
1.65% First Priority Senior Secured Notes due 2027 |
5.50% First Priority Senior Secured Notes due 2028 |
5.80% First Priority Senior Secured Notes due 2031 |
5.65% First Priority Senior Secured Notes due 2034 |
4.500% Second Priority Senior Secured Notes due 2026 |
5.625% Second Priority Senior Secured Notes due 2027 |
Name | Jurisdiction | Obligor Type |
AeroCon, LLC | Delaware | Guarantor |
AVINTIV Acquisition LLC | Delaware | Guarantor |
AVINTIV Inc. | Delaware | Guarantor |
AVINTIV Specialty Materials, LLC | Delaware | Guarantor |
Berry Film Products Acquisition Company, Inc. | Delaware | Guarantor |
Berry Film Products Company, Inc. | Delaware | Guarantor |
Berry Global Films, LLC | Delaware | Guarantor |
Berry Global, Inc. | Delaware | Issuer |
Berry Plastics Acquisition Corporation V | Delaware | Guarantor |
Berry Plastics Acquisition Corporation XIV LLC | Delaware | Guarantor |
Berry Plastics Acquisition LLC X | Delaware | Guarantor |
Berry Plastics Design, LLC | Delaware | Guarantor |
Berry Plastics Escrow LLC | Delaware | Guarantor |
Berry Plastics Filmco, Inc. | Delaware | Guarantor |
Berry Plastics IK, LLC | Delaware | Guarantor |
Berry Plastics Opco, Inc. | Delaware | Guarantor |
Berry Plastics SP, Inc. | Delaware | Guarantor |
Berry Plastics Technical Services, Inc. | Delaware | Guarantor |
Berry Specialty Tapes, LLC | Delaware | Guarantor |
Berry Tapes Holding Company, Inc. | Delaware | Guarantor |
BPRex Closure Systems, LLC | Delaware | Guarantor |
BPRex Closures Kentucky Inc. | Delaware | Guarantor |
BPRex Closures, LLC | Delaware | Guarantor |
BPRex Delta Inc. | Delaware | Guarantor |
BPRex Healthcare Brookville Inc. | Delaware | Guarantor |
BPRex Healthcare Packaging, Inc. | Delaware | Guarantor |
BPRex Plastic Packaging, Inc. | Delaware | Guarantor |
BPRex Product Design and Engineering Inc. | Minnesota | Guarantor |
BPRex Specialty Products Puerto Rico Inc. | New Jersey | Guarantor |
Caplas LLC | Delaware | Guarantor |
Caplas Neptune, LLC | Delaware | Guarantor |
Captive Plastics, LLC | Delaware | Guarantor |
Cardinal Packaging, Inc. | Delaware | Guarantor |
Chicopee, LLC | Delaware | Guarantor |
Chocksett Road Limited Partnership | Massachusetts | Guarantor |
Chocksett Road Realty Trust | Massachusetts | Guarantor |
Covalence Specialty Adhesives LLC | Delaware | Guarantor |
CPI Holding Corporation | Delaware | Guarantor |
Consumer Packaging Int'l Holdings, LLC | Delaware | Guarantor |
Dominion Textile (USA), L.L.C. | Delaware | Guarantor |
Dumpling Rock, LLC | Massachusetts | Guarantor |
Estero Porch, LLC | Delaware | Guarantor |
F & S Precision Holdings Inc | Pennsylvania | Guarantor |
F & S Tool Inc | Delaware | Guarantor |
F & S Export Inc | Delaware | Guarantor |
Fabrene, L.L.C. | Delaware | Guarantor |
Fiberweb, LLC | Delaware | Guarantor |
Global Closure Systems America 1, Inc. | Delaware | Guarantor |
Grafco Industries Limited Partnership | Maryland | Guarantor |
Kerr Group, LLC | Delaware | Guarantor |
Knight Plastics, LLC | Delaware | Guarantor |
Laddawn, Inc. | Massachusetts | Guarantor |
Lamb’s Grove, LLC | Delaware | Guarantor |
Letica Corporation | Michigan | Guarantor |
Letica Resources, Inc. | Michigan | Guarantor |
M&H Plastics, Inc. | Virginia | Guarantor |
Millham, LLC | Delaware | Guarantor |
Old Hickory Steamworks, LLC | Delaware | Guarantor |
Packerware, LLC | Delaware | Guarantor |
PGI Europe, LLC | Delaware | Guarantor |
PGI Polymer, LLC | Delaware | Guarantor |
Pliant International, LLC | Delaware | Guarantor |
Pliant, LLC | Delaware | Guarantor |
Poly-Seal, LLC | Delaware | Guarantor |
Providencia USA, Inc. | North Carolina | Guarantor |
Rollpak Corporation | Delaware | Guarantor |
RPC Bramlage, Inc. | Pennsylvania | Guarantor |
RPC Leopard Holdings, Inc. | Delaware | Guarantor |
RPC Packaging Holdings (US), Inc. | Delaware | Guarantor |
RPC Superfos US, Inc. | Delaware | Guarantor |
RPC Zeller Plastik Libertyville, Inc. | Delaware | Guarantor |
Saffron Acquisition, LLC | Delaware | Guarantor |
Setco, LLC | Delaware | Guarantor |
Sugden, LLC | Delaware | Guarantor |
Sun Coast Industries, LLC | Delaware | Guarantor |
Treasure Holdco, Inc. | Delaware | Guarantor |
Tyco Acquisition Alpha LLC | Nevada | Guarantor |
Uniplast Holdings, LLC | Delaware | Guarantor |
Uniplast U.S., Inc. | Delaware | Guarantor |
Venture Packaging Midwest, Inc. | Delaware | Guarantor |
Venture Packaging, Inc. | Delaware | Guarantor |
Name | Country | State | Owned by | Percentage of Outstanding Shares/ Membership/ Partnership Interests | Percentage of Owned Interests Pledged |
AEP Canada Inc. | Canada | Berry Global Films, LLC | 100.00% | 65% | |
AeroCon, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Aspen Industrial S.A. de C.V. | Mexico | Pliant, LLC and Pliant Corporation International (1 share) | 100.00% | 65% | |
AVINTIV Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
AVINTIV Acquisition Corporation | USA | DE | AVINTIV Inc. | 100.00% | 100% |
AVINTIV Specialty Materials, Inc. | USA | DE | AVINTIV Acquisition Corporation | 100.00% | 100% |
Berry Film Products Acquisition Company, Inc. (f/k/a Clopay Plastic Products Acquisition Company, Inc.) | USA | DE | Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.) | 100.00% | 100% |
Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.) | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Global Films, LLC (f/k/a Berry Plastics Acquisition Corporation XV, LLC) | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Global International Financing Limited | UK | AVINTIV Inc. | 100.00% | 65% | |
Berry Global, Inc. (f/k/a Berry Plastics Corporation) | USA | DE | Berry Plastics Group, Inc. | 100.00% | 100% |
Berry Global German Holdings GmbH | Germany | Berry Global, Inc. | 100.00% | 65% | |
Berry Plastics Acquisition Corporation V | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Acquisition Corporation XIV, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Acquisition LLC X | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Canada, Inc. | Canada | Berry Global, Inc. | 100.00% | 65% | |
Berry Plastics de Mexico, S. de R.L. de C.V. | Mexico | Berry Plastics Acquisition Corporation V | 100.00% | 65% | |
Berry Plastics Design, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Escrow, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Filmco, Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics IK, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics International B.V. | Netherlands | Berry Global, Inc. | 100.00% | 65% | |
Berry Plastics Opco, Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics SP, Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry Plastics Technical Services, Inc. | USA | DE | Venture Packaging, Inc. | 100.00% | 100% |
Berry Specialty Tapes, LLC (f/k/a Berry Plastics Acquisition Corporation XI) | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Berry UK Holdings Limited | UK | AVINTIV Inc. | 100.00% | 65% | |
BPRex Closure Systems, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
BPRex Closures Kentucky Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
BPRex Closures, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
BPRex de Mexico S.A. de R.L. de CV | Mexico | Berry Global, Inc. and Berry Plastics Acquisition LLC X (1 share) | 100.00% | 65% | |
BPRex Delta Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
BPRex Healthcare Brookville Inc. | USA | DE | BPRex Plastic Packaging, Inc. | 100.00% | 100% |
BPRex Healthcare Packaging, Inc. | USA | DE | BPRex Plastic Packaging, Inc. | 100.00% | 100% |
BPRex Plastic Packaging de Mexico S.A. de C.V. | Mexico | Berry Global, Inc. | 50.00% | 65%1 | |
BPRex Plastic Packaging de Mexico S.A. de C.V. | Mexico | BPRex Healthcare Packaging, Inc. | 50.00% | ||
BPRex Plastic Packaging, Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
BPRex Product Design & Engineering Inc. | USA | MN | BPRex Healthcare Brookville, Inc. | 100.00% | 100% |
BPRex Specialty Products Puerto Rico Inc. | USA | NJ | BPRex Plastic Packaging, Inc. | 100.00% | 100% |
Caplas LLC | USA | DE | Captive Plastics LLC | 100.00% | 100% |
Caplas Neptune, LLC | USA | DE | Captive Plastics LLC | 100.00% | 100% |
Captive Plastics, LLC | USA | DE | Berry Plastics SP, Inc. | 100.00% | 100% |
Cardinal Packaging, Inc. | USA | DE | CPI Holding Corporation | 100.00% | 100% |
Chicopee Asia, Limited | Hong Kong | Chicopee, Inc. | 100.00% | 65% | |
Chicopee Holdings B.V. | Netherlands | PGI Europe LLC | 100.00% | 65% | |
Chicopee LLC | USA | DE | PGI Polymer, Inc. | 100.00% | 100% |
Chocksett Road Limited Partnership | USA | MA | Berry Global, Inc. | 98% Limited Partnership Interests 2% General Partnership Interests | 100% |
Chocksett Road Realty Trust | USA | MA | Chocksett Road Limited Partnership | Sole Beneficiary | 100% |
Berry Holding Company do Brasil Ltda. | Brazil | Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.) | 99.99% | 65%2 | |
Berry Holding Company do Brasil Ltda. | Brazil | Berry Global, Inc. | 0.01% | ||
Covalence Specialty Adhesives LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
CPI Holding Corporation | USA | DE | Berry Global, Inc. | 100.00% | 100% |
CSM Mexico SPV LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Dominion Textile (USA), L.L.C. | USA | DE | Chicopee, Inc. | 100.00% | 100% |
Dumpling Rock, LLC | USA | MA | Berry Global, Inc. | 100.00% | 100% |
Estero Porch, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Fabrene, Inc. | Canada | AVINTIV Inc. | 100.00% | 65% | |
Fabrene, L.L.C. | USA | DE | PGI Europe LLC | 100.00% | 100% |
Fiberweb, LLC f/k/a Fiberweb, Inc. | USA | DE | PGI Europe LLC | 100.00% | 100% |
Fiberweb Holdings Ltd. | UK | PGI Europe LLC | 100.00% | 65% | |
Global Closure Systems America 1, Inc. | USA | DE | RPC Packaging Holdings (US), Inc. | 100.00% | 100% |
Grafco Industries Limited Partnership | USA | MD | Caplas LLC | 99.00% | 100% |
Grafco Industries Limited Partnership | USA | MD | Caplas Neptune, LLC | 1.00% | 100% |
Grupo de Servicios Berpla, S. de R.L. de C.V. | Mexico | Berry Plastics Acquisition Corporation V | 65.00% | 65% | |
Grupo de Servicios Berpla, S. de R.L. de C.V. | Mexico | Berry Plastics Acquisition Corporation XIV | 35.00% | 65% | |
Kerr Group, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Knight Plastics, LLC | USA | DE | Berry Plastics SP, Inc. | 100.00% | 100% |
Laddawn, Inc. | USA | MA | Berry Global, Inc. | 100.00% | 100% |
Lamb’s Grove, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Letica Corporation | USA | DE | RPC Leopard Holdings, Inc. | 100.00% | 100% |
Letica Resources, Inc. | USA | DE | RPC Leopard Holdings, Inc. | 100.00% | 100% |
M&H Plastics, Inc. | USA | VA | AVINTIV Inc. | 100.00% | 100% |
Millham, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Old Hickory Steamworks, LLC | USA | DE | Fiberweb, LLC | 100.00% | 100% |
Packerware, LLC | USA | DE | Berry Plastics SP, Inc. | 100.00% | 100% |
PGI Acquisition Limited | UK | PGI Europe LLC | 100.00% | 65% | |
PGI Europe LLC | USA | DE | Chicopee, Inc. | 100.00% | 100% |
PGI Nonwovens (Mauritius) | Mauritius | PGI Polymer, Inc. | 100.00% | 65% | |
PGI Polymer LLC | USA | DE | Avintiv Specialty Materials, Inc. | 100.00% | 100% |
PGI Spain SLU | Spain | PGI Europe LLC | 100.00% | 65% | |
Pliant de Mexico S.A. de C.V. | Mexico | Pliant, LLC | 36.03% | 65% | |
Pliant International, LLC | USA | DE | Pliant, LLC | 100.00% | 100% |
Pliant, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Poly-Seal, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Providencia USA, Inc. | USA | NC | Chicopee, Inc. | 100.00% | 100% |
Rollpak Corporation | USA | DE | Berry Global, Inc. | 100.00% | 100% |
RPC Bramlage, Inc. | USA | PA | RPC Packaging Holdings (US), Inc. | 100.00% | 100% |
RPC Leopard Holdings, Inc. | USA | DE | RPC Packaging Holdings (US), Inc. | 100.00% | 100% |
RPC Packaging Holdings (US), Inc. | USA | DE | AVINTIV Inc. | 100.00% | 100% |
RPC Superfos US, Inc. | USA | DE | RPC Packaging Holdings (US), Inc. | 100.00% | 100% |
RPC Zeller Plastik Libertyville, Inc. | USA | DE | Global Closure Systems America 1, Inc. | 100.00% | 100% |
Saffron Acquisition, LLC | USA | DE | Kerr Group, LLC | 100.00% | 100% |
Setco, LLC | USA | DE | Kerr Group, LLC | 100.00% | 100% |
Sugden, LLC | USA | DE | Berry Global, Inc. | 100.00% | 100% |
Sun Coast Industries, LLC | USA | DE | Saffron Acquisition, LLC | 100.00% | 100% |
Uniplast Holdings, LLC | USA | DE | Pliant, LLC | 100.00% | 100% |
Uniplast U.S., Inc. | USA | DE | Uniplast Holdings, Inc. | 100.00% | 100% |
Venture Packaging Midwest, Inc. | USA | DE | Venture Packaging, Inc. | 100.00% | 100% |
Venture Packaging, Inc. | USA | DE | Berry Global, Inc. | 100.00% | 100% |
1 | 65% of the aggregate stock of BPRex Plastic Packaging de Mexico S.A. de C.V. is pledged. |
2 | 65% of the aggregate stock of Berry Holding Company do Brasil Ltda. is pledged. |
1. | I have reviewed this quarterly report on Form 10-Q of Berry Global Group, Inc. (the "Registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
By: | /s/ Kevin Kwilinski | ||
Date: August 2, 2024 | Kevin Kwilinski | ||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Berry Global Group, Inc. (the "Registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
By: | /s/ Mark W. Miles | ||
Date: August 2, 2024 | Mark W. Miles | ||
Chief Financial Officer |
/s/ Kevin Kwilinski | |
Kevin Kwilinski | |
Chief Executive Officer |
/s/ Mark W. Miles | |
Mark W. Miles | |
Chief Financial Officer |