UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566

_________________________________

GREIF, INC.

(Exact name of registrant as specified in its charter)

_________________________________

Delaware	31-4388903
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

425 Winter Road Delaware Ohio	43015
(Address of principal executive offices)	(Zip Code)

(740) 549-6000

(Registrant’s telephone number, including area code)

Not Applicable

Former name, former address and former fiscal year, if changed since last report.

_________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,”

“smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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. ☐    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock	GEF	New York Stock Exchange
Class B Common Stock	GEF-B	New York Stock Exchange

The number of shares outstanding of each of the issuer’s classes of common stock as of the close of business on June 6, 2022:

Class A Common Stock	26,627,738 shares
Class B Common Stock	22,007,725 shares

Item		Page
	Part I. Financial Information
1	Financial Statements	4
	Condensed Consolidated Statements of Income for the Three and Six Months Ended April 30, 2022 and 2021 (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended April 30, 2022 and 2021 (Unaudited)	5
	Condensed Consolidated Balance Sheets at April 30, 2022 (Unaudited) and October 31, 2021	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2022 and 2021 (Unaudited)	8
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended April 30, 2022 and 2021 (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	11
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
3	Quantitative and Qualitative Disclosures About Market Risk	44
4	Controls and Procedures	44
	Part II. Other Information
1A	Risk Factors	45
2	Unregistered Sales of Equity Securities and Use of Proceeds	45
6	Exhibits	45
	Signatures	46

3

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended April 30,				Six Months Ended April 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net sales	$	1,667.3	$	1,340.6	$	3,231.6	$	2,487.1
Cost of products sold	1,328.6		1,074.7		2,603.2		2,009.0
Gross profit	338.7		265.9		628.4		478.1
Selling, general and administrative expenses	147.4		146.8		299.0		281.1
Restructuring charges	3.7		12.0		7.2		15.1
Timberland gains	—		(95.7)		—		(95.7)
Integration related costs	2.0		1.8		3.6		3.8
Non-cash asset impairment charges	—		0.2		62.4		1.5
(Gain) loss on disposal of properties, plants and equipment, net	(0.3)		0.1		(1.7)		1.7
(Gain) loss on disposal of businesses, net	(4.2)		0.1		(4.2)		—
Operating profit	190.1		200.6		262.1		270.6
Interest expense, net	13.2		26.7		30.3		51.9
Debt extinguishment charges	25.4		—		25.4		—
Non-cash pension settlement charges	—		0.1		—		8.6
Other (income) expense, net	(4.4)		2.8		(2.4)		2.8
Income before income tax expense and equity earnings of unconsolidated affiliates, net	155.9		171.0		208.8		207.3
Income tax expense	29.9		17.3		65.5		23.4
Equity earnings of unconsolidated affiliates, net of tax	(0.7)		(0.3)		(2.0)		(1.0)
Net income	126.7		154.0		145.3		184.9
Net income attributable to noncontrolling interests	(1.6)		(4.2)		(9.9)		(11.7)
Net income attributable to Greif, Inc.	$	125.1	$	149.8	$	135.4	$	173.2
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	2.11	$	2.51	$	2.28	$	2.91
Class B common stock	$	3.15	$	3.77	$	3.40	$	4.36
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	2.09	$	2.51	$	2.27	$	2.91
Class B common stock	$	3.15	$	3.77	$	3.40	$	4.36
Weighted-average number of Class A common shares outstanding:
Basic	26.6		26.5		26.6		26.5
Diluted	26.8		26.7		26.8		26.6
Weighted-average number of Class B common shares outstanding:
Basic	22.0		22.0		22.0		22.0
Diluted	22.0		22.0		22.0		22.0
Cash dividends declared per common share:
Class A common stock	$	0.46	$	0.44	$	0.92	$	0.88
Class B common stock	$	0.69	$	0.66	$	1.37	$	1.31

See accompanying Notes to Condensed Consolidated Financial Statements

4

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended April 30,				Six Months Ended April 30,
(in millions)	2022		2021		2022		2021
Net income	$	126.7	$	154.0	$	145.3	$	184.9
Other comprehensive income, net of tax:
Foreign currency translation*	64.1		6.6		32.6		34.2
Derivative financial instruments	24.1		9.5		35.9		11.4
Minimum pension liabilities	3.4		24.4		6.5		47.1
Other comprehensive income, net of tax	91.6		40.5		75.0		92.7
Comprehensive income	218.3		194.5		220.3		277.6
Comprehensive income attributable to noncontrolling interests	0.3		2.2		4.3		12.3
Comprehensive income attributable to Greif, Inc.	$	218.0	$	192.3	$	216.0	$	265.3

*Three and six months ended April 30, 2022 balances include $113.1 million release of foreign currency translation from business divestment.

See accompanying Notes to Condensed Consolidated Financial Statements

5

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	April 30, 2022		October 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	108.7	$	124.6
Trade accounts receivable, net of allowance	880.3		889.5
Inventories:
Raw materials	382.5		390.7
Work-in-process	—		1.5
Finished goods	92.3		107.0
Assets held for sale	1.7		6.9
Prepaid expenses	55.0		54.0
Other current assets	96.3		89.9
	1,616.8		1,664.1
Long-term assets
Goodwill	1,482.8		1,515.4
Other intangible assets, net of amortization	611.5		648.4
Deferred tax assets	13.7		16.3
Pension asset	58.6		39.9
Operating lease assets	261.7		289.4
Other long-term assets	146.3		121.1
	2,574.6		2,630.5
Properties, plants and equipment
Timber properties, net of depletion	227.4		224.6
Land	157.3		161.9
Buildings	525.7		543.8
Machinery and equipment	1,990.3		2,042.3
Capital projects in progress	119.4		137.2
	3,020.1		3,109.8
Accumulated depreciation	(1,588.6)		(1,588.6)
	1,431.5		1,521.2
Total assets	$	5,622.9	$	5,815.8

See accompanying Notes to Condensed Consolidated Financial Statements

6

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	April 30, 2022		October 31, 2021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable	$	619.8	$	704.5
Accrued payroll and employee benefits	130.4		160.3
Restructuring reserves	14.1		20.3
Current portion of long-term debt	80.8		120.3
Short-term borrowings	27.8		50.5
Liabilities held for sale	0.6		0.9
Current portion of operating lease liabilities	50.1		54.0
Other current liabilities	198.3		203.3
	1,121.9		1,314.1
Long-term liabilities
Long-term debt	1,991.3		2,054.8
Operating lease liabilities	215.6		239.5
Deferred tax liabilities	330.5		318.0
Pension liabilities	70.9		78.3
Postretirement benefit obligations	10.8		11.0
Contingent liabilities and environmental reserves	20.3		19.5
Long-term income tax payable	27.8		27.8
Other long-term liabilities	97.6		153.1
	2,764.8		2,902.0
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	17.8		24.1
Equity
Common stock, without par value	186.0		179.3
Treasury stock, at cost	(134.0)		(134.1)
Retained earnings	1,910.3		1,825.6
Accumulated other comprehensive loss, net of tax:
Foreign currency translation	(257.2)		(295.4)
Derivative financial instruments	32.3		(3.6)
Minimum pension liabilities	(51.0)		(57.5)
Total Greif, Inc. shareholders' equity	1,686.4		1,514.3
Noncontrolling interests	32.0		61.3
Total shareholders' equity	1,718.4		1,575.6
Total liabilities and shareholders' equity	$	5,622.9	$	5,815.8

See accompanying Notes to Condensed Consolidated Financial Statements

7

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended April 30,
(in millions)	2022		2021
Cash flows from operating activities:
Net income	145.3		$	184.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	114.0		118.1
Non-cash asset impairment charges	62.4		1.5
Non-cash pension settlement charges	—		8.6
Loss (gain) on disposals of properties, plants and equipment, net	(1.7)		1.7
Gain on disposals of businesses, net	(4.2)		—
Timberland gains	—		(95.7)
Unrealized foreign exchange (gain) loss	(5.1)		0.9
Deferred income tax expense (benefit)	1.1		(41.5)
Debt extinguishment charges	22.6		—
Non-cash lease expense	15.1		26.1
Other, net	0.7		(0.5)
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable	(87.4)		(98.4)
Inventories	(56.2)		(71.4)
Accounts payable	22.4		125.8
Restructuring reserves	(4.9)		(0.2)
Operating leases	(16.0)		(29.5)
Pension and post-retirement benefit liabilities	(19.8)		(11.9)
Other, net	(26.7)		45.3
Net cash provided by operating activities	161.6		163.8
Cash flows from investing activities:
Purchases of properties, plants and equipment	(75.0)		(57.7)
Purchases of and investments in timber properties	(5.1)		(2.5)
Proceeds from the sale of timberlands	—		145.1
Collections of receivables held in special purpose entities	—		50.9
Payments for issuance of loans receivable	—		(15.0)
Proceeds from the sale of properties, plants, equipment and other assets	8.3		—
Proceeds from the sale of businesses	139.2		—
Other, net	(4.7)		(2.5)
Net cash provided by investing activities	62.7		118.3
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,026.5		744.6
Payments on long-term debt	(3,122.7)		(990.1)
Proceeds (payments) on short-term borrowings, net	(16.1)		15.2
Proceeds from trade accounts receivable credit facility	1.9		61.6
Payments on trade accounts receivable credit facility	(1.9)		(18.3)
Payments for liabilities held in special purpose entities	—		(43.3)
Dividends paid to Greif, Inc. shareholders	(54.6)		(52.2)
Dividends paid to noncontrolling interests	(9.4)		(4.9)
Payments for debt extinguishment and issuance costs	(20.8)		—
Net cash used in financing activities	(197.1)		(287.4)
Effects of exchange rates on cash	(43.1)		9.8
Net increase (decrease) in cash and cash equivalents	(15.9)		4.5
Cash and cash equivalents at beginning of period	124.6		105.9
Cash and cash equivalents at end of period	$	108.7	$	110.4

See accompanying Notes to Condensed Consolidated Financial Statements

8

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

	Three Months Ended April 30, 2022
	Capital Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of January 31, 2022	48,608	$	183.2	28,234	$	(134.0)	$	1,812.9	$	(368.8)	$	1,493.3	$	64.0	$	1,557.3
Net income							125.1				125.1		1.6		126.7
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release									65.4		65.4		(1.3)		64.1
Derivative financial instruments, net of $8.0 million of income tax benefit									24.1		24.1				24.1
Minimum pension liability adjustment, net of $1.0 million income tax benefit									3.4		3.4				3.4
Comprehensive income				.							218.0				218.3
Divestment of noncontrolling interest											—		(24.4)		(24.4)
Current period mark to redemption value of redeemable noncontrolling interest							(0.1)				(0.1)				(0.1)
Net income allocated to redeemable noncontrolling interests											—		(0.3)		(0.3)
Dividends paid to Greif, Inc. shareholders ($0.46 and $0.69 per Class A share and Class B share, respectively)							(27.4)				(27.4)				(27.4)
Dividends paid to noncontrolling interests and other											—		(7.6)		(7.6)
Dividends earned on RSU shares							(0.2)				(0.2)				(0.2)
Long-term incentive shares issued	6	0.3		(6)	—						0.3				0.3
Share based compensation	—	1.3		—	—						1.3				1.3
Restricted stock, directors	22	1.2		(22)	—						1.2				1.2
As of April 30, 2022	48,636	$	186.0	28,206	$	(134.0)	$	1,910.3	$	(275.9)	$	1,686.4	$	32.0	$	1,718.4
	Six Months Ended April 30, 2022
	Capital Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling Interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of October 31, 2021	48,559	$	179.3	28,283	$	(134.1)	$	1,825.6	$	(356.5)	$	1,514.3	$	61.3	$	1,575.6
Net income							135.4				135.4		9.9		145.3
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release									38.2		38.2		(5.6)		32.6
Derivative financial instruments, net of $12.0 million of income tax benefit									35.9		35.9				35.9
Minimum pension liability adjustment, net of $1.5 million income tax benefit									6.5		6.5				6.5
Comprehensive income				.							216.0				220.3
Divestment of noncontrolling interest											—		(24.4)		(24.4)
Current period mark to redemption value of redeemable noncontrolling interest and other							4.9				4.9				4.9
Net income allocated to redeemable noncontrolling interests											—		0.1		0.1
Dividends paid to Greif, Inc. shareholders ($0.92 and $1.37 per Class A share and Class B share, respectively)							(54.6)				(54.6)				(54.6)
Dividends paid to noncontrolling interests and other											—		(9.3)		(9.3)
Dividends earned on RSU shares							(1.0)				(1.0)				(1.0)
Long-term incentive shares issued	52	3.0		(52)	0.1						3.1				3.1
Share based compensation	—	2.4		—	—						2.4				2.4
Restricted stock, executive	3	0.1		(3)	—						0.1				0.1
Restricted stock, directors	22	1.2		(22)	—						1.2				1.2
As of April 30, 2022	48,636	$	186.0	28,206	$	(134.0)	$	1,910.3	$	(275.9)	$	1,686.4	$	32.0	$	1,718.4

9

	Three Months Ended April 30, 2021
	Capital Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of January 31, 2021	48,533	$	175.4	28,309	$	(134.2)	$	1,542.0	$	(377.9)	$	1,205.3	$	57.3	$	1,262.6
Net income							149.8				149.8		4.2		154.0
Other comprehensive income (loss):
Foreign currency translation									8.6		8.6		(2.0)		6.6
Derivative financial instruments, net of $3.2 million income tax expense									9.5		9.5				9.5
Minimum pension liability adjustment, net of $8.8 million income tax expense									24.4		24.4				24.4
Comprehensive income											192.3				194.5
Current period mark to redemption value of redeemable noncontrolling interest							0.6				0.6				0.6
Net income allocated to redeemable noncontrolling interests											—		(0.5)		(0.5)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.3)				(26.3)				(26.3)
Dividends paid to noncontrolling interests and other											—		(3.5)		(3.5)
Share based compensation	—	1.0		—	—						1.0				1.0
Restricted stock, directors	26	1.2		(26)	0.1						1.3				1.3
As of April 30, 2021	48,559	$	177.6	28,283	$	(134.1)	$	1,666.1	$	(335.4)	$	1,374.2	$	55.5	$	1,429.7
	Six Months Ended April 30, 2021
	Capital Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling Interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of October 31, 2020	48,450	$	170.2	28,392	$	(134.4)	$	1,543.9	$	(427.5)	$	1,152.2	$	48.5	$	1,200.7
Net income							173.2				173.2		11.7		184.9
Other comprehensive income:
Foreign currency translation									33.6		33.6		0.6		34.2
Derivative financial instruments, net of $3.8 million income tax expense									11.4		11.4				11.4
Minimum pension liability adjustment, net of $16.2 million income tax expense									47.1		47.1				47.1
Comprehensive income											265.3				277.6
Current period mark to redemption value of redeemable noncontrolling interest and other							1.2				1.2				1.2
Net income allocated to redeemable noncontrolling interests											—		(0.8)		(0.8)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(52.2)				(52.2)				(52.2)
Dividends paid to noncontrolling interests and other											—		(4.5)		(4.5)
Long-term incentive shares issued	80	3.9		(80)	0.2						4.1				4.1
Share based compensation	—	2.2		—	—						2.2				2.2
Restricted stock, executive	3	0.1		(3)	—						0.1				0.1
Restricted stock, directors	26	1.2		(26)	0.1						1.3				1.3
As of April 30, 2021	48,559	$	177.6	28,283	$	(134.1)	$	1,666.1	$	(335.4)	$	1,374.2	$	55.5	$	1,429.7

10

GREIF, INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates.

The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to years or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated.

The information filed herein reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim condensed consolidated balance sheets as of April 30, 2022 and October 31, 2021, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders' equity for the three and six months ended April 30, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2022 and 2021 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling interest and are accounted for using either the equity or cost method, as appropriate.

The unaudited interim condensed consolidated financial statements included in the Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2021 (the “2021 Form 10-K”).

Newly Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on November 1, 2021. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows or disclosures.

Recently Issued Accounting Standards

Except for the accounting pronouncement described above, there have been no new accounting pronouncements issued since the filing of the 2021 Form 10-K that have significance, or potential significance, to the interim condensed consolidated financial statements.

11

NOTE 2 — RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2022:

(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2021	$	18.6	$	1.7	$	20.3
Costs incurred and charged to expense	3.9		3.3		7.2
Costs paid or otherwise settled	(9.6)		(3.8)		(13.4)
Balance at April 30, 2022	$	12.9	$	1.2	$	14.1

The focus for restructuring activities in 2022 is to optimize operations and close under-performing assets.

During the three months ended April 30, 2022, the Company recorded restructuring charges of $3.7 million, as compared to $12.0 million of restructuring charges recorded during the three months ended April 30, 2021. The restructuring activity for the three months ended April 30, 2022 consisted of $