ATLANTA, April 21, 2020 /PRNewswire/ --
Q1 2020 Highlights
- Net Sales were $1,599.1 million
versus $1,505.9 million in the prior
year period.
- Net Income was ($12.7) million
versus $57.9 million in the prior
year period; loss includes the previously announced net
$89.7 million non-cash charge related
to the settlement of a U.S. pension plan.
- Earnings per Diluted Share were ($0.04) versus $0.19 in the prior year period.
- Adjusted Earnings per Diluted Share were $0.31 versus $0.21
in the prior year period.
- Adjusted EBITDA was $294.8
million versus $259.7 million
in the prior year period, driven by positive net organic volume
growth of 5% and solid productivity.
- Global liquidity was $1,473.9
million at quarter end; issued $450.0
million of 3.5% senior notes on 2/21/2020.
- Repurchased $119.4 million in
common shares during the quarter; delivered $396.1 million to stakeholders in share
repurchases, dividends, distributions and partnership
redemptions.
Strategic Actions and Announcements
- Actively keeping employees safe and serving customers as an
essential business in the food, beverage and consumer products
supply chain; providing $5 million in
one-time payments to front-line production employees.
- Donating a total of $500,000 to
local food banks in communities where we operate globally;
supporting Company philanthropic pillar of "putting food on the
table".
- Board of Directors has reviewed the current dividend policy and
remains committed to the existing return of capital to stakeholders
through dividends and distributions.
- Successfully completed and began integration of a converting
facility acquired from Quad/Graphics, Inc. and seven converting
facilities acquired from Greif, Inc.
- Announcing the closure of the 70,000 ton White Pigeon, Michigan Coated Recycled Board
(CRB) mill effective June 30, 2020
due to the operational strength of the Company's overall CRB mill
network and a CRB supply agreement with Greif, Inc.
- Announcing the closure of the 120,000 ton West Monroe, Louisiana PM1 containerboard
machine effective June 30, 2020
reflecting the Company's long-term confidence in the strength of
the Coated Unbleached Kraft (CUK) global beverage packaging
platform.
- Delayed the significant planned maintenance outage at the
West Monroe, Louisiana mill from
Q2 to Q3 due to increased near-term demand for CUK and contractor
work-related implications associated with COVID-19.
- Suspending annual Adjusted EBITDA and Cash Flow guidance
allowing time to assess potential shifts in consumer behavior and
spending patterns related to the COVID-19 crisis.
Graphic Packaging Holding Company (NYSE: GPK), (the "Company"),
a leading provider of packaging solutions to food, beverage,
foodservice, and other consumer products companies, today reported
a Net Loss for first quarter 2020 of $12.7
million, or a net loss per share of $0.04, based upon 288.9 million weighted average
diluted shares. This compares to first quarter 2019 Net Income of
$57.9 million, or $0.19 per share, based upon 298.2 million
weighted average diluted shares.
First quarter 2020 Net Income was negatively impacted by a net
$103.9 million of special charges
including a net $89.7 million
non-cash charge related to the settlement of a U.S. pension plan.
The charges are detailed in the Reconciliation of Non-GAAP
Financial Measures table attached. When adjusting for these
charges, Adjusted Net Income for the first quarter of 2020 was
$91.2 million, or $0.31 per diluted share. This compares to first
quarter 2019 Adjusted Net Income of $61.7
million or $0.21 per diluted
share.
"We had a very strong start to 2020 with positive net organic
volume growth of 5% and solid productivity driving meaningful
improvement to our key financial metrics. To date, we have
successfully met the increased and changing needs of our customers,
while effectively keeping our employees safe and healthy. I am
exceptionally proud of the work our teams around the world are
doing to meet the essential packaging needs of our customers and
the consumer" said President and CEO Michael Doss. "Importantly, we are also taking
decisive actions today to accelerate our strategic agenda to meet
the paperboard packaging needs of the consumer, balance supply and
demand to optimize cash flow, all while positioning our business to
capture profitable growth consistent with the goals we established
in our Vision 2025".
Doss added, "I am also pleased that our Board of Directors has
reviewed and remains committed to the existing return of capital to
stakeholders through dividends and distributions. Separately, we have decided to suspend our
annual Adjusted EBITDA and cash flow guidance to allow time to
assess potential shifts in consumer behavior and spending patterns
related to the COVID-19 crisis. At Graphic Packaging, we are
committed to continued leadership as we provide best-in-class
quality and service to customers, a safe working environment for
our employees, and long-term returns for stakeholders."
Strategic Actions and Announcements
Graphic Packaging Holding Company successfully completed and
began integration of a converting facility acquired from
Quad/Graphics, Inc. and seven converting facilities acquired from
Greif, Inc. These strategic tuck-under acquisitions strengthen the
core business and will meaningfully increase the Company's
paperboard integration rate over time.
The Company announces today the planned closure of the 70,000
ton White Pigeon, Michigan CRB
mill and the 120,000 ton PM1 containerboard machine in West Monroe, Louisiana. Both closures will be
effective June 30, 2020. The CRB mill
closure at White Pigeon is enabled
by the operating strength of the current CRB mill network and a new
CRB supply agreement with Greif, Inc. The closure of the non-core
PM1 containerboard machine reflects the Company's long-term
confidence in the strength of the CUK global beverage packaging
platform and the ability to repurpose existing pulp to support
growth in CUK.
The Company is also announcing its decision to delay the
significant planned maintenance outage at the West Monroe, Louisiana mill from Q2 to Q3 due
to increased near-term demand for CUK and contractor work-related
implications associated with the COVID-19 crisis.
Operating Results
Net Sales
Net Sales increased 6.2% to $1,599.1
million in the first quarter of 2020, compared to
$1,505.9 million in the prior year
period. The $93.2 million
increase was driven by $14.1 million
of higher pricing and $89.0 million
of improved volume/mix related to acquisitions and conversions to
our paperboard packaging solutions. These benefits were partially
offset by $9.9 million of unfavorable
foreign exchange.
Attached is supplemental data highlighting Net Tons Sold for the
first quarter of 2020 and for each quarter of 2019.
EBITDA
EBITDA for the first quarter of 2020 was $123.6 million, or $129.9
million lower than the first quarter of 2019. After
adjusting both periods for business combinations and other special
charges, Adjusted EBITDA increased 13.5% to $294.8 million in the first quarter of 2020 from
$259.7 million in the first quarter
of 2019. When comparing against the prior year quarter,
Adjusted EBITDA in the first quarter of 2020 was positively
impacted by $14.1 million of higher
pricing, $7.6 million of favorable
volume/mix, $16.9 million of
commodity deflation and $19.2 million
of improved net operating performance. These benefits were
partially offset by $14.1 million of
other inflation (primarily labor and benefits) and $8.6 million of unfavorable foreign exchange.
Other Results
Total Debt (Long-Term, Short-Term and Current Portion) increased
$629.1 million during the first
quarter of 2020 to $3,501.9 million
compared to the fourth quarter of 2019. Total Net Debt (Total Debt,
net of Cash and Cash Equivalents) increased $671.8 million during the first quarter of 2020
to $3,391.7 million compared to the
fourth quarter of 2019. The Company returned $396.1 million in capital to stakeholders in the
first quarter 2020 through share repurchases, dividends,
distributions and partnership redemptions. The Company's first
quarter 2020 Net Leverage Ratio was 3.18 times Adjusted EBITDA
compared to 2.64 times at the end of 2019.
At March 31, 2020, the Company had
available liquidity of $1,473.9
million, including the undrawn availability under its global
revolving credit facilities. The Company issued $450.0 million of 3.5% senior notes during the
quarter.
Net Interest Expense was $33.7
million in the first quarter of 2020, lower when compared to
the $35.0 million reported in the
first quarter of 2019, primarily reflecting reduced average
borrowing rates. Capital expenditures for the first quarter of 2020
were $153.1 million compared to
$80.0 million in the first quarter of
2019. First quarter 2020 Income Tax Benefit was $5.4 million, compared to a $21.0 million expense in the first quarter of
2019.
Please note that a tabular reconciliation of EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow and Total Net Debt.
Earnings Call
NOTE: Due to work-related implications associated with the
COVID-19 crisis and a low number of operators, wait times for the
actual dial in will be longer than normal. Please call at least 20
minutes prior to the start of the conference call or participate
via the webcast.
The Company will host a conference call at 10:00 a.m. EST today (April 21, 2020) to discuss the results of first
quarter 2020. The conference call will be webcast and can be
accessed from the Investors section of the Graphic Packaging
website at www.graphicpkg.com. Participants may also listen
via telephone by dialing 800-392-9489 from the United States and Canada, and 706-634-2372 from outside
the United States and Canada. Telephone participants are required to
provide the conference ID 9169414.
Forward Looking Statements
Any statements of the Company's expectations in this press
release, including but not limited to the planned continuation of
the Company's dividend, the timing of the closure of the
White Pigeon, MI mill and the
shutdown of the P1 containerboard machine in West Monroe, LA, and the timing of the
delay of the West Monroe, LA mill
maintenance outage, constitute "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
Such statements are based on currently available information and
are subject to various risks and uncertainties that could cause
actual results to differ materially from the Company's present
expectations. These risks and uncertainties include, but are not
limited to, the effects of the COVID-19 pandemic on the Company's
operations and business, inflation of and volatility in raw
material and energy costs, continuing pressure for lower cost
products, the Company's ability to implement its business
strategies, including productivity initiatives, cost reduction
plans, and integration activities, as well as the Company's debt
level, currency movements and other risks of conducting business
internationally, the impact of regulatory and litigation matters,
including the continued availability of the Company's net operating
loss offset to taxable income. Undue reliance should not be placed
on such forward-looking statements, as such statements speak only
as of the date on which they are made and the Company undertakes no
obligation to update such statements, except as required by law.
Additional information regarding these and other risks is contained
in the Company's periodic filings with the SEC.
About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in
Atlanta, Georgia, is committed to
providing consumer packaging that makes a world of difference. The
Company is a leading provider of paper-based packaging solutions
for a wide variety of products to food, beverage, foodservice, and
other consumer products companies. The Company operates on a global
basis, is one of the largest producers of folding cartons and
paper-based foodservice products in the
United States, and holds leading market positions in coated
recycled paperboard, coated unbleached kraft paperboard and solid
bleached sulfate paperboard. The Company's customers include many
of the world's most widely-recognized companies and brands.
Additional information about Graphic Packaging, its business and
its products is available on the Company's web site at
www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
In millions,
except per share amounts
|
2020
|
|
2019
|
Net Sales
|
$
|
1,599.1
|
|
$
|
1,505.9
|
Cost of
Sales
|
1,278.3
|
|
1,239.8
|
Selling, General and
Administrative
|
135.6
|
|
124.7
|
Other Expense,
Net
|
6.5
|
|
1.2
|
Business Combinations
and Shutdown and Other Special Charges, Net
|
18.7
|
|
6.2
|
Income from
Operations
|
160.0
|
|
134.0
|
Nonoperating Pension
and Postretirement Benefit Expense
|
(151.6)
|
|
(0.1)
|
Interest Expense,
Net
|
(33.7)
|
|
(35.0)
|
(Loss) Income before
Income Taxes and Equity Income of Unconsolidated Entity
|
(25.3)
|
|
98.9
|
Income Tax Benefit
(Expense)
|
5.4
|
|
(21.0)
|
(Loss) Income before
Equity Income of Unconsolidated Entity
|
(19.9)
|
|
77.9
|
Equity Income of
Unconsolidated Entity
|
0.1
|
|
0.2
|
Net (Loss)
Income
|
(19.8)
|
|
78.1
|
Net Loss (Income)
Attributable to Noncontrolling Interest
|
7.1
|
|
(20.2)
|
Net (Loss) Income
Attributable to Graphic Packaging Holding Company
|
$
|
(12.7)
|
|
$
|
57.9
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Basic
|
$
|
(0.04)
|
|
$
|
0.19
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Diluted
|
$
|
(0.04)
|
|
$
|
0.19
|
|
|
|
|
Weighted Average Number
of Shares Outstanding - Basic
|
288.9
|
|
297.5
|
Weighted Average Number
of Shares Outstanding - Diluted
|
288.9
|
|
298.2
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
In millions,
except share and per share amounts
|
March 31,
2020
|
|
December 31,
2019
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
110.2
|
|
$
|
152.9
|
Receivables,
Net
|
624.8
|
|
504.5
|
Inventories,
Net
|
1,143.0
|
|
1,095.9
|
Other Current
Assets
|
60.3
|
|
52.3
|
Total Current
Assets
|
1,938.3
|
|
1,805.6
|
Property, Plant and
Equipment, Net
|
3,288.1
|
|
3,253.8
|
Goodwill
|
1,464.1
|
|
1,477.9
|
Intangible Assets,
Net
|
460.5
|
|
477.3
|
Other Assets
|
295.2
|
|
275.3
|
Total Assets
|
$
|
7,446.2
|
|
$
|
7,289.9
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
49.1
|
|
$
|
50.4
|
Accounts
Payable
|
625.7
|
|
716.1
|
Other Accrued
Liabilities
|
369.2
|
|
432.2
|
Total Current
Liabilities
|
1,044.0
|
|
1,198.7
|
Long-Term
Debt
|
3,434.5
|
|
2,809.9
|
Deferred Income Tax
Liabilities
|
522.1
|
|
511.8
|
Other Noncurrent
Liabilities
|
397.1
|
|
407.2
|
|
|
|
|
Redeemable
Noncontrolling Interest
|
38.2
|
|
304.3
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred Stock, par
value $.01 per share; 100,000,000 shares authorized; no shares
issued or outstanding
|
—
|
|
—
|
Common Stock, par value
$0.01 per share; 1,000,000,000 shares authorized; 281,778,834 and
290,246,907 shares issued and outstanding at March 31, 2020
and December 31, 2019, respectively
|
2.8
|
|
2.9
|
Capital in Excess of
Par Value
|
1,852.6
|
|
1,876.7
|
(Accumulated Deficit)
Retained Earnings
|
(49.1)
|
|
56.4
|
Accumulated Other
Comprehensive Loss
|
(299.5)
|
|
(365.8)
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
1,506.8
|
|
1,570.2
|
Noncontrolling
Interest
|
503.5
|
|
487.8
|
Total
Equity
|
2,010.3
|
|
2,058.0
|
Total Liabilities
and Shareholders' Equity
|
$
|
7,446.2
|
|
$
|
7,289.9
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
In
millions
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net (Loss)
Income
|
$
|
(19.8)
|
|
$
|
78.1
|
Adjustments to
Reconcile Net Income to Net Cash Used in Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
113.6
|
|
117.1
|
Deferred Income
Taxes
|
(18.9)
|
|
12.4
|
Amount of
Postretirement Expense Greater Than Funding
|
154.3
|
|
2.4
|
Other, Net
|
29.2
|
|
3.3
|
Changes in Operating
Assets and Liabilities
|
(337.7)
|
|
(385.4)
|
Net Cash Used in
Operating Activities
|
(79.3)
|
|
(172.1)
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(146.6)
|
|
(73.0)
|
Packaging Machinery
Spending
|
(6.5)
|
|
(7.0)
|
Acquisition of
Businesses, Net of Cash Acquired
|
(42.1)
|
|
(2.0)
|
Beneficial Interest on
Sold Receivables
|
23.7
|
|
279.5
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(3.3)
|
|
(153.3)
|
Other, Net
|
(1.0)
|
|
(1.0)
|
Net Cash (Used in)
Provided by Investing Activities
|
(175.8)
|
|
43.2
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
(119.4)
|
|
(60.0)
|
Payments on
Debt
|
(9.1)
|
|
(9.1)
|
Proceeds from Issuance
of Debt
|
450.0
|
|
—
|
Borrowings under
Revolving Credit Facilities
|
1,178.5
|
|
775.2
|
Payments on Revolving
Credit Facilities
|
(986.9)
|
|
(548.9)
|
Redemption of
Noncontrolling Interest
|
(250.0)
|
|
—
|
Repurchase of Common
Stock related to Share-Based Payments
|
(8.8)
|
|
(4.0)
|
Debt Issuance
Costs
|
(6.4)
|
|
—
|
Dividends and
Distributions Paid to GPIP Partner
|
(26.7)
|
|
(30.1)
|
Other, Net
|
(2.7)
|
|
(2.6)
|
Net Cash Provided by
Financing Activities
|
218.5
|
|
120.5
|
Effect of Exchange Rate
Changes on Cash
|
(6.1)
|
|
0.2
|
Net Decrease in Cash
and Cash Equivalents
|
(42.7)
|
|
(8.2)
|
Cash and Cash
Equivalents at Beginning of Period
|
152.9
|
|
70.5
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
110.2
|
|
$
|
62.3
|
GRAPHIC PACKAGING HOLDING
COMPANY
Reconciliation of Non-GAAP Financial
Measures
The tables below set forth the calculation of the Company's
earnings before interest expense, income tax expense, equity income
of unconsolidated entities, depreciation and amortization,
including pension amortization ("EBITDA"), Adjusted EBITDA,
Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per
Share, Adjusted Net Cash Provided by Operating Activities, Adjusted
Cash Flow, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA
and Adjusted Net Income exclude charges (income) associated with:
the Company's business combinations, facility shutdowns, extended
mill outage, sale of assets and other special charges. The
Company's management believes that the presentation of EBITDA,
Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow, and Net Leverage Ratio provides useful information to
investors because these measures are regularly used by management
in assessing the Company's performance. EBITDA, Adjusted EBITDA,
Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash
Provided by Operating Activities, Adjusted Cash Flow, and Net
Leverage Ratio are financial measures not calculated in accordance
with generally accepted accounting principles in the United States ("GAAP"), and are not
measures of net income, operating income, operating performance or
liquidity presented in accordance with GAAP.
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings
Per Share, Adjusted Net Cash Provided by Operating Activities,
Adjusted Cash Flow, and Net Leverage Ratio should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered substitutes for or superior to GAAP results. In
addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income,
Adjusted Earnings Per Share, Adjusted Net Cash Provided by
Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio
may not be comparable to Adjusted EBITDA or similarly titled
measures utilized by other companies since such other companies may
not calculate such measures in the same manner as we do.
|
Three Months
Ended
|
|
March
31,
|
In millions,
except per share amounts
|
2020
|
|
2019
|
Net (Loss) Income
Attributable to Graphic Packaging Holding Company
|
$
|
(12.7)
|
|
|
$
|
57.9
|
|
Add
(Subtract):
|
|
|
|
Net (Loss) Income
Attributable to Noncontrolling Interest
|
(7.1)
|
|
|
20.2
|
|
Income Tax (Benefit)
Expense
|
(5.4)
|
|
|
21.0
|
|
Equity Income of
Unconsolidated Entity
|
(0.1)
|
|
|
(0.2)
|
|
Interest Expense,
Net
|
33.7
|
|
|
35.0
|
|
Depreciation and
Amortization
|
115.2
|
|
|
119.6
|
|
EBITDA
|
123.6
|
|
|
253.5
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
18.7
|
|
|
6.2
|
|
Pension Settlement
Charge
|
152.5
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
294.8
|
|
|
$
|
259.7
|
|
|
|
|
|
Adjusted EBITDA
Margin (Adjusted EBITDA/Net Sales)
|
18.4
|
%
|
|
17.2
|
%
|
|
|
|
|
Net (Loss) Income
Attributable to Graphic Packaging Holding Company
|
$
|
(12.7)
|
|
|
$
|
57.9
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
18.7
|
|
|
6.2
|
|
Accelerated
Depreciation Related to Shutdown
|
4.6
|
|
|
—
|
|
Pension Settlement
Charge
|
152.5
|
|
|
—
|
|
Tax Impact of
Business Combinations, Shutdown and Other Special Charges,
Accelerated Depreciation and Pension Plan Settlement
|
(34.6)
|
|
|
(1.1)
|
|
Noncontrolling
Interest, Net of Tax
|
(37.3)
|
|
|
(1.3)
|
|
Adjusted Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
91.2
|
|
|
$
|
61.7
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic
|
$
|
0.32
|
|
|
$
|
0.21
|
|
Adjusted Earnings Per
Share - Diluted(a)
|
$
|
0.31
|
|
|
$
|
0.21
|
|
|
(a)
|
Calculated using
290.0 million shares.
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Reconciliation of
Non-GAAP Financial Measures
|
(Continued)
|
|
|
Twelve Months
Ended
|
|
March
31,
|
|
March
31,
|
|
December
31,
|
In
millions
|
2020
|
|
2019
|
|
2019
|
Net Income
|
$
|
137.8
|
|
$
|
249.1
|
|
$
|
206.8
|
Add
(Subtract):
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
43.6
|
|
80.3
|
|
71.3
|
Income Tax
Expense
|
50.3
|
|
70.6
|
|
76.3
|
Equity Income of
Unconsolidated Entities
|
(0.1)
|
|
(1.1)
|
|
(0.4)
|
Interest Expense,
Net
|
139.3
|
|
129.9
|
|
140.6
|
Depreciation and
Amortization
|
453.0
|
|
445.2
|
|
457.4
|
EBITDA
|
823.9
|
|
974.0
|
|
952.0
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
51.2
|
|
33.4
|
|
38.7
|
Pension Plan
Settlement Charge
|
191.7
|
|
—
|
|
39.2
|
Extended Augusta Mill
Outage (fourth quarter of 2018)
|
—
|
|
29.6
|
|
—
|
Gain on Sale of
Assets, Net
|
—
|
|
(37.1)
|
|
—
|
Adjusted
EBITDA
|
1,066.8
|
|
999.9
|
|
1,029.9
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
December
31,
|
Calculation of Net
Debt:
|
2020
|
|
2019
|
|
2019
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
49.1
|
|
$
|
49.0
|
|
$
|
50.4
|
Long-Term Debt
(a)
|
3,452.8
|
|
3,139.7
|
|
2,822.4
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(110.2)
|
|
(62.3)
|
|
(152.9)
|
Total Net
Debt
|
$
|
3,391.7
|
|
$
|
3,126.4
|
|
$
|
2,719.9
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
3.18
|
|
3.13
|
|
2.64
|
|
(a)
|
Excludes unamortized
deferred debt issue costs.
|
|
Three Months
Ended
|
|
March
31,
|
In
millions
|
2020
|
|
2019
|
Net Cash Used in
Operating Activities
|
$
|
(79.3)
|
|
$
|
(172.1)
|
Net Cash Receipts
from Receivables Sold included in Investing Activities
|
20.4
|
|
126.2
|
Cash Payments
Associated with Business Combinations and Shutdown and Other
Special Charges
|
6.9
|
|
4.2
|
Adjusted Net Cash
Used in Operating Activities
|
$
|
(52.0)
|
|
$
|
(41.7)
|
Capital
Spending
|
(153.1)
|
|
(80.0)
|
Adjusted Cash
Flow
|
$
|
(205.1)
|
|
$
|
(121.7)
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Unaudited
Supplemental Data
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
1,011.6
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
943.4
|
|
965.9
|
|
992.9
|
|
940.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-first-quarter-2020-results-actively-keeping-employees-safe-and-serving-customers-in-current-covid-19-environment-accelerating-strategic-actions-301043947.html
SOURCE Graphic Packaging Holding Company