Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q1 2023 Earnings Presentation
10 slides from Ranpak's earnings presentation, May 4, 2023
Slide 1: Q123 Earnings Presentation
Q123 Earnings Presentation May 4, 2023
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, the guidance include
Slide 3: Ranpak First Quarter Performance Commentary
Ranpak First Quarter Performance Commentary Top-line results inline with expectations. Input cost relief driving gross margin improvement • Consolidated top-line results largely in-line with expectations of a subdued start to the year due to slower industrial environment and continued discretionary
Slide 4: Revenue
System Installed Revenue Base (‘000s) Constant Currency Net Revenue(1) $ in millions North America 150 3.8% $100 1.1% • Subdued start to the year due to macro as 7% manufacturing sector remains sluggish and e- 125 Commerce activity related to goods is slow as consumers allocate more to services and
Slide 5: Profitability
Profitability $ in millions Constant Currency Adjusted EBITDA(1) 25% (20.9%) CC Adj. EBITDA down 20.9% vs 1Q22 22.8% • Gross profit up 15.0%: $20 20% • Margin improvement to 34.0% from 29.8% in prior year and 28.1% in 4Q22 17.8% • Improved material costs and lower depreciation • Also lapping SAP Go-
Slide 6: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 1Q23 with a strong liquidity position - cash balance of $58.6 million and no drawings on its Revolving Credit Facility • 3/31/23 Net Leverage Ratio of 5.7x Net Debt / LTM Adjusted EBITDA • Bank Adjusted EBITDA leverage ratio of 5.2x per Covenant Calcul
Slide 7: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Three Months Ended March 31, 2023 2022 Paper revenue $ 64.3 $ 66.2 Machine lease revenue 12.8 12.2 Other revenue 4.1 4.1 Net revenue 81.2 82.5 Cost of goods sold 53.7 57.9 Gross profit 27.5 24.6 Selling, general and administr
Slide 8: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions except per share values The results of operations data contained in this press release are based on our preliminary, unaudited results of operations for the quarter ended March 31, 2023. Such preliminary data should not be viewed as a comprehensive st
Slide 9: Reconciliation of Non-GAAP metrics - Prior Format
Reconciliation of Non-GAAP metrics - Prior Format $ in millions except per share values The results of operations data contained in this press release are based on our preliminary, unaudited results of operations for the quarter ended March 31, 2023. Such preliminary data should not be viewed as a c
Slide 10: Ranpak
Ranpak Deliver a Better World”