Ranpak Holdings Corp. Reports First Quarter 2024 Financial Results
Ranpak Holdings Corp. reported its first quarter 2024 financial results, showing positive growth in revenue and Adjusted EBITDA. Net revenue increased 5.0% year over year to $85.3 million, with a net loss of $8.1 million. Constant currency AEBITDA for the quarter was $20.2 million, up 33.8% year over year. The company highlighted improvements in gross profit, sales volume, and automation. Ranpak remains focused on deleveraging and cash generation in 2024.
Net revenue increased 5.0% year over year to $85.3 million.
Constant currency AEBITDA for the quarter was $20.2 million, up 33.8% year over year.
Gross profit improved by 17.5% year over year to 37.9%.
Sales volume increased 5.3% year over year.
Automation saw significant growth of 50%+.
Net loss for the quarter was $8.1 million.
Decreases in cushioning and wrapping sales were noted.
The price or mix of paper consumable products decreased by 3.6%.
Net loss in North America and Europe/Asia may pose challenges.
-
Packaging System placement up
0.9% year over year to approximately 140,800 machines at March 31, 2024 -
Net revenue for the first quarter increased
5.0% year over year to$85.3 million 4.4% year over year on a constant currency basis to$88.5 million -
Net loss for the first quarter of
$8.1 million $12.4 million -
Constant Currency Adjusted EBITDA (“AEBITDA”) for the first quarter of
$20.2 million 33.8% , or$5.1 million
The Geami MV™ wrapping solution combines a low-profile converter body with powered output. (Photo: Business Wire)
Omar Asali, Chairman and Chief Executive Officer, commented, “We are pleased to build off the momentum of the second half of 2023 by beginning 2024 with continued volume growth and profitability improvement as evidenced by strong growth in Gross Profit and Adjusted EBITDA on a constant currency basis. Sales for the quarter increased
“While a lot of the general challenging macro conditions driven by higher rates and inflationary pressures persist for consumers and corporates, we are pleased to see continued general improvement in our business and in particular in
First Quarter 2024 Highlights
-
Packaging systems placement increased
0.9% year over year, to approximately 140,800 machines as of March 31, 2024 -
Net revenue increased
5.0% and increased4.4% adjusting for constant currency -
Net loss of
$8.1 million $12.4 million -
Constant currency AEBITDA1 of
$20.2 million 33.8%
1 Please refer to “Non-GAAP Financial Data” in this press release for an explanation and related reconciliation of the Company’s non-GAAP financial measures and further discussion related to certain other non-GAAP metrics included in this press release.
Net revenue for the first quarter of 2024 was
Net revenue in
Net revenue in
Balance Sheet and Liquidity
Ranpak completed the first quarter of 2024 with a strong liquidity position, including a cash balance of
The following table presents Ranpak’s installed base of protective packaging systems by product line as of March 31, 2024 and 2023:
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
Change |
|
|
% Change |
|
||||
PPS Systems |
|
(in thousands) |
|
|
|
|
||||||||||
Cushioning machines |
|
|
34.7 |
|
|
|
35.0 |
|
|
|
(0.3 |
) |
|
|
(0.9 |
) |
Void-Fill machines |
|
|
83.4 |
|
|
|
82.3 |
|
|
|
1.1 |
|
|
|
1.3 |
|
Wrapping machines |
|
|
22.7 |
|
|
|
22.3 |
|
|
|
0.4 |
|
|
|
1.8 |
|
Total |
|
|
140.8 |
|
|
|
139.6 |
|
|
|
1.2 |
|
|
|
0.9 |
|
Conference Call Information
The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, May 2, 2024. The conference call and earnings presentation will be webcast live at the following link: https://events.q4inc.com/attendee/480199568. Investors who cannot access the webcast may listen to the conference call live via telephone by dialing (800) 715-9871 and use the Conference ID: 5813434.
A telephonic replay of the webcast also will be available starting at 11:30 a.m. (ET) on Thursday, May 2, 2024 and ending at 11:59 p.m. (ET) on Thursday, May 9, 2024. To listen to the replay, please dial (800) 770-2030 and use the passcode: 5813434.
Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this news release include, for example, statements about our expectations around the future performance of the business, including our forward-looking guidance.
The forward-looking statements contained in this news release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (i) our inability to secure a sufficient supply of paper to meet our production requirements; (ii) the impact of rising prices on production inputs, including labor, energy, and freight on our results of operations; (iii) the impact of the price of kraft paper on our results of operations; (iv) our reliance on third party suppliers; (v) geopolitical conflicts and other social and political unrest or change; (vi) the high degree of competition and continued consolidation in the markets in which we operate; (vii) consumer sensitivity to increases in the prices of our products, changes in consumer preferences with respect to paper products generally, or customer inventory rebalancing; (viii) economic, competitive and market conditions generally, including macroeconomic uncertainty, the impact of inflation, and variability in energy, freight, labor and other input costs; (ix) the loss of certain customers; (x) our failure to develop new products that meet our sales or margin expectations, or the failure of those products to achieve market acceptance; (xi) our ability to achieve our environmental, social and governance (“ESG”) goals and maintain the sustainable nature of our product portfolio and fulfill our obligations under evolving ESG standards; (xii) our ability to fulfill our obligations under new disclosure regimes relating to environmental, social and governance matters, such as the European Sustainability Disclosure Standards recently adopted by the European Union (“EU”) under the EU’s Corporate Sustainability Reporting Directive (“CSRD”); (xiii) our future operating results fluctuating, failing to match performance or to meet expectations; (xiv) our ability to fulfill our public company obligations; and (xv) other risks and uncertainties indicated from time to time in filings made with the SEC.
Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
Ranpak Holdings Corp.
|
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Paper revenue |
|
$ |
66.2 |
|
|
$ |
64.3 |
|
Machine lease revenue |
|
|
12.8 |
|
|
|
12.8 |
|
Other revenue |
|
|
6.3 |
|
|
|
4.1 |
|
Net revenue |
|
|
85.3 |
|
|
|
81.2 |
|
Cost of goods sold |
|
|
53.0 |
|
|
|
53.7 |
|
Gross profit |
|
|
32.3 |
|
|
|
27.5 |
|
Selling, general and administrative expenses |
|
|
27.9 |
|
|
|
27.2 |
|
Depreciation and amortization expense |
|
|
8.4 |
|
|
|
8.0 |
|
Other operating expense, net |
|
|
0.8 |
|
|
|
1.2 |
|
Loss from operations |
|
|
(4.8 |
) |
|
|
(8.9 |
) |
Interest expense |
|
|
6.2 |
|
|
|
5.7 |
|
Foreign currency (gain) loss |
|
|
(1.4 |
) |
|
|
0.2 |
|
Other non-operating income, net |
|
|
- |
|
|
|
(0.3 |
) |
Loss before income tax benefit |
|
|
(9.6 |
) |
|
|
(14.5 |
) |
Income tax benefit |
|
|
(1.5 |
) |
|
|
(2.1 |
) |
Net loss |
|
$ |
(8.1 |
) |
|
$ |
(12.4 |
) |
|
|
|
|
|
||||
Two-class method |
|
|
|
|
||||
Basic and diluted loss per share |
|
$ |
(0.10 |
) |
|
$ |
(0.15 |
) |
Class A – basic and diluted loss per share |
|
$ |
(0.10 |
) |
|
$ |
(0.15 |
) |
Class C – basic and diluted loss per share |
|
$ |
(0.10 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
||||
Weighted average number of shares outstanding – Class A and C – basic and diluted |
|
|
82,682,308 |
|
|
|
82,136,793 |
|
|
|
|
|
|
||||
Other comprehensive income (loss), before tax |
|
|
|
|
||||
Foreign currency translation adjustments |
|
$ |
(2.1 |
) |
|
$ |
2.1 |
|
Interest rate swap adjustments |
|
|
(2.6 |
) |
|
|
(2.1 |
) |
Total other comprehensive income (loss), before tax |
|
|
(4.7 |
) |
|
|
- |
|
Benefit from income taxes related to other comprehensive income (loss) |
|
|
0.1 |
|
|
|
(0.8 |
) |
Total other comprehensive income (loss), net of tax |
|
|
(4.8 |
) |
|
|
0.8 |
|
Comprehensive loss, net of tax |
|
$ |
(12.9 |
) |
|
$ |
(11.6 |
) |
Ranpak Holdings Corp.
|
||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
55.1 |
|
|
$ |
62.0 |
|
Accounts receivable, net |
|
|
32.9 |
|
|
|
31.6 |
|
Inventories |
|
|
19.3 |
|
|
|
17.3 |
|
Income tax receivable |
|
|
4.8 |
|
|
|
0.9 |
|
Prepaid expenses and other current assets |
|
|
12.9 |
|
|
|
13.1 |
|
Total current assets |
|
|
125.0 |
|
|
|
124.9 |
|
|
|
|
|
|
||||
Property, plant and equipment, net |
|
|
138.6 |
|
|
|
142.1 |
|
Operating lease right-of-use assets, net |
|
|
23.0 |
|
|
|
23.7 |
|
Goodwill |
|
|
447.6 |
|
|
|
450.1 |
|
Intangible assets, net |
|
|
336.4 |
|
|
|
345.4 |
|
Deferred tax assets |
|
|
0.1 |
|
|
|
0.1 |
|
Other assets |
|
|
36.5 |
|
|
|
36.4 |
|
Total assets |
|
$ |
1,107.2 |
|
|
$ |
1,122.7 |
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
20.8 |
|
|
$ |
17.6 |
|
Accrued liabilities and other |
|
|
22.5 |
|
|
|
22.1 |
|
Current portion of long-term debt |
|
|
2.6 |
|
|
|
2.5 |
|
Operating lease liabilities, current |
|
|
3.8 |
|
|
|
3.8 |
|
Deferred revenue |
|
|
1.6 |
|
|
|
2.0 |
|
Total current liabilities |
|
|
51.3 |
|
|
|
48.0 |
|
|
|
|
|
|
||||
Long-term debt |
|
|
394.1 |
|
|
|
397.8 |
|
Deferred tax liabilities |
|
|
71.6 |
|
|
|
71.6 |
|
Derivative instruments |
|
|
4.4 |
|
|
|
6.3 |
|
Operating lease liabilities, non-current |
|
|
23.4 |
|
|
|
24.7 |
|
Other liabilities |
|
|
2.4 |
|
|
|
2.3 |
|
Total liabilities |
|
|
547.2 |
|
|
|
550.7 |
|
|
|
|
|
|
||||
Commitments and contingencies – Note 13 |
|
|
|
|
||||
Shareholders' equity |
|
|
|
|
||||
Class A common stock, |
|
|
|
|
||||
Shares issued and outstanding: 80,053,902 and 79,684,170 at March 31, 2024 and December 31, 2023, respectively |
|
|
- |
|
|
|
- |
|
Convertible Class C common stock, |
|
|
|
|
||||
Shares issued and outstanding: 2,921,099 at March 31, 2024 and December, 31, 2023 |
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
694.6 |
|
|
|
693.7 |
|
Accumulated deficit |
|
|
(131.9 |
) |
|
|
(123.8 |
) |
Accumulated other comprehensive income |
|
|
(2.7 |
) |
|
|
2.1 |
|
Total shareholders' equity |
|
|
560.0 |
|
|
|
572.0 |
|
Total liabilities and shareholders' equity |
|
$ |
1,107.2 |
|
|
$ |
1,122.7 |
|
Ranpak Holdings Corp.
|
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities |
|
|
|
|
||||
Net loss |
|
$ |
(8.1 |
) |
|
$ |
(12.4 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
18.8 |
|
|
|
16.3 |
|
Amortization of deferred financing costs |
|
|
0.7 |
|
|
|
0.4 |
|
Loss on disposal of fixed assets |
|
|
0.4 |
|
|
|
0.3 |
|
Deferred income taxes |
|
|
0.2 |
|
|
|
2.0 |
|
Amortization of initial value of interest rate swap |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
Foreign currency (gain) loss |
|
|
(1.4 |
) |
|
|
0.2 |
|
Share-based compensation expense |
|
|
1.3 |
|
|
|
2.8 |
|
Amortization of cloud-based software implementation costs |
|
|
0.9 |
|
|
|
0.7 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Increase in receivables, net |
|
|
(2.3 |
) |
|
|
(1.2 |
) |
(Increase) decrease in inventory |
|
|
(2.2 |
) |
|
|
2.7 |
|
Increase in prepaid expenses and other assets |
|
|
(0.9 |
) |
|
|
(2.7 |
) |
Increase (decrease) in accounts payable |
|
|
3.4 |
|
|
|
(2.1 |
) |
Increase in accrued liabilities |
|
|
1.3 |
|
|
|
3.2 |
|
Change in other assets and liabilities |
|
|
(6.2 |
) |
|
|
(2.5 |
) |
Net cash provided by operating activities |
|
|
5.2 |
|
|
|
7.5 |
|
|
|
|
|
|
||||
Cash Flows from Investing Activities |
|
|
|
|
||||
Purchases of converter equipment |
|
|
(7.5 |
) |
|
|
(4.5 |
) |
Purchases of other property, plant, and equipment |
|
|
(2.3 |
) |
|
|
(7.3 |
) |
Cash paid for investments in small private businesses |
|
|
(0.5 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(10.3 |
) |
|
|
(11.8 |
) |
|
|
|
|
|
||||
Cash Flows from Financing Activities |
|
|
|
|
||||
Principal payments on term loans |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
Proceeds from equipment financing |
|
|
- |
|
|
|
0.8 |
|
Payments on equipment financing |
|
|
(0.2 |
) |
|
|
- |
|
Payments on finance lease liabilities |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
Tax payments for withholdings on stock-based awards distributed |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
Net cash used in financing activities |
|
|
(1.3 |
) |
|
|
(0.3 |
) |
|
|
|
|
|
||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
(0.5 |
) |
|
|
0.4 |
|
Net Decrease in Cash and Cash Equivalents |
|
|
(6.9 |
) |
|
|
(4.2 |
) |
Cash and Cash Equivalents, beginning of period |
|
|
62.0 |
|
|
|
62.8 |
|
Cash and Cash Equivalents, end of period |
|
$ |
55.1 |
|
|
$ |
58.6 |
|
Non-GAAP Financial Data
In this press release, we present Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and constant currency EBITDA and constant currency adjusted EBITDA (“Constant currency AEBITDA”), which are non-GAAP financial measures. We have included EBITDA, constant currency EBITDA and constant currency AEBITDA because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating EBITDA, constant currency EBITDA and constant currency AEBITDA can provide a useful measure for period-to-period comparisons of our primary business operations.
However, EBITDA, constant currency EBITDA and constant currency AEBITDA have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. In particular, EBITDA, constant currency EBITDA and constant currency AEBITDA should not be viewed as substitutes for, or superior to, net income (loss) prepared in accordance with GAAP as a measure of profitability or liquidity. Some of these limitations are:
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA, constant currency EBITDA and constant currency AEBITDA do not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- EBITDA, constant currency EBITDA and constant currency AEBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- constant currency AEBITDA does not consider the potentially dilutive impact of equity-based compensation;
- EBITDA, constant currency EBITDA and constant currency AEBITDA do not reflect the impact of the recording or release of valuation allowances or tax payments that may represent a reduction in cash available to us;
- constant currency AEBITDA does not take into account any restructuring and integration costs;
- constant currency EBITDA and constant currency AEBITDA are presented on a constant currency basis and give effect to the impact of currency fluctuations; and
- other companies, including companies in our industry, may calculate EBITDA, constant currency EBITDA and constant currency AEBITDA differently, which reduces their usefulness as comparative measures.
EBITDA — EBITDA is a non-GAAP financial measure that we calculate as net income (loss), adjusted to exclude: benefit from (provision for) income taxes; interest expense; and depreciation and amortization.
Constant currency EBITDA — Constant currency EBITDA is a non-GAAP financial measure that we present on a constant currency basis and we calculate as net income (loss), adjusted to exclude: benefit from (provision for) income taxes; interest expense; and depreciation and amortization.
Constant currency AEBITDA — Constant currency AEBITDA is a non-GAAP financial measure that we present on a constant currency basis and calculate as net income (loss), adjusted to exclude: benefit from (provision for) income taxes; interest expense; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items; as further adjusted to reflect the performance of the business on a constant currency basis.
We present constant currency EBITDA and constant currency AEBITDA on a constant currency basis because it allows a better insight into the performance of our businesses that operate in currencies other than our reporting currency. Before consolidation, our
Ranpak Holdings Corp.
|
|||||||||||||||
|
|
Non-GAAP Measures |
|||||||||||||
|
|
Three Months Ended March 31, |
|
|
|
|
|||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net revenue |
|
$ |
85.3 |
|
|
$ |
81.2 |
|
|
$ |
4.1 |
|
|
5.0 |
|
Cost of goods sold |
|
|
53.0 |
|
|
|
53.7 |
|
|
|
(0.7 |
) |
|
(1.3 |
) |
Gross profit |
|
|
32.3 |
|
|
|
27.5 |
|
|
|
4.8 |
|
|
17.5 |
|
Selling, general and administrative expenses |
|
|
27.9 |
|
|
|
27.2 |
|
|
|
0.7 |
|
|
2.6 |
|
Depreciation and amortization expense |
|
|
8.4 |
|
|
|
8.0 |
|
|
|
0.4 |
|
|
5.0 |
|
Other operating expense, net |
|
|
0.8 |
|
|
|
1.2 |
|
|
|
(0.4 |
) |
|
(33.3 |
) |
Loss from operations |
|
|
(4.8 |
) |
|
|
(8.9 |
) |
|
|
4.1 |
|
|
(46.1 |
) |
Interest expense |
|
|
6.2 |
|
|
|
5.7 |
|
|
|
0.5 |
|
|
8.8 |
|
Foreign currency (gain) loss |
|
|
(1.4 |
) |
|
|
0.2 |
|
|
|
(1.6 |
) |
|
(800.0 |
) |
Other non-operating income, net |
|
|
- |
|
|
|
(0.3 |
) |
|
|
0.3 |
|
|
(100.0 |
) |
Loss before income tax benefit |
|
|
(9.6 |
) |
|
|
(14.5 |
) |
|
|
4.9 |
|
|
(33.8 |
) |
Income tax benefit |
|
|
(1.5 |
) |
|
|
(2.1 |
) |
|
|
0.6 |
|
|
(28.6 |
) |
Net loss |
|
|
(8.1 |
) |
|
|
(12.4 |
) |
|
|
4.3 |
|
|
(34.7 |
) |
|
|
|
|
|
|
|
|
|
|||||||
Depreciation and amortization expense – COS |
|
|
10.4 |
|
|
|
8.3 |
|
|
|
2.1 |
|
|
25.3 |
|
Depreciation and amortization expense – D&A |
|
|
8.4 |
|
|
|
8.0 |
|
|
|
0.4 |
|
|
5.0 |
|
Interest expense |
|
|
6.2 |
|
|
|
5.7 |
|
|
|
0.5 |
|
|
8.8 |
|
Income tax benefit |
|
|
(1.5 |
) |
|
|
(2.1 |
) |
|
|
0.6 |
|
|
(28.6 |
) |
EBITDA(1) |
|
|
15.4 |
|
|
|
7.5 |
|
|
|
7.9 |
|
|
105.3 |
|
|
|
|
|
|
|
|
|
|
|||||||
Adjustments(2): |
|
|
|
|
|
|
|
|
|||||||
Unrealized (gain) loss translation |
|
|
(1.4 |
) |
|
|
0.2 |
|
|
|
(1.6 |
) |
|
(800.0 |
) |
Non-cash impairment losses |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
- |
|
|
- |
|
M&A, restructuring, severance |
|
|
0.9 |
|
|
|
0.2 |
|
|
|
0.7 |
|
|
350.0 |
|
Share-based compensation expense |
|
|
1.3 |
|
|
|
2.8 |
|
|
|
(1.5 |
) |
|
(53.6 |
) |
Amortization of cloud-based software implementation costs(3) |
|
|
0.9 |
|
|
|
0.7 |
|
|
|
0.2 |
|
|
28.6 |
|
Cloud-based software implementation costs |
|
|
0.5 |
|
|
|
1.2 |
|
|
|
(0.7 |
) |
|
(58.3 |
) |
SOX remediation costs |
|
|
0.8 |
|
|
|
- |
|
|
|
0.8 |
|
|
- |
|
Other adjustments |
|
|
0.4 |
|
|
|
1.3 |
|
|
|
(0.9 |
) |
|
(69.2 |
) |
Constant currency |
|
|
1.0 |
|
|
|
0.8 |
|
|
|
0.2 |
|
|
25.0 |
|
Constant Currency AEBITDA(1) |
|
$ |
20.2 |
|
|
$ |
15.1 |
|
|
$ |
5.1 |
|
|
33.8 |
|
Ranpak Holdings Corp.
|
||||||||||||
|
|
Three Months Ended March 31, 2024 |
||||||||||
|
|
As reported |
|
Constant Currency(4) |
|
Non-GAAP |
||||||
Net revenue |
|
$ |
85.3 |
|
|
$ |
3.2 |
|
|
$ |
88.5 |
|
Cost of goods sold |
|
|
53.0 |
|
|
|
1.9 |
|
|
|
54.9 |
|
Gross profit |
|
|
32.3 |
|
|
|
1.3 |
|
|
|
33.6 |
|
Selling, general and administrative expenses |
|
|
27.9 |
|
|
|
0.8 |
|
|
|
28.7 |
|
Depreciation and amortization expense |
|
|
8.4 |
|
|
|
0.2 |
|
|
|
8.6 |
|
Other operating expense, net |
|
|
0.8 |
|
|
|
(0.1 |
) |
|
|
0.7 |
|
Loss from operations |
|
|
(4.8 |
) |
|
|
0.4 |
|
|
|
(4.4 |
) |
Interest expense |
|
|
6.2 |
|
|
|
0.1 |
|
|
|
6.3 |
|
Foreign currency gain |
|
|
(1.4 |
) |
|
|
(0.1 |
) |
|
|
(1.5 |
) |
Other non-operating expense, net |
|
|
- |
|
|
|
0.2 |
|
|
|
0.2 |
|
Loss before income tax benefit |
|
|
(9.6 |
) |
|
|
0.2 |
|
|
|
(9.4 |
) |
Income tax benefit |
|
|
(1.5 |
) |
|
|
(0.1 |
) |
|
|
(1.6 |
) |
Net loss |
|
$ |
(8.1 |
) |
|
$ |
0.3 |
|
|
$ |
(7.8 |
) |
|
|
|
|
|
|
|
||||||
Constant currency-effected add(1): |
|
|
|
|
|
|
||||||
Depreciation and amortization expense – COS |
|
|
|
|
|
|
10.8 |
|
||||
Depreciation and amortization expense – D&A |
|
|
|
|
|
|
8.6 |
|
||||
Interest expense |
|
|
|
|
|
|
6.3 |
|
||||
Income tax benefit |
|
|
|
|
|
|
(1.6 |
) |
||||
Constant currency EBITDA |
|
|
|
|
|
|
16.3 |
|
||||
|
|
|
|
|
|
|
||||||
Constant currency-effected adjustments(2): |
|
|
|
|
|
|
||||||
Unrealized gain translation |
|
|
|
|
|
|
(1.5 |
) |
||||
Non-cash impairment losses |
|
|
|
|
|
|
0.5 |
|
||||
M&A, restructuring, severance |
|
|
|
|
|
|
1.0 |
|
||||
Amortization of restricted stock units |
|
|
|
|
|
|
1.3 |
|
||||
Amortization of cloud-based software implementation costs(3) |
|
|
|
|
|
|
0.9 |
|
||||
Cloud-based software implementation costs |
|
|
|
|
|
|
0.5 |
|
||||
SOX remediation |
|
|
|
|
|
|
0.8 |
|
||||
Other adjustments |
|
|
|
|
|
|
0.4 |
|
||||
Constant currency AEBITDA |
|
|
|
|
|
$ |
20.2 |
|
||||
Ranpak Holdings Corp.
|
||||||||||||
|
|
Three Months Ended March 31, 2023 |
||||||||||
|
|
As reported |
|
Constant Currency(4) |
|
Non-GAAP |
||||||
Net revenue |
|
$ |
81.2 |
|
|
$ |
3.6 |
|
|
$ |
84.8 |
|
Cost of goods sold |
|
|
53.7 |
|
|
|
2.3 |
|
|
|
56.0 |
|
Gross profit |
|
|
27.5 |
|
|
|
1.3 |
|
|
|
28.8 |
|
Selling, general and administrative expenses |
|
|
27.2 |
|
|
|
0.9 |
|
|
|
28.1 |
|
Depreciation and amortization expense |
|
|
8.0 |
|
|
|
0.2 |
|
|
|
8.2 |
|
Other operating expense, net |
|
|
1.2 |
|
|
|
- |
|
|
|
1.2 |
|
Loss from operations |
|
|
(8.9 |
) |
|
|
0.2 |
|
|
|
(8.7 |
) |
Interest expense |
|
|
5.7 |
|
|
|
0.1 |
|
|
|
5.8 |
|
Foreign currency loss |
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
Other non-operating (income) expense, net |
|
|
(0.3 |
) |
|
|
0.5 |
|
|
|
0.2 |
|
Loss before income tax benefit |
|
|
(14.5 |
) |
|
|
(0.4 |
) |
|
|
(14.9 |
) |
Income tax benefit |
|
|
(2.1 |
) |
|
|
- |
|
|
|
(2.1 |
) |
Net loss |
|
|
(12.4 |
) |
|
|
(0.4 |
) |
|
|
(12.8 |
) |
|
|
|
|
|
|
|
||||||
Constant currency-effected add(1): |
|
|
|
|
|
|
||||||
Depreciation and amortization expense – COS |
|
|
|
|
|
|
8.6 |
|
||||
Depreciation and amortization expense – D&A |
|
|
|
|
|
|
8.2 |
|
||||
Interest expense |
|
|
|
|
|
|
5.8 |
|
||||
Income tax benefit |
|
|
|
|
|
|
(2.1 |
) |
||||
Constant currency EBITDA |
|
|
|
|
|
|
7.7 |
|
||||
|
|
|
|
|
|
|
||||||
Constant currency-effected adjustments(2): |
|
|
|
|
|
|
||||||
Unrealized loss translation |
|
|
|
|
|
|
0.2 |
|
||||
Non-cash impairment losses |
|
|
|
|
|
|
0.5 |
|
||||
M&A, restructuring, severance |
|
|
|
|
|
|
0.2 |
|
||||
Share-based compensation expense |
|
|
|
|
|
|
2.9 |
|
||||
Amortization of cloud-based software implementation costs(3) |
|
|
|
|
|
|
0.8 |
|
||||
Cloud-based software implementation costs |
|
|
|
|
|
|
1.1 |
|
||||
Other adjustments |
|
|
|
|
|
|
1.7 |
|
||||
Constant currency AEBITDA |
|
|
|
|
|
$ |
15.1 |
|
||||
|
|
|
|
(1) |
Reconciliations of EBITDA and constant currency AEBITDA for each period presented are to net (loss) income, the nearest GAAP equivalent. |
||
(2) |
Adjustments are related to non-cash unusual or infrequent costs such as: effects of non-cash foreign currency remeasurement or adjustment; impairment of returned machines; costs associated with the evaluation of acquisitions; costs associated with executive severance; costs associated with restructuring actions such as plant rationalization or realignment, reorganization, and reductions in force; costs associated with the implementation of the global ERP system; and other items deemed by management to be unusual, infrequent, or non-recurring. |
||
(3) |
Represents amortization of capitalized costs related to the implementation of the global ERP system, which are included in SG&A. |
||
(4) |
Effect of Euro constant currency adjustment to a rate of |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502271142/en/
Investors:
IR@Ranpak.com
Source: Ranpak Holdings Corp
FAQ
What was Ranpak Holdings Corp.'s net revenue for the first quarter of 2024?
How did Constant Currency Adjusted EBITDA perform in the first quarter of 2024?
What was the net loss for Ranpak Holdings Corp. in the first quarter of 2024?
What was the percentage increase in gross profit for Ranpak Holdings Corp.?
How did sales volume change for Ranpak Holdings Corp. in the first quarter of 2024?
