Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q3 2024 Earnings Presentation
12 slides from Ranpak's earnings presentation, Oct 31, 2024
Slide 1: 3Q24 Earnings Presentation
3Q24 Earnings Presentation October 31, 2024
Slide 2: Disclaimers
Disclaimers The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the quarter ended September 30, 2024. Such preliminary data should not be viewed as a comprehensive statement of our financial results for the quarter ended Sep
Slide 3: Ranpak Third Quarter Performance Commentary
Ranpak Third Quarter Performance Commentary Volume increases in all geographies drove top-line growth partially offset by mix and pricing Higher volumes drove 10.5% increase in sales on constant currency basis vs. prior year (increased 11.4% on an actual basis) e-Commerce accounts driving growth whi
Slide 4: Revenue
Revenue System Installed Constant Currency Base (‘000s) Net Revenue(1) North America 175 $ in millions 1.1% $100 10.5% • e-Commerce led plastic to paper conversion drove 26.1% volume growth in the region year 150 over year $80 • Lower industrial activity continues to weigh on 0.3% 125 Cushioning pro
Slide 5: Profitability
Profitability $ in millions Constant Currency Adjusted EBITDA(1) CC Adj. EBITDA up 13.9% vs 3Q23 25.0% $24 • Gross profit up 8.6% on constant currency basis 13.9% driven by: $20 24.0% • Higher volumes in North America driven by e-commerce customers as customers $16 continue to shift from plastic to
Slide 6: Year-to-Date Constant Currency Net Revenue and Adjusted EBITDA
Year-to-Date Constant Currency Net Revenue(1) Year-to-Date Constant Currency Adjusted EBITDA(1) $ in millions $ in millions $72 6.9% 17.3% $280 25.0% $60 $240 22.4% 22.5% $200 $48 20.4% $160 20.0% $36 $272.8 $255.1 $61.1 $120 $52.1 $24 17.5% $80 $12 $40 15.0% $0 3Q23 3Q24 3Q23 3Q24 Constant Currency
Slide 7: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 3Q24 with a solid liquidity position - cash balance of $69.5 million and no drawings on its Revolving Credit Facility, which matures in June 2025 • Net Leverage Ratio continued to decline from year end to 4.0x as of 9/30/24 (Bank Adj. EBITDA leverage r
Slide 8: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Paper revenue $ 71.3 $ 64.8 $ 205.0 $ 192.4 Machine lease revenue 13.6 13.2 40.0 38.7 Other revenue 7.3 4.8 18.9 14.8 Net revenue 92.2 82.8
Slide 9: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Three Months Ended September 30, Nine Months Ended September 30, $ in millions 2024 2023 $ Change % Change 2024 2023 $ Change % Change Net revenue $ 92.2 $ 82.8 $ 9.4 11.4 263.9 245.9 18.0 7.3 Cost of goods sold 57.8 51.3 6.5 12.7 165.5 156.7 8.8 5.6 Gross profit 3
Slide 10: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Constant Constant $ in millions As reported Currency(1) Non-GAAP As reported Currency(1) Non-GAAP Net revenue $ 92.2 $ 2.5 $ 94.7 $ 82.8 $ 2.9 $ 85.7 Cost of goods sold 57.8 1.4 59.2 51.3 1
Slide 11: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Constant Constant As reported Currency(4) Non-GAAP As reported Currency(4) Non-GAAP Net revenue $ 263.9 $ 8.9 $ 272.8 $ 245.9 $ 9.2 $ 255.1 Cost of goods sold 165.5 5.2 170.7 156.7 5.6 162.3
Slide 12: Ranpak
Ranpak Deliver a Better World”