Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q4 2022 Earnings Presentation
15 slides from Ranpak's earnings presentation, Mar 15, 2023
Slide 1: Q422 Earnings Presentation
Q422 Earnings Presentation March 15, 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 Fourth Quarter Performance Commentary
Ranpak Fourth Quarter Performance Commentary Finish to the year driven by weaker holiday season and lower industrial activity. Expect 4Q22 to be margin trough. • Top-line results were under pressure in all geographies driven by subdued holiday activity in e-Commerce and lower industrial activity. •
Slide 4: Revenue
System Installed Revenue Base (‘000s) Constant Currency Net Revenue(1) $ in millions North America 150 4.4% $100 (22.2)% • Weak holiday season, particularly in e-Commerce, 8% impacted Void-fill and Wrapping product lines 125 • Recent new product releases such as Guardian and $75 Greenline paper cont
Slide 5: Profitability
Profitability $ in millions Constant Currency Adjusted EBITDA(1) 35% (63.9%) CC Adj. EBITDA down 63.9% vs 4Q21 32.6% 30% • Gross profit down 38.7% driven by: • Lower volumes compared to prior year • Material cost headwind drove 5.5 pts of 25% margin compression vs Q4 21 • Seeing meaningful movement
Slide 6: Full Year 2022 Performance
Full Year 2022 Performance Constant Currency Net Revenue(1) Constant Currency Adjusted EBITDA(2) $ in millions $140 35% $400 (8.8%) (43.3%) 31.2% $350 $120 30% $300 $100 25% (9%) $250 $80 19.4% 20% $200 $60 $117.8 15% $150 $40 10% $100 $66.8 (8%) $20 5% $50 $0 $0 0% 2021 2022 2021 2022 North America
Slide 7: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 4Q22 with a solid liquidity position - cash balance of $62.8 million and no drawings on its Revolving Credit Facility • As of December 31, 2022 the Company had First Lien Term Loan facilities outstanding consisting of two tranches of term loans: • $250
Slide 8: 2023 Guidance
2023 Guidance Top line expectations driven by expected return to volume growth as 2023 Guidance we lap destocking headwinds and ordering patterns normalize Constant Currency Adjusted Net Revenue: $365 - $385 million (+6% - 12%) Expected growth in Adj EBITDA reflects contributions from expected volum
Slide 9: Drivers of Performance in 2023
Drivers of Performance in 2023 2022 Driver Status 2023 Status System Full year in new operating environment Transitioning to tool to enhance performance and extract efficiencies Implementation Destocking Believe we are through the destocking headwind that impacted demand in 2022 Kraft Paper
Slide 10: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Year Ended December 31, 2022 2021 2020 Paper revenue $ 261.3 $ 321.4 $ 250.7 Machine lease revenue 50.1 47.7 39.6 Other revenue 15.1 14.8 7.9 Net revenue 326.5 383.9 298.2 Cost of goods sold 226.9 235.0 175.6 Gross profit 99.
Slide 11: 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 December 31, 2022. Such preliminary data should not be viewed as a comprehensive
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 press release are based on our preliminary, unaudited results of operations for the year ended December 31, 2022. Such preliminary data should not be viewed as a comprehensive st
Slide 13: 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 December 31, 2022. Such preliminary data should not be viewed as
Slide 14: 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 December 31, 2022. Such preliminary data should not be viewed as
Slide 15: Ranpak
Ranpak Deliver a Better World”