Net loss for the first quarter of 2022 increased $20.4 million to $14.1 million from net income of $6.3 million in the first quarter of 2021. Constant currency net loss was $14.2 million in the first quarter of 2022 compared to constant currency net income of $6.1 million for the first quarter of 2021. Balance Sheet and Liquidity Ranpak completed the first quarter of 2022 with a strong balance sheet and liquidity position, including a cash balance of $80.5 million and no borrowings on its $45 million available Revolving Credit Facility.