Ranpak Holdings Corp. Reports Second Quarter 2024 Financial Results
Ranpak Holdings Corp. (NYSE: PACK) reported solid Q2 2024 financial results, with net revenue increasing 5.5% year-over-year to $86.4 million. The company saw an 8.8% volume increase driven by strategic account activity in North America and 3.2% growth in Europe and APAC. Net income improved to $5.5 million compared to a $2.1 million loss in the prior year period. Constant Currency Adjusted EBITDA rose 7.4% to $20.4 million. Packaging system placement grew 0.4% to approximately 141,200 machines. The company maintained a strong liquidity position with $65.1 million in cash and no borrowings on its $45 million credit facility. Ranpak's focus remains on driving volume growth, deleveraging to 3.0x or below, and generating cash.
Ranpak Holdings Corp. (NYSE: PACK) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un aumento del fatturato netto del 5.5% rispetto all'anno precedente, arrivando a 86.4 milioni di dollari. L'azienda ha registrato un aumento del volume dell'8.8% grazie all'attività dei conti strategici in Nord America e a una crescita del 3.2% in Europa e APAC. Il reddito netto è migliorato a 5.5 milioni di dollari rispetto a una perdita di 2.1 milioni nello stesso periodo dell'anno precedente. L'EBITDA rettificato per valuta costante è aumentato del 7.4% a 20.4 milioni di dollari. L'installazione dei sistemi di imballaggio è cresciuta dello 0.4% raggiungendo circa 141,200 macchine. L'azienda ha mantenuto una solida posizione di liquidità con 65.1 milioni di dollari in contante e nessun prestito sul suo credito di 45 milioni di dollari. L'obiettivo di Ranpak rimane quello di aumentare la crescita del volume, ridurre il debito a 3.0x o meno e generare liquidità.
Ranpak Holdings Corp. (NYSE: PACK) informó resultados financieros sólidos para el segundo trimestre de 2024, con un aumento del ingreso neto del 5.5% interanual, alcanzando los 86.4 millones de dólares. La empresa vio un incremento del volumen del 8.8% impulsado por la actividad de cuentas estratégicas en América del Norte y un crecimiento del 3.2% en Europa y APAC. El ingreso neto mejoró a 5.5 millones de dólares en comparación con una pérdida de 2.1 millones en el mismo periodo del año anterior. El EBITDA ajustado por moneda constante creció un 7.4% a 20.4 millones de dólares. La instalación de sistemas de empaque creció un 0.4% alcanzando aproximadamente 141,200 máquinas. La empresa mantuvo una fuerte posición de liquidez con 65.1 millones de dólares en efectivo y sin deudas en su línea de crédito de 45 millones de dólares. El enfoque de Ranpak sigue siendo impulsar el crecimiento del volumen, reducir el apalancamiento a 3.0x o menos y generar efectivo.
Ranpak Holdings Corp. (NYSE: PACK)는 2024년 2분기 재무 결과를 발표했으며, 전년 대비 5.5% 증가한 8640만 달러의 순 수익을 기록했습니다. 이 회사는 북미의 전략 계좌 활동에 힘입어 8.8%의 물량 증가를 경험했으며, 유럽과 APAC에서 3.2% 성장했습니다. 순이익은 550만 달러로 개선되었으며 이는 전년도 같은 기간의 210만 달러 손실에 비해 개선된 수치입니다. 상수통화 조정 EBITDA는 7.4% 증가하여 2040만 달러에 달했습니다. 포장 시스템의 배치는 0.4% 증가하여 약 141,200대의 기계에 도달했습니다. 이 회사는 6510만 달러의 현금을 보유하고 있으며 4500만 달러의 신용 시설에 대한 대출이 없는 강력한 유동성 위치를 유지하고 있습니다. Ranpak의 초점은 물량 성장 촉진, 3.0배 이하의 차입 감소, 및 현금 생성에 있습니다.
Ranpak Holdings Corp. (NYSE: PACK) a publié des résultats financiers solides pour le deuxième trimestre 2024, avec une augmentation de 5,5 % du chiffre d'affaires net par rapport à l'année précédente, atteignant 86,4 millions de dollars. L'entreprise a constaté une augmentation de volume de 8,8 % grâce à l'activité des comptes stratégiques en Amérique du Nord et une croissance de 3,2 % en Europe et APAC. Le revenu net a augmenté à 5,5 millions de dollars par rapport à une perte de 2,1 millions de dollars au cours de la même période l'année précédente. L'EBITDA ajusté en monnaie constante a augmenté de 7,4 % pour atteindre 20,4 millions de dollars. Le placement de systèmes d'emballage a crû de 0,4 %, atteignant environ 141 200 machines. L'entreprise a maintenu une solide position de liquidité avec 65,1 millions de dollars en espèces et aucun emprunt sur sa ligne de crédit de 45 millions de dollars. L'accent de Ranpak reste sur l'augmentation de la croissance du volume, la réduction de l'endettement à 3,0x ou moins, et la génération de liquidités.
Ranpak Holdings Corp. (NYSE: PACK) hat solide Finanzzahlen für das zweite Quartal 2024 gemeldet, mit einem Anstieg des Nettoumsatzes um 5,5 % im Vergleich zum Vorjahr auf 86,4 Millionen US-Dollar. Das Unternehmen verzeichnete einen volumenmäßigen Anstieg von 8,8 %, der durch strategische Kontenaktivitäten in Nordamerika und ein Wachstum von 3,2 % in Europa und APAC getrieben wurde. Der Nettogewinn verbesserte sich auf 5,5 Millionen US-Dollar im Vergleich zu einem Verlust von 2,1 Millionen US-Dollar im Vorjahreszeitraum. Das bereinigte EBITDA in konstanter Währung stieg um 7,4 % auf 20,4 Millionen US-Dollar. Die Platzierung von Verpackungssystemen wuchs um 0,4 % auf etwa 141.200 Maschinen. Das Unternehmen hielt eine starke Liquiditätsposition mit 65,1 Millionen US-Dollar in bar und keinen Kreditaufnahmen an seiner Kreditlinie von 45 Millionen US-Dollar aufrecht. Ranpaks Fokus bleibt auf der Steigerung des Volumens, der Reduzierung der Verschuldung auf 3,0x oder weniger und der Generierung von Bargeld.
- Net revenue increased 5.5% year-over-year to $86.4 million
- Net income improved to $5.5 million from a $2.1 million loss in the prior year
- Constant Currency Adjusted EBITDA rose 7.4% to $20.4 million
- 8.8% volume increase driven by strategic account activity
- Strong liquidity position with $65.1 million in cash
- Cushioning sales decreased 4.4% to $35.0 million
- Other sales (including automated box sizing equipment) decreased 8.6% to $5.3 million
- Net leverage ratio remains high at 4.2x Adjusted EBITDA
Ranpak's Q2 2024 results show modest growth and improved profitability, but there are some nuances to consider:
- Net revenue increased
5.5% year-over-year to$86.4 million , with constant currency growth of5.9% . This growth was primarily driven by an8.8% increase in paper consumable product volumes, partially offset by pricing/mix declines. - The company swung to a net profit of
$5.5 million , compared to a$2.1 million loss in Q2 2023. This improvement in profitability is encouraging, but it's important to note that the company still reported a$2.6 million net loss for the first half of 2024. - Constant Currency Adjusted EBITDA grew
7.4% to$20.4 million , outpacing revenue growth and indicating improved operational efficiency. - The balance sheet shows
$65.1 million in cash and no borrowings on the revolving credit facility, providing solid liquidity. However, the net leverage ratio of 4.2x AEBITDA is still relatively high, though improving.
While these results demonstrate progress, investors should monitor the sustainability of volume growth, especially given management's comments about constrained activity levels among many customers due to economic pressures. The strategic account initiatives in North America, particularly in e-commerce, could be a significant growth driver if they continue to gain traction.
Ranpak's Q2 results offer interesting insights into market trends and the company's competitive positioning:
- The
8.8% volume increase, particularly in North America, suggests growing adoption of paper-based packaging solutions. This aligns with broader sustainability trends in the e-commerce and industrial sectors. - The company's focus on strategic accounts, especially large e-commerce players shifting from plastic to paper, could be a significant growth catalyst. This trend is likely to continue as companies face increasing pressure to reduce plastic use.
- Ranpak's emphasis on automation and data capabilities as differentiators indicates a shift towards more value-added solutions. This could help the company maintain pricing power and deepen customer relationships in a competitive market.
- The geographic split shows stronger growth in North America (
17.1% ) compared to Europe/Asia (-2.0% ). This divergence may reflect differing economic conditions and adoption rates of sustainable packaging solutions across regions.
The company's strategic positioning around sustainability and automation appears well-aligned with market trends. However, the ongoing economic pressures affecting customer activity levels remain a concern and could impact growth rates in the near term. Investors should watch for further evidence of the company's ability to capitalize on the plastic-to-paper shift, particularly among large e-commerce players.
-
Packaging System placement up
0.4% year over year to approximately 141.2 thousand machines at June 30, 2024 -
Net revenue for the second quarter increased
5.5% year over year to$86.4 million 5.9% year over year on a constant currency basis to$89.6 million -
Net income for the second quarter of
$5.5 million $2.1 million -
Constant Currency Adjusted EBITDA (“AEBITDA”) for the second quarter of
$20.4 million 7.4% , or$1.4 million
Omar Asali, Chairman and Chief Executive Officer, commented, “We are pleased to build on our momentum to start the year and deliver a solid performance in the second quarter that included growth in volumes, sales, Adjusted EBITDA and an increase in our cash position. Sales for the quarter increased
“We were pleased to execute on our strategic account activity plan in the second quarter and see the beginnings of large e-commerce players in
In addition to the sustainability momentum, our Automation and data capabilities are increasingly becoming a key differentiator in discussions with large accounts. Our value-added solutions provide customers with insights into their business as well as cost savings opportunities, enabling us to have much deeper and broader relationships across these organizations. I truly believe we have changed the game at Ranpak, and the world is beginning to see Ranpak brings a lot more to the table than it did a few years ago.”
Second Quarter 2024 Highlights
-
Packaging systems placement increased
0.4% year over year, to approximately 141.2 thousand machines as of June 30, 2024 -
Net revenue increased
5.5% and increased5.9% adjusting for constant currency -
Net income of
$5.5 million $2.1 million -
Constant currency AEBITDA1 of
$20.4 million 7.4%
Net revenue for the second quarter of 2024 was
Net revenue in
Net revenue in
| _________________________ |
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. |
Year-to-Date 2024 Highlights
-
Net revenue increased
5.3% and increased5.1% adjusting for constant currency -
Net loss of
$2.6 million $14.5 million -
Constant currency AEBITDA of
$40.6 million 19.1%
Balance Sheet and Liquidity
Ranpak completed the second 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 June 30, 2024 and 2023:
|
June 30, 2024 |
June 30, 2023 |
Change |
% Change |
||||
PPS Systems |
|
(in thousands) |
|
|
||||
Cushioning machines |
34.9 |
35.0 |
(0.1 |
) |
(0.3 |
) |
||
Void-Fill machines |
83.9 |
83.3 |
0.6 |
|
0.7 |
|
||
Wrapping machines |
22.4 |
22.4 |
— |
|
— |
|
||
Total |
141.2 |
140.7 |
0.5 |
|
0.4 |
|
||
Conference Call Information
The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, August 1, 2024. The conference call and earnings presentation will be webcast live at the following link: https://events.q4inc.com/attendee/405040634. 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, August 1, 2024 and ending at 11:59 p.m. (ET) on Thursday, August 8, 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”). Statements that are not historical facts are forward-looking statements. 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. 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 ESG 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. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in millions, except share and per share data) |
||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Paper revenue |
$ |
67.5 |
|
$ |
63.3 |
|
$ |
133.7 |
|
$ |
127.6 |
|
Machine lease revenue |
|
13.6 |
|
|
12.7 |
|
|
26.4 |
|
|
25.5 |
|
Other revenue |
|
5.3 |
|
|
5.9 |
|
|
11.6 |
|
|
10.0 |
|
Net revenue |
|
86.4 |
|
|
81.9 |
|
|
171.7 |
|
|
163.1 |
|
Cost of goods sold |
|
54.7 |
|
|
51.7 |
|
|
107.7 |
|
|
105.4 |
|
Gross profit |
|
31.7 |
|
|
30.2 |
|
|
64.0 |
|
|
57.7 |
|
Selling, general and administrative expenses |
|
27.3 |
|
|
16.3 |
|
|
55.2 |
|
|
43.5 |
|
Depreciation and amortization expense |
|
8.3 |
|
|
8.1 |
|
|
16.7 |
|
|
16.1 |
|
Other operating expense, net |
|
1.3 |
|
|
1.4 |
|
|
2.1 |
|
|
2.6 |
|
Income (loss) from operations |
|
(5.2 |
) |
|
4.4 |
|
|
(10.0 |
) |
|
(4.5 |
) |
Interest expense |
|
5.3 |
|
|
5.9 |
|
|
11.5 |
|
|
11.6 |
|
Foreign currency (gain) loss |
|
0.1 |
|
|
0.7 |
|
|
(1.3 |
) |
|
0.9 |
|
Other non-operating income, net |
|
(17.9 |
) |
|
(0.4 |
) |
|
(17.9 |
) |
|
(0.7 |
) |
Income (loss) before income tax expense (benefit) |
|
7.3 |
|
|
(1.8 |
) |
|
(2.3 |
) |
|
(16.3 |
) |
Income tax expense (benefit) |
|
1.8 |
|
|
0.3 |
|
|
0.3 |
|
|
(1.8 |
) |
Net income (loss) |
$ |
5.5 |
|
$ |
(2.1 |
) |
$ |
(2.6 |
) |
$ |
(14.5 |
) |
|
|
|
|
|
||||||||
Two-class method |
|
|
|
|
||||||||
Basic and diluted income (loss) per share |
$ |
0.07 |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
$ |
(0.18 |
) |
Class A – basic and diluted income (loss) per share |
$ |
0.07 |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
$ |
(0.18 |
) |
Class C – basic and diluted income (loss) per share |
$ |
0.07 |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
$ |
(0.17 |
) |
|
|
|
|
|
||||||||
Weighted average number of shares outstanding – Class A and C – basic |
|
83,071,520 |
|
|
82,432,158 |
|
|
82,876,914 |
|
|
82,285,291 |
|
Weighted average number of shares outstanding – Class A and C – diluted |
|
83,123,636 |
|
|
82,432,158 |
|
|
82,876,914 |
|
|
82,285,291 |
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), before tax |
|
|
|
|
||||||||
Foreign currency translation adjustments |
$ |
(0.1 |
) |
$ |
(1.2 |
) |
$ |
(2.2 |
) |
$ |
0.9 |
|
Interest rate swap adjustments |
|
(0.8 |
) |
|
(1.0 |
) |
|
(3.4 |
) |
|
(3.1 |
) |
Total other comprehensive loss, before tax |
|
(0.9 |
) |
|
(2.2 |
) |
|
(5.6 |
) |
|
(2.2 |
) |
Benefit for income taxes related to other comprehensive income (loss) |
|
(0.1 |
) |
|
(0.4 |
) |
|
— |
|
|
(1.2 |
) |
Total other comprehensive loss, net of tax |
|
(0.8 |
) |
|
(1.8 |
) |
|
(5.6 |
) |
|
(1.0 |
) |
Comprehensive income (loss), net of tax |
$ |
4.7 |
|
$ |
(3.9 |
) |
$ |
(8.2 |
) |
$ |
(15.5 |
) |
Ranpak Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (in millions, except share data) |
||||||
June 30, 2024 |
December 31, 2023 |
|||||
| Assets | ||||||
Current assets |
|
|||||
Cash and cash equivalents |
$ |
65.1 |
$ |
62.0 |
||
Accounts receivable, net |
|
36.5 |
|
|
31.6 |
|
Inventories, net |
|
26.0 |
|
|
17.3 |
|
Income tax receivable |
|
7.5 |
|
|
0.9 |
|
Prepaid expenses and other current assets |
|
12.4 |
|
|
13.1 |
|
Total current assets |
|
147.5 |
|
|
124.9 |
|
|
|
|
||||
Property, plant and equipment, net |
|
139.1 |
|
|
142.1 |
|
Operating lease right-of-use assets, net |
|
22.2 |
|
|
23.7 |
|
Goodwill |
|
446.8 |
|
|
450.1 |
|
Intangible assets, net |
|
328.7 |
|
|
345.4 |
|
Deferred tax assets |
|
0.1 |
|
|
0.1 |
|
Other assets |
|
35.6 |
|
|
36.4 |
|
Total assets |
$ |
1,120.0 |
|
$ |
1,122.7 |
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
||||
Current liabilities |
|
|
||||
Accounts payable |
$ |
26.2 |
|
$ |
17.6 |
|
Accrued liabilities and other |
|
23.5 |
|
|
22.1 |
|
Current portion of long-term debt |
|
2.6 |
|
|
2.5 |
|
Operating lease liabilities, current |
|
3.9 |
|
|
3.8 |
|
Deferred revenue |
|
2.4 |
|
|
2.0 |
|
Total current liabilities |
|
58.6 |
|
|
48.0 |
|
Long-term debt |
393.5 |
397.8 |
||
Deferred tax liabilities |
72.4 |
|
71.6 |
|
Derivative instruments |
4.3 |
|
6.3 |
|
Operating lease liabilities, non-current |
22.5 |
|
24.7 |
|
Other liabilities |
2.5 |
|
2.3 |
|
Total liabilities |
553.8 |
|
550.7 |
|
|
|
|
||
Commitments and contingencies – Note 13 |
||||||
Shareholders' equity |
||||||
Class A common stock, |
— |
— |
||||
Convertible Class C common stock, |
|
— |
|
|
— |
|
Additional paid-in capital |
|
696.1 |
|
|
693.7 |
|
Accumulated deficit |
|
(126.4 |
) |
|
(123.8 |
) |
Accumulated other comprehensive income (loss) |
|
(3.5 |
) |
|
2.1 |
|
Total shareholders' equity |
|
566.2 |
|
|
572.0 |
|
Total liabilities and shareholders' equity |
$ |
1,120.0 |
|
$ |
1,122.7 |
|
Ranpak Holdings Corp. Unaudited Condensed Consolidated Statements of Cash Flows (in millions) |
||||||||
Six Months Ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
||
Cash Flows from Operating Activities |
|
|
|
|
||||
Net loss |
$ |
|
(2.6 |
) |
$ |
|
(14.5 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
35.5 |
|
|
|
33.0 |
|
Amortization of deferred financing costs |
|
|
1.4 |
|
|
|
0.9 |
|
Loss on disposal of property and equipment |
|
|
0.6 |
|
|
|
0.8 |
|
Gain on sale of patents |
|
|
(5.4 |
) |
|
|
— |
|
Deferred income taxes |
|
|
3.7 |
|
|
|
(0.3 |
) |
Amortization of initial value of interest rate swap |
|
|
(1.2 |
) |
|
|
(0.9 |
) |
Currency (gain) loss on foreign denominated debt and notes payable |
|
|
(1.3 |
) |
|
|
0.8 |
|
Stock-based compensation expense |
|
|
2.8 |
|
|
|
(6.7 |
) |
Amortization of cloud-based software implementation costs |
|
|
1.8 |
|
|
|
1.5 |
|
Unrealized loss on strategic investments |
|
|
3.5 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
(Increase) decrease in receivables, net |
|
|
(5.6 |
) |
|
|
(1.5 |
) |
(Increase) decrease in inventory |
|
|
(8.8 |
) |
|
|
2.8 |
|
(Increase) decrease in income tax receivable |
|
|
(6.6 |
) |
|
|
(2.0 |
) |
(Increase) decrease in prepaid expenses and other assets |
|
|
(2.6 |
) |
|
|
(3.5 |
) |
Increase (decrease) in accounts payable |
|
|
9.5 |
|
|
|
1.5 |
|
Increase (decrease) in accrued liabilities |
|
|
3.4 |
|
|
|
2.3 |
|
Change in other assets and liabilities |
|
|
(3.3 |
) |
|
|
2.4 |
|
Net cash provided by operating activities |
|
|
24.8 |
|
|
|
16.6 |
|
Cash Flows from Investing Activities |
|
|
|
|
||||
Purchases of converter equipment |
|
|
(15.3 |
) |
|
|
(11.0 |
) |
Purchases of other property, plant, and equipment |
|
|
(4.4 |
) |
|
|
(14.2 |
) |
Proceeds from sale of patents |
|
|
5.4 |
|
|
|
— |
|
Cash paid for strategic investments |
|
|
(4.8 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(19.1 |
) |
|
|
(25.2 |
) |
Cash Flows from Financing Activities |
|
|
|
|
||||
Principal payments on term loans |
|
|
(0.8 |
) |
|
|
(1.1 |
) |
Financing costs of debt facilities |
|
|
— |
|
|
|
(0.2 |
) |
Proceeds from equipment financing |
|
|
0.7 |
|
|
|
1.9 |
|
Payments on equipment financing |
|
|
(0.5 |
) |
|
|
— |
|
Payments on finance lease liabilities |
|
|
(0.6 |
) |
|
|
(0.8 |
) |
Tax payments for withholdings on stock-based awards distributed |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
Net cash used in financing activities |
|
|
(1.6 |
) |
|
|
(0.7 |
) |
Effect of Exchange Rate Changes on Cash |
|
|
(1.0 |
) |
|
|
0.4 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
|
3.1 |
|
|
|
(8.9 |
) |
Cash and Cash Equivalents, beginning of period |
|
62.0 |
|
|
62.8 |
|
||
Cash and Cash Equivalents, end of period |
$ |
65.1 |
|
$ |
53.9 |
|
||
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 and Constant Currency AEBITDA can provide a useful measure for period-to-period comparisons of our primary business operations. Adjusting AEBITDA for comparability for constant currency also assists in this comparison as it allows a better insight into the performance of our businesses that operate in currencies other than our reporting currency. Before consolidation, our
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
This data is based on our historical financial statements, adjusted (where applicable) to reflect a constant currency presentation between periods for the convenience of readers. We reconcile this data to our GAAP data for the same period for the three and six months ended June 30, 2024 and 2023. Dollar amounts are presented in millions. “NM” represents “not meaningful.”
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation and Comparison of GAAP Statement of Income Data to Non-GAAP EBITDA and Constant Currency AEBITDA For the Second Quarter of 2024 and 2023 (in millions) Please refer to our discussion and definitions of Non-GAAP financial measures |
|||||||||||
Three Months Ended June 30, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
$ Change |
% Change |
|||
Net revenue |
$ |
86.4 |
|
$ |
81.9 |
|
$ |
4.5 |
|
5.5 |
|
Cost of goods sold |
|
54.7 |
|
|
51.7 |
|
|
3.0 |
|
5.8 |
|
Gross profit |
|
31.7 |
|
|
30.2 |
|
|
1.5 |
|
5.0 |
|
Selling, general and administrative expenses |
|
27.3 |
|
|
16.3 |
|
|
11.0 |
|
67.5 |
|
Depreciation and amortization expense |
|
8.3 |
|
|
8.1 |
|
|
0.2 |
|
2.5 |
|
Other operating expense, net |
|
1.3 |
|
|
1.4 |
|
|
(0.1 |
) |
(7.1 |
) |
Income (loss) from operations |
|
(5.2 |
) |
|
4.4 |
|
|
(9.6 |
) |
(218.2 |
) |
Interest expense |
|
5.3 |
|
|
5.9 |
|
|
(0.6 |
) |
(10.2 |
) |
Foreign currency loss |
|
0.1 |
|
|
0.7 |
|
|
(0.6 |
) |
(85.7 |
) |
Other non-operating income, net |
|
(17.9 |
) |
|
(0.4 |
) |
|
(17.5 |
) |
NM |
|
Income (loss) before income tax expense |
|
7.3 |
|
|
(1.8 |
) |
|
9.1 |
|
(505.6 |
) |
Income tax expense |
|
1.8 |
|
|
0.3 |
|
|
1.5 |
|
500.0 |
|
Net income (loss) |
|
5.5 |
|
|
(2.1 |
) |
|
7.6 |
|
(361.9 |
) |
Depreciation and amortization expense – COS |
|
8.4 |
|
|
8.6 |
|
|
(0.2 |
) |
|
— |
|
Depreciation and amortization expense – D&A |
|
8.3 |
|
|
8.1 |
|
|
0.2 |
|
|
2.5 |
|
Interest expense |
|
5.3 |
|
|
5.9 |
|
|
(0.6 |
) |
|
(10.2 |
) |
Income tax expense |
|
1.8 |
|
|
0.3 |
|
|
1.5 |
|
|
500.0 |
|
EBITDA(1) |
29.3 |
20.8 |
8.5 |
|
40.9 |
|
Adjustments(2): |
|
||||||||||
Foreign currency loss |
|
0.1 |
|
|
0.6 |
|
|
(0.5 |
) |
(83.3 |
) |
Non-cash impairment losses |
|
0.2 |
|
|
0.5 |
|
|
(0.3 |
) |
(60.0 |
) |
M&A, restructuring, severance |
|
1.5 |
|
|
1.3 |
|
|
0.2 |
|
15.4 |
|
Stock-based compensation expense |
|
1.5 |
|
|
(9.5 |
) |
|
11.0 |
|
(115.8 |
) |
Amortization of cloud-based software implementation costs(3) |
|
0.9 |
|
|
0.8 |
|
|
0.1 |
|
— |
|
Cloud-based software implementation costs |
|
0.7 |
|
|
1.2 |
|
|
(0.5 |
) |
(41.7 |
) |
SOX remediation costs |
|
2.4 |
|
|
2.4 |
|
|
— |
|
— |
|
Gain on sale of patents |
|
(5.4 |
) |
|
— |
|
|
(5.4 |
) |
NM |
|
Patent litigation settlement |
|
(16.1 |
) |
|
— |
|
|
(16.1 |
) |
NM |
|
Unrealized loss on strategic investments |
|
3.5 |
|
|
— |
|
|
3.5 |
|
NM |
|
Other adjustments |
|
1.0 |
|
|
0.1 |
|
|
0.9 |
|
900.0 |
|
Constant currency |
|
0.8 |
|
|
0.8 |
|
|
— |
|
— |
|
Constant Currency AEBITDA(1) |
$ |
20.4 |
|
$ |
19.0 |
|
$ |
1.4 |
|
7.4 |
|
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation and Comparison of GAAP Statement of Income Data to Non-GAAP EBITDA and Constant Currency AEBITDA For the Six Months Ended June 30, 2024 and 2023 (in millions) Please refer to our discussion and definitions of Non-GAAP financial measures |
|||||||||||
Six Months Ended June 30, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
$ Change |
% Change |
|||
Net revenue |
$ |
171.7 |
|
$ |
163.1 |
|
$ |
8.6 |
|
5.3 |
|
Cost of goods sold |
|
107.7 |
|
|
105.4 |
|
|
2.3 |
|
2.2 |
|
Gross profit |
|
64.0 |
|
|
57.7 |
|
|
6.3 |
|
10.9 |
|
Selling, general and administrative expenses |
|
55.2 |
|
|
43.5 |
|
|
11.7 |
|
26.9 |
|
Depreciation and amortization expense |
|
16.7 |
|
|
16.1 |
|
|
0.6 |
|
3.7 |
|
Other operating expense, net |
|
2.1 |
|
|
2.6 |
|
|
(0.5 |
) |
(19.2 |
) |
Loss from operations |
|
(10.0 |
) |
|
(4.5 |
) |
|
(5.5 |
) |
122.2 |
|
Interest expense |
|
11.5 |
|
|
11.6 |
|
|
(0.1 |
) |
(0.9 |
) |
Foreign currency (gain) loss |
|
(1.3 |
) |
|
0.9 |
|
|
(2.2 |
) |
(244.4 |
) |
Other non-operating income, net |
|
(17.9 |
) |
|
(0.7 |
) |
|
(17.2 |
) |
NM |
|
Loss before income tax expense (benefit) |
|
(2.3 |
) |
|
(16.3 |
) |
|
14.0 |
|
(85.9 |
) |
Income tax expense (benefit) |
|
0.3 |
|
|
(1.8 |
) |
|
2.1 |
|
(116.7 |
) |
Net loss |
|
(2.6 |
) |
|
(14.5 |
) |
|
11.9 |
|
(82.1 |
) |
Depreciation and amortization expense – COS |
|
18.8 |
|
16.9 |
|
1.9 |
|
— |
|
||
Depreciation and amortization expense – D&A |
|
16.7 |
|
16.1 |
|
0.6 |
|
3.7 |
|
||
Interest expense |
|
11.5 |
|
11.6 |
|
(0.1 |
) |
(0.9 |
) |
||
Income tax expense (benefit) |
0.3 |
(1.8 |
) |
2.1 |
(116.7 |
) |
|||||
EBITDA(1) |
44.7 |
28.3 |
|
16.4 |
|
58.0 |
|
Adjustments(2): |
|
||||||||||
Foreign currency (gain) loss |
|
(1.3 |
) |
|
0.8 |
|
|
(2.1 |
) |
(262.5 |
) |
Non-cash impairment losses |
|
0.6 |
|
|
0.9 |
|
|
(0.3 |
) |
(33.3 |
) |
M&A, restructuring, severance |
|
2.4 |
|
|
1.5 |
|
|
0.9 |
|
60.0 |
|
Stock-based compensation expense |
|
2.8 |
|
|
(6.7 |
) |
|
9.5 |
|
(141.8 |
) |
Amortization of cloud-based software implementation costs(3) |
|
1.8 |
|
|
1.5 |
|
|
0.3 |
|
— |
|
Cloud-based software implementation costs |
|
1.2 |
|
|
2.4 |
|
|
(1.2 |
) |
(50.0 |
) |
SOX remediation costs |
|
3.2 |
|
|
2.4 |
|
|
0.8 |
|
33.3 |
|
Gain on sale of patents |
|
(5.4 |
) |
|
— |
|
|
(5.4 |
) |
NM |
|
Patent litigation settlement |
|
(16.1 |
) |
|
— |
|
|
(16.1 |
) |
NM |
|
Unrealized loss on strategic investments |
|
3.5 |
|
|
— |
|
|
3.5 |
|
NM |
|
Other adjustments |
|
1.4 |
|
|
1.4 |
|
|
— |
|
— |
|
Constant currency |
|
1.8 |
|
|
1.6 |
|
|
0.2 |
|
12.5 |
|
Constant Currency AEBITDA(1) |
$ |
40.6 |
|
$ |
34.1 |
|
$ |
6.5 |
|
19.1 |
|
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation of GAAP Statement of Income Data to Non-GAAP Constant Currency Statement of Income Data, Constant Currency EBITDA, and Constant Currency AEBITDA (in millions) For the Second Quarter of 2024 Please refer to our discussion and definitions of Non-GAAP financial measures, including Non-GAAP Constant Currency
|
|||||||||
Three Months Ended June 30, 2024 |
|||||||||
As reported |
Constant Currency(4) |
Non-GAAP |
|||||||
Net revenue |
$ |
86.4 |
|
$ |
3.2 |
|
$ |
89.6 |
|
Cost of goods sold |
|
54.7 |
|
|
1.9 |
|
|
56.6 |
|
Gross profit |
|
31.7 |
|
|
1.3 |
|
|
33.0 |
|
Selling, general and administrative expenses |
|
27.3 |
|
|
1.0 |
|
|
28.3 |
|
Depreciation and amortization expense |
|
8.3 |
|
|
0.1 |
|
|
8.4 |
|
Other operating expense, net |
|
1.3 |
|
|
0.1 |
|
|
1.4 |
|
Loss from operations |
|
(5.2 |
) |
|
0.1 |
|
|
(5.1 |
) |
Interest expense |
|
5.3 |
|
|
— |
|
|
5.3 |
|
Foreign currency loss |
|
0.1 |
|
|
— |
|
|
0.1 |
|
Other non-operating income, net |
|
(17.9 |
) |
|
(1.0 |
) |
|
(18.9 |
) |
Income before income tax expense |
|
7.3 |
|
|
1.1 |
|
|
8.4 |
|
Income tax expense |
|
1.8 |
|
|
0.3 |
|
|
2.1 |
|
Net income |
$ |
5.5 |
|
$ |
0.8 |
|
$ |
6.3 |
|
Constant currency-effected add(1): |
|
||||||||
Depreciation and amortization expense – COS |
$ |
8.7 |
|
||||||
Depreciation and amortization expense – D&A |
|
|
8.4 |
|
|||||
Interest expense |
|
|
5.3 |
|
|||||
Income tax expense |
|
|
2.1 |
|
|||||
Constant currency EBITDA |
|
|
30.8 |
|
|||||
Constant currency-effected adjustments(2): |
|
||
Foreign currency loss |
|
0.1 |
|
Non-cash impairment losses |
|
0.1 |
|
M&A, restructuring, severance |
|
1.5 |
|
Stock-based compensation expense |
|
1.6 |
|
Amortization of cloud-based software implementation costs(3) |
|
0.9 |
|
Cloud-based software implementation costs |
|
0.7 |
|
SOX remediation |
|
2.4 |
|
Gain on sale of patents |
|
(5.4 |
) |
Patent litigation settlement |
|
(17.2 |
) |
Unrealized loss on strategic investments |
|
3.5 |
|
Other adjustments |
|
1.4 |
|
Constant currency AEBITDA |
$ |
20.4 |
|
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation of GAAP Statement of Income Data to Non-GAAP Constant Currency Statement of Income Data, Constant Currency EBITDA, and Constant Currency AEBITDA (in millions) For the Second Quarter of 2023 Please refer to our discussion and definitions of Non-GAAP financial measures, including Non-GAAP Constant Currency |
|||||||||
Three Months Ended June 30, 2023 |
|||||||||
As reported |
Constant Currency(4) |
Non-GAAP |
|||||||
Net revenue |
$ |
81.9 |
|
$ |
2.7 |
|
$ |
84.6 |
|
Cost of goods sold |
|
51.7 |
|
|
1.6 |
|
|
53.3 |
|
Gross profit |
|
30.2 |
|
|
1.1 |
|
|
31.3 |
|
Selling, general and administrative expenses |
|
16.3 |
|
|
0.5 |
|
|
16.8 |
|
Depreciation and amortization expense |
|
8.1 |
|
|
0.1 |
|
|
8.2 |
|
Other operating expense, net |
|
1.4 |
|
|
— |
|
|
1.4 |
|
Income from operations |
|
4.4 |
|
|
0.5 |
|
|
4.9 |
|
Interest expense |
|
5.9 |
|
|
0.1 |
|
|
6.0 |
|
Foreign currency loss |
|
0.7 |
|
|
— |
|
|
0.7 |
|
Other non-operating income, net |
|
(0.4 |
) |
|
0.4 |
|
|
— |
|
Loss before income tax expense |
|
(1.8 |
) |
|
— |
|
|
(1.8 |
) |
Income tax expense |
|
0.3 |
|
|
(0.3 |
) |
|
— |
|
Net loss |
$ |
(2.1 |
) |
$ |
0.3 |
|
$ |
(1.8 |
) |
Constant currency-effected add(1): |
|
||||||||
Depreciation and amortization expense – COS |
|
|
$ |
8.8 |
|
||||
Depreciation and amortization expense – D&A |
|
|
|
8.2 |
|
||||
Interest expense |
|
|
|
6.0 |
|
||||
Income tax expense |
|
|
— |
|
|||||
Constant currency EBITDA |
|
|
|
21.2 |
|
||||
Constant currency-effected adjustments(2): |
|
||
Foreign currency loss |
|
0.7 |
|
Non-cash impairment losses |
|
0.5 |
|
M&A, restructuring, severance |
|
1.5 |
|
Stock-based compensation expense |
|
(9.6 |
) |
Amortization of cloud-based software implementation costs(3) |
|
0.8 |
|
Cloud-based software implementation costs |
|
1.3 |
|
SOX remediation |
|
2.4 |
|
Other adjustments |
|
0.2 |
|
Constant currency AEBITDA |
$ |
19.0 |
|
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation of GAAP Statement of Income Data to Non-GAAP Constant Currency Statement of Income Data, Constant Currency EBITDA, and Constant Currency AEBITDA (in millions) For the Six Months Ended June 30, 2024 Please refer to our discussion and definitions of Non-GAAP financial measures, including Non-GAAP Constant Currency |
|||||||||
Six Months Ended June 30, 2024 |
|||||||||
As reported |
Constant Currency(4) |
Non-GAAP |
|||||||
Net revenue |
$ |
171.7 |
|
$ |
6.4 |
|
$ |
178.1 |
|
Cost of goods sold |
|
107.7 |
|
|
3.8 |
|
|
111.5 |
|
Gross profit |
|
64.0 |
|
|
2.6 |
|
|
66.6 |
|
Selling, general and administrative expenses |
|
55.2 |
|
|
1.7 |
|
|
56.9 |
|
Depreciation and amortization expense |
|
16.7 |
|
|
0.3 |
|
|
17.0 |
|
Other operating expense, net |
|
2.1 |
|
|
— |
|
|
2.1 |
|
Loss from operations |
|
(10.0 |
) |
|
0.6 |
|
|
(9.4 |
) |
Interest expense |
|
11.5 |
|
|
0.1 |
|
|
11.6 |
|
Foreign currency gain |
|
(1.3 |
) |
|
(0.1 |
) |
|
(1.4 |
) |
Other non-operating income, net |
|
(17.9 |
) |
|
(0.7 |
) |
|
(18.6 |
) |
Loss before income tax benefit |
|
(2.3 |
) |
|
1.3 |
|
|
(1.0 |
) |
Income tax expense |
|
0.3 |
|
|
0.2 |
|
|
0.5 |
|
Net loss |
$ |
(2.6 |
) |
$ |
1.1 |
|
$ |
(1.5 |
) |
Constant currency-effected add(1): |
|
||||||||
Depreciation and amortization expense – COS |
$ |
19.5 |
|
||||||
Depreciation and amortization expense – D&A |
|
17.0 |
|
||||||
Interest expense |
|
|
11.6 |
|
|||||
Income tax expense |
|
|
0.5 |
|
|||||
Constant currency EBITDA |
|
|
47.1 |
|
|||||
Constant currency-effected adjustments(2): |
|
||
Foreign currency gain |
|
(1.4 |
) |
Non-cash impairment losses |
|
0.6 |
|
M&A, restructuring, severance |
|
2.5 |
|
Stock-based compensation expense |
|
2.9 |
|
Amortization of cloud-based software implementation costs(3) |
|
1.8 |
|
Cloud-based software implementation costs |
|
1.2 |
|
SOX remediation |
|
3.2 |
|
Gain on sale of patents |
|
(5.4 |
) |
Patent litigation settlement |
|
(17.2 |
) |
Unrealized loss on strategic investments |
|
3.5 |
|
Other adjustments |
|
1.8 |
|
Constant currency AEBITDA |
$ |
40.6 |
|
|
|||
Ranpak Holdings Corp. Non-GAAP Financial Data Reconciliation of GAAP Statement of Income Data to Non-GAAP Constant Currency Statement of Income Data, Constant Currency EBITDA, and Constant Currency AEBITDA (in millions) For the Six Months Ended June 30, 2023 Please refer to our discussion and definitions of Non-GAAP financial measures, including Non-GAAP Constant Currency |
|||||||||
Six Months Ended June 30, 2023 |
|||||||||
As reported |
Constant Currency(4) |
Non-GAAP |
|||||||
Net revenue |
$ |
163.1 |
|
$ |
6.3 |
|
$ |
169.4 |
|
Cost of goods sold |
|
105.4 |
|
|
3.9 |
|
|
109.3 |
|
Gross profit |
|
57.7 |
|
|
2.4 |
|
|
60.1 |
|
Selling, general and administrative expenses |
|
43.5 |
|
|
1.4 |
|
|
44.9 |
|
Depreciation and amortization expense |
|
16.1 |
|
|
0.3 |
|
|
16.4 |
|
Other operating expense, net |
|
2.6 |
|
|
— |
|
|
2.6 |
|
Loss from operations |
|
(4.5 |
) |
|
0.7 |
|
|
(3.8 |
) |
Interest expense |
|
11.6 |
|
|
0.2 |
|
|
11.8 |
|
Foreign currency loss |
|
0.9 |
|
|
— |
|
|
0.9 |
|
Other non-operating (income) expense, net |
|
(0.7 |
) |
|
0.9 |
|
|
0.2 |
|
Loss before income tax benefit |
|
(16.3 |
) |
|
(0.4 |
) |
|
(16.7 |
) |
Income tax benefit |
|
(1.8 |
) |
|
(0.3 |
) |
|
(2.1 |
) |
Net loss |
$ |
(14.5 |
) |
$ |
(0.1 |
) |
$ |
(14.6 |
) |
Constant currency-effected add(1): |
|
||||||||
Depreciation and amortization expense – COS |
|
$ |
17.4 |
|
|||||
Depreciation and amortization expense – D&A |
|
|
16.4 |
|
|||||
Interest expense |
|
|
11.8 |
|
|||||
Income tax benefit |
|
|
(2.1 |
) |
|||||
Constant currency EBITDA |
|
28.9 |
|
||||||
Constant currency-effected adjustments(2): |
|
||
Foreign currency loss |
|
0.9 |
|
Non-cash impairment losses |
|
1.0 |
|
M&A, restructuring, severance |
|
1.7 |
|
Stock-based compensation expense |
|
(6.7 |
) |
Amortization of cloud-based software implementation costs(3) |
|
1.6 |
|
Cloud-based software implementation costs |
|
2.4 |
|
SOX remediation |
|
2.4 |
|
Other adjustments |
|
1.9 |
|
Constant currency AEBITDA |
$ |
34.1 |
|
| _________________________ | |
(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/20240801832641/en/
Investors:
IR@Ranpak.com
Source: Ranpak Holdings Corp.
FAQ
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