Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q4 2023 Earnings Presentation
15 slides from Ranpak's earnings presentation, Mar 11, 2024
Slide 1: 4Q23 Earnings Presentation
4Q23 Earnings Presentation March 11, 2024
Slide 2: Disclaimers
Disclaimers CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation 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
Slide 3: Ranpak Fourth Quarter Performance Commentary
Ranpak Fourth Quarter Performance Commentary Stronger holiday season and improved EMEA operating environment drove increased volumes Higher volumes drove 10% increase in sales on constant currency basis Strong holiday season overall drove sequential uptick but industrial and manufacturing environmen
Slide 4: Revenue
Revenue System Installed Base (‘000s) Constant Currency Net Revenue(1) $ in millions 150 1.5% $100 10.3% North America 2.3% • Stronger holiday season among e-Commerce 125 players drove sequential improvement in volumes from Q3 to Q4 (more in line with historical $75 seasonality) 100 • Manufacturing
Slide 5: Profitability
Profitability $ in millions Constant Currency Adjusted EBITDA(1) 89.1% 26.0% CC Adj. EBITDA up 89.1% vs 4Q22 $25 25% • Gross profit up 48% on constant currency basis: • Margin improvement to 37.7% from 28.1% $20 in prior year 20% • Favorable input cost environment key driver in improved Gross Margin
Slide 6: Full Year 2023 Performance
Full Year 2023 Performance Constant Currency Net Revenue(1) Constant Currency Adjusted EBITDA(2) $ in millions $100 30% $400 1.4% 14.5% $350 25% $80 26.0% $300 19.4% 1.1% 20% $250 $60 $200 15% $40 $76.5 $150 $66.8 10% $100 $20 1.9% 5% $50 $0 $0 0% 2022 2023 2022 2023 North America Europe / APAC CC A
Slide 7: 2024 Guidance
2024 Guidance Top line expectations include: • Continued volume improvement 2024 Guidance driven by strategic account activity and a continuing slow return to Constant Currency Adjusted Net Revenue: $370 - $390 million more normal operating (+6% - 12%) environment • Automation growth of 50%+ Constan
Slide 8: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 4Q23 with a solid liquidity position - cash balance of $62 million and no drawings on its Revolving Credit Facility • Net Leverage Ratio improved by a full turn from 3Q23 to 4.6x as of 12/31/23 (Bank Adj. EBITDA leverage ratio of 5.0x per Covenant Calc
Slide 9: Global Product Launch – DecisionTower
Global Product Launch – DecisionTowerTM AI fueled machine vision technology using 2D and 3D images to scan boxes for QA, void measurement and broader analytics to increase operational uptime of automated packaging lines, provide more consistent dunnage application when connected to converters and pr
Slide 10: Global Product Launch – Trident Mini
Global Product Launch – Trident MiniTM Trident Mini’s patented triangular pad shape enables operators to pack faster while using up to 20% less paper vs competitor Void Fill solutions Easy loading saves time and provides efficiency, making it an ideal choice for mid to high- volume environments Slee
Slide 11: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values 11
Slide 12: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions except per share values The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the quarter ended December 31, 2023. Such preliminary data should not be viewed as a comprehensive
Slide 13: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions except per share values The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the year ended December 31, 2023. Such preliminary data should not be viewed as a comprehensive sta
Slide 14: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions except per share values The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the quarter ended December 31, 2023. Such preliminary data should not be viewed as a comprehensive
Slide 15: Ranpak
Ranpak Deliver a Better World”