Document/ExhibitDescriptionPagesSize 1: 8-K Current Report HTML 41K
2: EX-99.1 Miscellaneous Exhibit HTML 214K
3: EX-99.2 Miscellaneous Exhibit HTML 79K
9: R1 Document and Entity Information Document and HTML 50K
Entity Information
11: XML IDEA XML File -- Filing Summary XML 13K
8: XML XBRL Instance -- gef-20210611_htm XML 27K
10: EXCEL IDEA Workbook of Financial Reports XLSX 6K
5: EX-101.DEF XBRL Definitions -- gef-20210611_def XML 42K
6: EX-101.LAB XBRL Labels -- gef-20210611_lab XML 86K
7: EX-101.PRE XBRL Presentations -- gef-20210611_pre XML 42K
4: EX-101.SCH XBRL Schema -- gef-20210611 XSD 11K
12: JSON XBRL Instance as JSON Data -- MetaLinks 14± 22K
13: ZIP XBRL Zipped Folder -- 0000043920-21-000041-xbrl Zip 87K
Registrant’s telephone number, including area code: (i740) i549-6000
Not Applicable
(Former name or former address, if changed since last report.)
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
iClass
A Common Stock
iGEF
iNew York Stock Exchange
iClass
B Common Stock
iGEF-B
iNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
i☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.
On June 9, 2021, Greif, Inc. ("the Company") issued a press release
(the “Earnings Release”) announcing the financial results for its second quarter ended April 30, 2021. The full text of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The Earnings Release included the following non-GAAP financial measures (the “non-GAAP Measures”):
(i)the Company's net income, excluding the impact of adjustments, for the second quarter of 2021 and the second quarter of 2020, which is equal to the Company's consolidated net income for the applicable period
plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus loss (gain) on disposal of properties, plants, equipment and businesses, net, plus timberland gains, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period;
(ii)the Company's earnings per diluted Class A share, excluding the impact of adjustments, for the second quarter of 2021 and the second quarter of 2020, which is equal to earnings per diluted Class A share of the Company for the applicable
period plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus loss (gain) on disposal of properties, plants, equipment and businesses, net, plus timberland gains, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period;
(iii)the Company's consolidated adjusted EBITDA for the second quarter of 2021 and the second quarter of 2020, which is equal to the Company's consolidated net income for the applicable period plus interest expense, net, plus income
tax expense, plus depreciation, depletion and amortization expense, plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus loss (gain) on disposal of properties, plants, equipment and businesses, net, plus timberland gains, net, each on a consolidated basis for the applicable period;
(iv)the Company's consolidated adjusted free cash flow for the second quarter of 2021 and the second quarter of 2020, which is equal to the Company's consolidated net cash provided by operating activities for the applicable period less cash paid for purchases of properties, plants and equipment, plus cash
paid for acquisition and integration related costs, plus cash paid for incremental COVID-19 costs, net, plus cash paid for acquisition and integration related Enterprise Resource Planning ("ERP") systems, each on a consolidated basis for the applicable period;
(v)the Company's net debt for the first and second quarters of 2021 and the second quarter of 2020, which is equal to the Company's consolidated total debt at the end of the applicable period ended less cash and cash equivalents at the end of the applicable period ended.
(vi)net sales excluding foreign currency translation for the
Company's Global Industrial Packaging business segment for the second quarter of 2021 and the second quarter of 2020, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the second quarter of 2021 for foreign currency translation;
(vii)adjusted EBITDA for the Company’s Global Industrial Packaging business segment for the second quarter of 2021 and the second quarter of 2020, which is equal to that business segment’s operating profit less other expense, net, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation and amortization expense, plus restructuring charges, plus non-cash asset impairment charges, plus incremental COVID-19 costs, net, plus loss (gain) on disposal of properties, plants, equipment and businesses, net, each for
the applicable period;
(viii)net sales excluding foreign currency translation for the Company's Paper Packaging & Services business segment for the second quarter of 2021 and the second quarter of 2020, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the second quarter of 2021 for foreign currency translation;
(ix)adjusted EBITDA for the Company’s Paper Packaging & Services business segment for the second quarter of 2021 and the second quarter of 2020,
which is equal to that business segment’s operating profit (loss) less non-cash pension settlement charges (income), less other (income) expense, net, plus depreciation and amortization expense, plus restructuring charges, plus acquisition and integration related costs, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus (gain) loss on disposal of properties, plants, equipment and businesses, net, each for the applicable period; and
(x)adjusted EBITDA for the Company’s Land Management business segment for the second quarter of 2021 and the second quarter of 2020, which is equal to that business segment’s operating profit plus depreciation, depletion and amortization expense, plus restructuring charges, plus loss (gain) on disposal of properties, plants, equipment and businesses,
net, plus timberland gains, net, each for the applicable period; and
(xi)the Company's leverage ratio for the second quarter of 2021 and the second quarter of 2020, which is equal to trailing twelve month EBITDA divided by net debt, each as calculated under the terms of the Company's Amended and Restated Credit Agreement dated as of February 11, 2019, filed as Exhibit 10.29 to the Company's Annual Report on Form 10-K for its fiscal year ended October 31, 2020.
The Earnings Release also
included the following forward-looking non-GAAP measure:
(i)the Company's fiscal year 2021 Class A earnings per share before adjustments guidance, which is equal to earnings per diluted Class A share of the Company for such period plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus loss (gain) on disposal of properties, plants, equipment and businesses, net, plus timberland gains, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; and
(ii)the
Company's fiscal year 2021 projected adjusted free cash flow guidance, which is equal to the Company's consolidated net cash provided by operating activities for such period, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for incremental COVID-19 costs, net, plus cash paid for acquisition and integration related ERP systems. A reconciliation of this forward-looking non-GAAP financial measure was included in the Earnings Release.
No reconciliation of the forward-looking non-GAAP financial measure was included in the Earnings Release for items (i) and (ii) because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being
ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
Management of the Company uses the non-GAAP Measures to evaluate ongoing operations and believes that these non-GAAP Measures are useful to investors. The exclusion of the impact of the identified adjustments (restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, non-cash pension settlement charges (income), incremental COVID-19 costs, net, loss (gain) on disposal of properties, plants, equipment and businesses, net, and timberland gains, net) enable management and investors to perform meaningful comparisons of current
and historical performance of the Company. Management of the Company also believes that the exclusion of the impact of the identified adjustments provides a stable platform on which to compare the historical performance of the Company and that investors desire this information. Management believes that the use of consolidated adjusted free cash flow, which excludes cash paid for capital expenditures, acquisition and integration related costs, incremental COVID-19 costs, net, and cash paid for acquisition and integration related ERP systems from the Company's consolidated net cash provided by operating activities, provides additional information
on which to evaluate the cash flow generated by the Company and believes that this is information that investors find valuable. The non-GAAP Measures are intended to supplement and should be read together with our financial results. The non-GAAP Measures should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP Measures.
Section 7 – Regulation FD
Item
7.01. Regulation FD Disclosure.
i.Transcript of Conference Call
On June 10, 2021, management of the Company held a conference call with interested investors and financial analysts (the “Conference Call”) to discuss the Company’s financial results for its second quarter ended April 30, 2021. The file transcript of the Conference Call, including a correction related to IBC market share noted on page 10, is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
File transcript of conference call with interested investors and financial analysts held by management of Greif Inc. on June 10, 2021.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
