Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q2 2024 Earnings Presentation
12 slides from Ranpak's earnings presentation, Aug 1, 2024
Slide 1: 2Q24 Earnings Presentation
2Q24 Earnings Presentation August 1, 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 June 30, 2024. Such preliminary data should not be viewed as a comprehensive statement of our financial results for the quarter ended June 30,
Slide 3: Ranpak Second Quarter Performance Commentary
Ranpak Second Quarter Performance Commentary Volume growth in North America driver of performance Higher volumes drove 5.9% increase in sales on constant currency basis vs. prior year (increased 5.5% on an actual basis) Environment remains uneven but strategic account activity driving volume growth
Slide 4: Revenue
Revenue System Installed Constant Currency Base (‘000s) Net Revenue(1) North America $ in millions 150 0.4% 5.9% $100 • Plastic to paper conversion underway as strategic account activity began to ramp in Q2 (0.3)% driving 20% volume growth in the region year 125 over year $80 • Cushioning activity d
Slide 5: Profitability
Profitability $ in millions Constant Currency Adjusted EBITDA(1) 25.0% $24 CC Adj. EBITDA up 7.4% vs 2Q23 7.4% $20 • Gross profit up 5.4% on constant currency basis 24.0% driven by: $16 • Higher volumes 23.0% 22.8% • Slight input cost benefit year over year 22.5% outweighed by lower Cushioning $12 c
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 $200 $48 5.1% 19.1% 25.0% $40 $160 22.8% 22.5% $32 $120 20.1% 20.0% $24 $178.1 $40.6 $169.4 $80 $34.1 $16 17.5% $40 $8 15.0% $0 2Q23 2Q24 2Q23 2Q24 Constant Currency Revenue CC
Slide 7: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 2Q24 with a solid liquidity position - cash balance of $65 million and no drawings on its Revolving Credit Facility, which matures in June 2025 • Net Leverage Ratio continued to decline from year end to 4.2x as of 6/30/24 (Bank Adj. EBITDA leverage rat
Slide 8: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Paper revenue $ 67.5 $ 63.3 $ 133.7 $ 127.6 Machine lease revenue 13.6 12.7 26.4 25.5 Other revenue 5.3 5.9 11.6 10.0 Net revenue 86.4 81.9 171.7 163.1
Slide 9: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Three Months Ended June 30, Six Months Ended June 30, $ in millions 2024 2023 $ Change % Change 2024 2023 $ Change % Change Net revenue $ 86.4 $ 81.9 $ 4.5 5.5 171.7 163.1 8.6 5.3 Cost of goods sold 54.7 51.7 3.0 5.8 107.7 105.4 2.3 2.2 Gross profit 31.7 30.2 1.5 5
Slide 10: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Constant Constant $ in millions As reported Currency(1) Non-GAAP As reported Currency(1) Non-GAAP Net revenue 86.4 3.2 89.6 81.9 2.7 84.6 Cost of goods sold 54.7 1.9 56.6 51.7 1.6 53.3 Gross profit 3
Slide 11: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Constant Constant $ in millions As reported Currency(1) Non-GAAP As reported Currency(1) Non-GAAP Net revenue $ 171.7 $ 6.4 $ 178.1 $ 163.1 $ 6.3 $ 169.4 Cost of goods sold 107.7 3.8 111.5 105.4 3.9 109.
Slide 12: Ranpak
Ranpak Deliver a Better World”