- 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 and increased 4.4% year over year on a
constant currency basis to $88.5 million
- Net loss for the first quarter of $8.1 million compared to
net loss of $12.4 million for the prior year period
- Constant Currency Adjusted EBITDA (“AEBITDA”) for the first
quarter of $20.2 million up 33.8%, or $5.1 million, year over
year
Ranpak Holdings Corp (NYSE: PACK) (“Ranpak” or “the Company”), a
leading provider of environmentally sustainable, systems-based,
product protection solutions for e-Commerce and industrial supply
chains, today reported its first quarter 2024 financial
results.
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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 5.0% year over year, or 4.4% on a constant currency
basis, as volumes increased 5.3% and Automation grew 50%+. In
addition to seeing volumes improve vs the prior year for the third
quarter in a row, the continued favorable input cost environment
drove gross margin expansion of 400 bps year over year to 37.9%, or
38.0% on a constant currency basis. Gross profit improvement of
17.5%, or 16.7% on a constant currency basis, along with controlled
expenses drove an increase of Adjusted EBITDA by 33.8% year over
year to $20.2 million on a constant currency basis. This growth in
Adjusted EBITDA helped continue our path of deleveraging, achieving
a 4.4x net debt to LTM Adjusted EBITDA ratio on a constant currency
basis as of the end of the first quarter. We remain committed to
generating cash in 2024 and moving towards our target of 3.0x or
less leverage.”
“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 Europe. We believe that
although the macro environment remains choppy, our Strategic
Account initiatives in North America as well as momentum in
Automation, will provide a solid tailwind for us to continue to
drive volumes and scale Automation in 2024, and help us achieve
solid growth for the year.”
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 increased 4.4% adjusting for
constant currency
- Net loss of $8.1 million compared to net loss of $12.4 million
for the prior year period
- Constant currency AEBITDA1 of $20.2 million for the three
months ended March 31, 2024 is up 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 $85.3 million
compared to $81.2 million in the first quarter of 2023, an increase
of $4.1 million or 5.0% year over year. Net revenue was positively
impacted by increases in void-fill and other products, as well as a
currency benefit of 0.7%, partially offset by decreases in
cushioning and wrapping. Cushioning decreased $0.3 million, or
0.8%, to $37.3 million from $37.6 million; void-fill increased $2.9
million, or 9.6%, to $33.1 million from $30.2 million; wrapping
decreased $0.7 million, or 7.5%, to $8.6 million from $9.3 million;
and other sales increased $2.2 million, or 53.7%, to $6.3 million
from $4.1 million for the first quarter of 2024 compared to the
first quarter of 2023. Other net revenue includes automated box
sizing equipment and non-paper revenue from packaging systems
installed in the field, such as systems accessories. The increase
in net revenue is quantified by an increase in the volume of sales
of our paper consumable products of approximately 5.3% and an
increase of 2.7% in sales of automated box sizing equipment,
partially offset by a 3.6% decrease in the price or mix of our
paper consumable products. Constant currency net revenue was $88.5
million for the first quarter of 2024, a 4.4% increase from $84.8
million for the first quarter of 2023.
Net revenue in North America for the first quarter of 2024
totaled $31.9 million compared to $31.1 million in the first
quarter of 2023. The increase of $0.8 million, or 2.6%, was
primarily attributable to increases in void-fill and other sales,
partially offset by decreases in cushioning and wrapping.
Net revenue in Europe/Asia for the first quarter of 2024 totaled
$53.4 million compared to $50.1 million in the first quarter of
2023. The increase of $3.3 million, or 6.6%, was driven by
increases from void-fill, wrapping and other sales, partially
offset by a decrease in cushioning. Constant currency net revenue
in Europe/Asia was $56.6 million for the first quarter of 2024, a
$2.9 million, or 5.4%, increase from $53.7 million for the first
quarter of 2023.
Balance Sheet and Liquidity
Ranpak completed the first quarter of 2024 with a strong
liquidity position, including a cash balance of $55.1 million and
no borrowings on its $45 million Revolving Credit Facility, which
matures in June 2025. As of March 31, 2024, the Company had $250.0
million of USD-denominated term loans and €133.7 million of
euro-denominated term loans outstanding under its First Lien Term
Loan facilities, resulting in an Adjusted EBITDA net leverage ratio
of 4.4x based on results on a constant currency basis through the
first quarter of 2024. The First Lien Term Loan facilities mature
in June 2026.
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.
Unaudited Condensed Consolidated Statements of Operations
and Comprehensive Income (Loss) (in millions, except
share and per share data)
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.
Unaudited Condensed Consolidated Balance Sheets (in
millions, except share data)
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, $0.0001 par,
200,000,000 shares authorized at March 31, 2024 and December 31,
2023, respectively
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, $0.0001
par, 200,000,000 shares authorized at March 31, 2024 and December
31, 2023
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.
Unaudited Condensed Consolidated Statements of Cash Flows
(in millions)
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 Europe/Asia financial data is derived in Euros. To calculate
the adjustment that we apply to present constant currency EBITDA
and constant currency AEBITDA on a constant currency basis, we
multiply this Euro-derived data by 1.15 to reflect an exchange rate
of 1 Euro to 1.15 U.S. dollars (“USD”), which we believe is a
reasonable exchange rate to use to give a stable depiction of the
business without currency fluctuations between periods, to
calculate Europe/Asia data in constant currency USD. We believe
that using an exchange rate of 1.15 is reasonable because it
approximates the average exchange rate of the Euro to USD over the
past five years. In addition, we include certain other unaudited,
non-GAAP constant currency data for the three months ended March
31, 2024 and 2023. 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 months ended March 31, 2024 and 2023.
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 First Quarter of 2024 and 2023 Please
refer to our discussion and definitions of Non-GAAP financial
measures
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. 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 For
the First Quarter of 2024 Please refer to our discussion and
definitions of Non-GAAP financial measures, including Non-GAAP
Constant Currency
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. 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 For
the First Quarter of 2023 Please refer to our discussion and
definitions of Non-GAAP financial measures, including Non-GAAP
Constant Currency
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 €1.00 to $1.15 on each line item.
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Investors: IR@Ranpak.com
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