Ranpak Holdings Corp. Reports Second Quarter 2025 Financial Results
-
Net revenue for the second quarter increased 6.8% year over year to
$92.3 million , including a$1.2 million non-cash reduction for warrants, and increased 3.8% year over year on a constant currency basis
-
Net loss for the second quarter of
$7.5 million compared to net income of$5.5 million for the prior year period
-
Adjusted EBITDA (“AEBITDA”) for the second quarter of
$16.5 million down 15.8%, or$3.1 million , year over year (down 18.4% on a constant currency basis), including a$1.2 million non-cash reduction for warrants
-
Packaging System placement up 2.7% year over year to approximately 145.0 thousand machines at
June 30, 2025
AEBITDA declined 15.8%, or 18.4% on a constant currency basis year over year, driven by lower volumes in
Our Automation backlog is robust for the second half and we are having good success expanding with Enterprise customers in
We believe we have laid the groundwork for strong and profitable growth going forward. Our differentiated solutions and strong customer execution have resulted in us forming a strategic and economic relationship with one of the largest and most sophisticated players in the world when it comes to protective packaging and warehouse Automation. I can’t think of a greater vote of confidence and testament to the way we have innovated here at
Outlook for Remainder of 2025
Given the challenging start to the year and movements in currency, we are updating our forward-looking guidance to reflect the latest operating environment. At a current exchange rate of
Second Quarter 2025 Highlights
-
Net revenue increased 6.8% (including a
$1.2 million , or 1.4%, non-cash reduction from warrants) and increased 3.8% on a constant currency basis -
Net loss of
$7.5 million compared to net income of$5.5 million for the prior year period -
AEBITDA(1) of
$16.5 million for the three months endedJune 30, 2025 is down 15.8% and down 18.4% on a constant currency basis -
Packaging systems placement increased 2.7% year over year, to approximately 145.0 thousand machines as of
June 30, 2025
Net revenue for the second quarter of 2025 was
The increase in net revenue for the second quarter of 2025 compared to the second quarter of 2024 is quantified by an increase in the volume of sales of our paper consumable products of approximately 5.2%, a 1.8% increase in the sales of automated box sizing equipment, and a 3.0% increase from foreign currency fluctuations, partially offset by a 1.9% decrease in the price or mix of our paper consumable products and a 1.3% decrease from the provision for common stock warrants.
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____________________ |
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1 Please refer to “Non-GAAP Financial Data” in this press release for an explanation and related reconciliation of the Company’s non-GAAP financial measures and further discussion related to certain other non-GAAP metrics included in this press release. |
The following table presents the non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the second quarters of 2025 and 2024, respectively:
|
|
Three Months Ended |
|
% Change Related to Non-cash Impact of Warrants(2) |
||||||||||
|
($ amounts in millions) |
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|||
|
Net revenue |
$ |
92.3 |
|
|
$ |
86.4 |
|
|
6.8 |
% |
|
(1.4 |
)% |
|
Gross profit |
$ |
28.9 |
|
|
$ |
31.7 |
|
|
(8.8 |
)% |
|
(3.8 |
)% |
|
Gross margin |
|
31.3 |
% |
|
|
36.7 |
% |
|
(5.4 |
)% |
|
(0.9 |
)% |
|
AEBITDA(1) |
$ |
16.5 |
|
|
$ |
19.6 |
|
|
(15.8 |
)% |
|
(6.1 |
)% |
|
AEBITDA(1) Margin |
|
17.9 |
% |
|
|
22.7 |
% |
|
(4.8 |
)% |
|
(1.1 |
)% |
|
(see subsequent footnotes) |
|||||||||||||
|
(1) |
|
Please refer to “Non-GAAP Financial Data” in this press release for an explanation and related reconciliation of the Company’s non-GAAP financial measures and further discussion related to certain other non-GAAP metrics included in this press release. |
|
(2) |
|
The non-cash reduction in revenue from warrants related to the Company’s agreement with Amazon was |
Balance Sheet and Liquidity
The following table presents Ranpak’s installed base of protective packaging systems by product line as of
|
|
|
|
|
|
Change |
|
% Change |
||
|
PPS Systems |
(in thousands) |
|
|
||||||
|
Cushioning |
34.6 |
|
34.9 |
|
(0.3 |
) |
|
(0.9 |
) |
|
Void-Fill |
87.9 |
|
83.9 |
|
4.0 |
|
|
4.8 |
|
|
Wrapping |
22.5 |
|
22.4 |
|
0.1 |
|
|
0.4 |
|
|
Total |
145.0 |
|
141.2 |
|
3.8 |
|
|
2.7 |
|
Conference Call Information
The Company will host a conference call and webcast at
A telephonic replay of the webcast also will be available starting at
Cautionary Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not historical facts are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this news release include, for example, statements about our expectations around the future performance of the business, including our forward-looking guidance.
The forward-looking statements contained in this news release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (i) our inability to secure a sufficient supply of paper to meet our production requirements; (ii) the impact of rising prices on production inputs, including labor, energy, and freight on our results of operations; (iii) the impact of the price of kraft paper on our results of operations; (iv) our reliance on third party suppliers; (v) geopolitical conflicts and other social and political unrest or potential tariffs on the import of goods; (vi) the high degree of competition and continued consolidation in the markets in which we operate; (vii) consumer sensitivity to increases in the prices of our products, changes in consumer preferences with respect to paper products generally or customer inventory rebalancing; (viii) economic, competitive and market conditions generally, including macroeconomic uncertainty, the impact of inflation, and variability in energy, freight, labor and other input costs; (ix) the loss of certain customers; (x) our failure to develop new products that meet our sales or margin expectations or the failure of those products to achieve market acceptance; (xi) our ability to achieve our environmental, social and governance (“ESG”) goals and maintain the sustainable nature of our product portfolio and fulfill our obligations under evolving ESG standards; (xii) our ability to fulfill our obligations under new disclosure regimes relating to ESG matters, such as the European Sustainability Disclosure Standards recently adopted by the
Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
|
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in millions, except share and per share data) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net product revenue |
$ |
77.8 |
|
|
$ |
72.8 |
|
|
$ |
155.4 |
|
|
$ |
145.3 |
|
|
Machine lease revenue |
|
14.5 |
|
|
|
13.6 |
|
|
|
28.1 |
|
|
|
26.4 |
|
|
Net revenue |
|
92.3 |
|
|
|
86.4 |
|
|
|
183.5 |
|
|
|
171.7 |
|
|
Cost of product sales |
|
56.0 |
|
|
|
48.5 |
|
|
|
110.8 |
|
|
|
94.2 |
|
|
Cost of leased machines |
|
7.4 |
|
|
|
6.2 |
|
|
|
12.9 |
|
|
|
13.5 |
|
|
Gross profit |
|
28.9 |
|
|
|
31.7 |
|
|
|
59.8 |
|
|
|
64.0 |
|
|
Selling, general and administrative expenses |
|
28.8 |
|
|
|
27.3 |
|
|
|
57.7 |
|
|
|
55.2 |
|
|
Depreciation and amortization expense |
|
8.8 |
|
|
|
8.3 |
|
|
|
17.8 |
|
|
|
16.7 |
|
|
Other operating expense, net |
|
1.0 |
|
|
|
1.3 |
|
|
|
2.0 |
|
|
|
2.1 |
|
|
Loss from operations |
|
(9.7 |
) |
|
|
(5.2 |
) |
|
|
(17.7 |
) |
|
|
(10.0 |
) |
|
Interest expense |
|
8.3 |
|
|
|
5.3 |
|
|
|
17.0 |
|
|
|
11.5 |
|
|
Foreign currency (gain) loss |
|
(2.6 |
) |
|
|
0.1 |
|
|
|
(5.2 |
) |
|
|
(1.3 |
) |
|
Other non-operating income, net |
|
(5.9 |
) |
|
|
(17.9 |
) |
|
|
(5.9 |
) |
|
|
(17.9 |
) |
|
(Loss) income before income tax (benefit) expense |
|
(9.5 |
) |
|
|
7.3 |
|
|
|
(23.6 |
) |
|
|
(2.3 |
) |
|
Income tax (benefit) expense |
|
(2.0 |
) |
|
|
1.8 |
|
|
|
(5.2 |
) |
|
|
0.3 |
|
|
Net (loss) income |
$ |
(7.5 |
) |
|
|
5.5 |
|
|
$ |
(18.4 |
) |
|
$ |
(2.6 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic and diluted (loss) income per share |
$ |
(0.09 |
) |
|
$ |
0.07 |
|
|
$ |
(0.22 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares outstanding – basic |
|
84,274,167 |
|
|
|
83,071,520 |
|
|
|
83,987,624 |
|
|
|
82,876,914 |
|
|
Weighted average number of shares outstanding – diluted |
|
84,274,167 |
|
|
|
83,123,636 |
|
|
|
83,987,624 |
|
|
|
82,876,914 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
||||||||
|
Foreign currency translation adjustments |
$ |
(4.6 |
) |
|
$ |
(0.1 |
) |
|
$ |
(7.2 |
) |
|
$ |
(2.2 |
) |
|
Interest rate swap adjustments |
|
— |
|
|
|
(0.8 |
) |
|
|
— |
|
|
|
(3.4 |
) |
|
Cross currency swap adjustments |
|
(0.6 |
) |
|
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
|
Total other comprehensive loss, before tax |
|
(5.2 |
) |
|
|
(0.9 |
) |
|
|
(8.4 |
) |
|
|
(5.6 |
) |
|
Benefit for income taxes related to other comprehensive loss |
|
(4.6 |
) |
|
|
(0.1 |
) |
|
|
(7.0 |
) |
|
|
— |
|
|
Total other comprehensive loss, net of tax |
|
(0.6 |
) |
|
|
(0.8 |
) |
|
|
(1.4 |
) |
|
|
(5.6 |
) |
|
Comprehensive (loss) income, net of tax |
$ |
(8.1 |
) |
|
$ |
4.7 |
|
|
$ |
(19.8 |
) |
|
$ |
(8.2 |
) |
|
Unaudited Condensed Consolidated Balance Sheets (in millions, except share data) |
|||||||
|
|
|
|
|
||||
|
Assets |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
49.2 |
|
|
$ |
76.1 |
|
|
Accounts receivable, net |
|
45.4 |
|
|
|
43.9 |
|
|
Inventories |
|
38.1 |
|
|
|
21.7 |
|
|
Income tax receivable |
|
5.8 |
|
|
|
1.8 |
|
|
Prepaid expenses and other current assets |
|
13.4 |
|
|
|
7.7 |
|
|
Total current assets |
|
151.9 |
|
|
|
151.2 |
|
|
Property, plant and equipment, net |
|
145.2 |
|
|
|
137.6 |
|
|
Operating lease right-of-use assets, net |
|
24.0 |
|
|
|
20.9 |
|
|
|
|
457.0 |
|
|
|
443.7 |
|
|
Intangible assets, net |
|
306.1 |
|
|
|
312.2 |
|
|
Deferred tax assets |
|
0.1 |
|
|
|
0.1 |
|
|
Other assets |
|
53.7 |
|
|
|
38.5 |
|
|
Total assets |
$ |
1,138.0 |
|
|
$ |
1,104.2 |
|
|
Liabilities and Shareholders' Equity |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable |
$ |
33.2 |
|
|
$ |
26.9 |
|
|
Accrued liabilities and other |
|
35.8 |
|
|
|
28.5 |
|
|
Current portion of long-term debt |
|
5.4 |
|
|
|
5.6 |
|
|
Operating lease liabilities, current |
|
4.0 |
|
|
|
4.0 |
|
|
Deferred revenue |
|
8.9 |
|
|
|
3.4 |
|
|
Total current liabilities |
|
87.3 |
|
|
|
68.4 |
|
|
Long-term debt |
|
397.7 |
|
|
|
400.8 |
|
|
Deferred tax liabilities |
|
55.1 |
|
|
|
62.0 |
|
|
Derivative instruments |
|
33.5 |
|
|
|
1.3 |
|
|
Operating lease liabilities, non-current |
|
24.2 |
|
|
|
20.8 |
|
|
Other liabilities |
|
1.2 |
|
|
|
2.8 |
|
|
Total liabilities |
|
599.0 |
|
|
|
556.1 |
|
|
Commitments and contingencies – Note 13 |
|
|
|
||||
|
Shareholders' equity |
|
|
|
||||
|
Class A common stock, |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
710.3 |
|
|
|
699.6 |
|
|
Accumulated deficit |
|
(163.7 |
) |
|
|
(145.3 |
) |
|
Accumulated other comprehensive loss |
|
(7.6 |
) |
|
|
(6.2 |
) |
|
Total shareholders' equity |
|
539.0 |
|
|
|
548.1 |
|
|
Total liabilities and shareholders' equity |
$ |
1,138.0 |
|
|
$ |
1,104.2 |
|
|
Unaudited Condensed Consolidated Statements of Cash Flows (in millions) |
|||||||
|
|
Six Months Ended |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash Flows from Operating Activities |
|
|
|
||||
|
Net loss |
$ |
(18.4 |
) |
|
$ |
(2.6 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
31.9 |
|
|
|
35.5 |
|
|
Amortization of deferred financing costs |
|
0.6 |
|
|
|
1.4 |
|
|
Loss on disposal of property, plant, and equipment |
|
0.2 |
|
|
|
0.6 |
|
|
Gain on sale of patents |
|
— |
|
|
|
(5.4 |
) |
|
Deferred income taxes |
|
(1.8 |
) |
|
|
3.7 |
|
|
Amortization of initial value of interest rate swap |
|
— |
|
|
|
(1.2 |
) |
|
Foreign currency gain |
|
(5.2 |
) |
|
|
(1.3 |
) |
|
Stock-based compensation expense |
|
4.1 |
|
|
|
2.8 |
|
|
Provision for common stock warrants |
|
2.0 |
|
|
|
— |
|
|
Amortization of cloud-based software implementation costs |
|
1.9 |
|
|
|
1.8 |
|
|
Unrealized (gain) loss on strategic investments |
|
(5.8 |
) |
|
|
3.5 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
1.2 |
|
|
|
(5.6 |
) |
|
Inventories |
|
(15.0 |
) |
|
|
(8.8 |
) |
|
Income tax receivable |
|
(4.0 |
) |
|
|
(6.6 |
) |
|
Prepaid expenses and other current assets |
|
(4.6 |
) |
|
|
(2.6 |
) |
|
Accounts payable |
|
5.2 |
|
|
|
9.5 |
|
|
Accrued liabilities and other |
|
2.6 |
|
|
|
3.4 |
|
|
Change in other assets and liabilities |
|
0.2 |
|
|
|
(3.3 |
) |
|
Net cash (used in) provided by operating activities |
|
(4.9 |
) |
|
|
24.8 |
|
|
Cash Flows from Investing Activities |
|
|
|
||||
|
Purchases of converter equipment |
|
(15.2 |
) |
|
|
(15.3 |
) |
|
Purchases of other property, plant, and equipment |
|
(2.1 |
) |
|
|
(4.4 |
) |
|
Proceeds from sale of patents |
|
— |
|
|
|
5.4 |
|
|
Cash paid for strategic investments |
|
(2.5 |
) |
|
|
(4.8 |
) |
|
Net cash used in investing activities |
|
(19.8 |
) |
|
|
(19.1 |
) |
|
Cash Flows from Financing Activities |
|
|
|
||||
|
Principal payments on term loans |
|
(2.1 |
) |
|
|
(0.8 |
) |
|
Proceeds from hedging instruments |
|
0.3 |
|
|
|
— |
|
|
Proceeds from equipment financing |
|
— |
|
|
|
0.7 |
|
|
Payments on equipment financing |
|
(0.4 |
) |
|
|
(0.5 |
) |
|
Payments on finance lease liabilities |
|
(1.5 |
) |
|
|
(0.6 |
) |
|
Tax payments for withholdings on stock-based awards distributed |
|
(1.2 |
) |
|
|
(0.4 |
) |
|
Net cash used in financing activities |
|
(4.9 |
) |
|
|
(1.6 |
) |
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
2.7 |
|
|
|
(1.0 |
) |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
(26.9 |
) |
|
|
3.1 |
|
|
Cash and Cash Equivalents, beginning of period |
|
76.1 |
|
|
|
62.0 |
|
|
Cash and Cash Equivalents, end of period |
$ |
49.2 |
|
|
$ |
65.1 |
|
Non-GAAP Measures
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA (“AEBITDA”)
Our unaudited condensed consolidated financial statements are prepared in accordance with
EBITDA is a non-GAAP financial measure that we calculate as net income (loss), adjusted to exclude: benefit from (provision for) income taxes; interest expense; and depreciation and amortization.
AEBITDA is a non-GAAP financial measure that we calculate as net income (loss), adjusted to exclude: benefit from (provision for) income taxes; interest expense; depreciation and amortization; stock-based compensation expense; foreign currency (gain) loss; amortization of cloud-based software implementation costs; and, in certain periods, other income and expense items.
We reconcile this data to our
Constant Currency
We operate globally, and a substantial portion of our net revenue and operations is denominated in foreign currencies, primarily the Euro. We calculate the year over-year impact of foreign currency movements using prior period foreign currency rates applied to current year results. These “constant currency” change amounts are non-GAAP measures and are not in accordance with, or an alternative to, measures prepared in accordance with
In calculating the Constant Currency (Non-GAAP) % Change, the current year is translated at the average exchange rate for the comparable prior year period, when comparing the current year to the prior year. We believe that our Constant Currency (Non-GAAP) % Change presentation provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Cautionary Notice Regarding Non-GAAP Measures
Non-GAAP measures, such as EBITDA, AEBITDA, and constant currency change, have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA and AEBITDA do not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- EBITDA and AEBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA and AEBITDA do not reflect the impact of the recording or release of valuation allowances or tax payments that may represent a reduction in cash available to us;
- AEBITDA does not consider the potentially dilutive impact of stock-based compensation, and in certain periods, other income and expense items, such as restructuring and integration costs;
- constant currency change measures exclude the foreign currency exchange rate impact on our foreign operations; and
- other companies, including companies in our industry, may calculate EBITDA, AEBITDA, and constant currency change differently, which reduces their usefulness as comparative measures.
|
Non-GAAP Financial Data Reconciliation and Comparison of GAAP Statement of Income Data to Non-GAAP EBITDA and Constant Currency AEBITDA For the Second Quarter of 2025 and 2024 (in millions) Please refer to our discussion and definitions of Non-GAAP financial measures Dollar amounts are presented in millions. “NM” represents “not meaningful.” |
|||||||||||||||||
|
|
Three Months Ended |
|
Constant Currency (Non-GAAP) % Change (6) |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
$ Change |
|
% Change |
|
|||||
|
Net (loss) income |
$ |
(7.5 |
) |
|
$ |
5.5 |
|
|
$ |
(13.0 |
) |
|
(236.4 |
) |
|
(236.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Depreciation and amortization expense – COS |
|
8.0 |
|
|
|
8.4 |
|
|
|
(0.4 |
) |
|
(4.8 |
) |
|
|
|
|
Depreciation and amortization expense – D&A |
|
8.8 |
|
|
|
8.3 |
|
|
|
0.5 |
|
|
6.0 |
|
|
|
|
|
Interest expense |
|
8.3 |
|
|
|
5.3 |
|
|
|
3.0 |
|
|
56.6 |
|
|
|
|
|
Income tax (benefit) expense |
|
(2.0 |
) |
|
|
1.8 |
|
|
|
(3.8 |
) |
|
(211.1 |
) |
|
|
|
|
EBITDA(1) |
|
15.6 |
|
|
|
29.3 |
|
|
|
(13.7 |
) |
|
(46.8 |
) |
|
(48.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjustments(2): |
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency (gain) loss |
|
(2.6 |
) |
|
|
0.1 |
|
|
|
(2.7 |
) |
|
NM |
|
|
|
|
|
Non-cash impairment losses |
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
|
|
|
M&A, restructuring, severance |
|
3.6 |
|
|
|
1.5 |
|
|
|
2.1 |
|
|
140.0 |
|
|
|
|
|
Stock-based compensation expense |
|
2.0 |
|
|
|
1.5 |
|
|
|
0.5 |
|
|
33.3 |
|
|
|
|
|
Amortization of cloud-based software implementation costs(3) |
|
1.0 |
|
|
|
0.9 |
|
|
|
0.1 |
|
|
11.1 |
|
|
|
|
|
Cloud-based software implementation costs(4) |
|
0.8 |
|
|
|
0.7 |
|
|
|
0.1 |
|
|
14.3 |
|
|
|
|
|
SOX remediation costs |
|
0.3 |
|
|
|
2.4 |
|
|
|
(2.1 |
) |
|
(87.5 |
) |
|
|
|
|
Gain on sale of patents |
|
— |
|
|
|
(5.4 |
) |
|
|
5.4 |
|
|
(100.0 |
) |
|
|
|
|
Patent litigation settlement |
|
— |
|
|
|
(16.1 |
) |
|
|
16.1 |
|
|
(100.0 |
) |
|
|
|
|
Unrealized (gain) loss on strategic investments |
|
(5.8 |
) |
|
|
3.5 |
|
|
|
(9.3 |
) |
|
(265.7 |
) |
|
|
|
|
Other adjustments(5) |
|
1.4 |
|
|
|
1.0 |
|
|
|
0.4 |
|
|
40.0 |
|
|
|
|
|
AEBITDA(1) |
$ |
16.5 |
|
|
$ |
19.6 |
|
|
$ |
(3.1 |
) |
|
(15.8 |
) |
|
(18.4 |
) |
|
(see subsequent footnotes) |
|||||||||||||||||
|
(1) |
|
Reconciliations of EBITDA and AEBITDA for each period presented are to net (loss) income, the nearest GAAP equivalent. |
|
(2) |
|
Adjustments are related to non-cash unusual or infrequent costs such as: effects of non-cash foreign currency remeasurement or adjustment; impairment of returned machines; costs associated with the evaluation of acquisitions; costs associated with executive severance; costs associated with restructuring actions such as plant rationalization or realignment, reorganization, and reductions in force; costs associated with the implementation of the global ERP system; and other items deemed by management to be unusual, infrequent, or non-recurring. |
|
(3) |
|
Represents amortization of capitalized costs primarily related to the implementation of the global ERP system, which are included in SG&A. |
|
(4) |
|
Third-party professional services and consulting fees related to post-implementation system remediation. |
|
(5) |
|
In the second quarter of 2025, Other adjustments includes non-recurring excess above market procurement costs and other insignificant items. In the second quarter of 2024, Other adjustments represents primarily non-recurring costs incurred from the outsourcing of paper conversion services and other insignificant items. |
|
(6) |
|
The Constant Currency (Non-GAAP) % Change excludes the impact of foreign currency translation effects when comparing to the prior year. In calculating the Constant Currency (Non-GAAP) % Change, the current year results are translated at the average exchange rate for the prior year period, which in this case was |
|
Non-GAAP Financial Data Reconciliation and Comparison of GAAP Statement of Income Data to Non-GAAP EBITDA and Constant Currency AEBITDA
For the Six Months Ended Please refer to our discussion and definitions of Non-GAAP financial measures Dollar amounts are presented in millions. “NM” represents “not meaningful.” |
|||||||||||||||||
|
|
Six Months Ended |
|
Constant Currency (Non-GAAP) % Change (6) |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
$ Change |
|
% Change |
|
|||||
|
Net loss |
$ |
(18.4 |
) |
|
$ |
(2.6 |
) |
|
$ |
(15.8 |
) |
|
(607.7 |
) |
|
(611.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Depreciation and amortization expense – COS |
|
14.1 |
|
|
|
18.8 |
|
|
|
(4.7 |
) |
|
(25.0 |
) |
|
|
|
|
Depreciation and amortization expense – D&A |
|
17.8 |
|
|
|
16.7 |
|
|
|
1.1 |
|
|
6.6 |
|
|
|
|
|
Interest expense |
|
17.0 |
|
|
|
11.5 |
|
|
|
5.5 |
|
|
47.8 |
|
|
|
|
|
Income tax (benefit) expense |
|
(5.2 |
) |
|
|
0.3 |
|
|
|
(5.5 |
) |
|
NM |
|
|
|
|
|
EBITDA(1) |
|
25.3 |
|
|
|
44.7 |
|
|
|
(19.4 |
) |
|
(43.4 |
) |
|
(44.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjustments(2): |
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency gain |
|
(5.2 |
) |
|
|
(1.3 |
) |
|
|
(3.9 |
) |
|
NM |
|
|
|
|
|
Non-cash impairment losses |
|
0.2 |
|
|
|
0.6 |
|
|
|
(0.4 |
) |
|
(66.7 |
) |
|
|
|
|
M&A, restructuring, severance |
|
6.5 |
|
|
|
2.4 |
|
|
|
4.1 |
|
|
170.8 |
|
|
|
|
|
Stock-based compensation expense |
|
4.1 |
|
|
|
2.8 |
|
|
|
1.3 |
|
|
46.4 |
|
|
|
|
|
Amortization of cloud-based software implementation costs(3) |
|
1.9 |
|
|
|
1.8 |
|
|
|
0.1 |
|
|
5.6 |
|
|
|
|
|
Cloud-based software implementation costs |
|
1.4 |
|
|
|
1.2 |
|
|
|
0.2 |
|
|
16.7 |
|
|
|
|
|
SOX remediation costs(4) |
|
0.9 |
|
|
|
3.2 |
|
|
|
(2.3 |
) |
|
(71.9 |
) |
|
|
|
|
Gain on sale of patents |
|
— |
|
|
|
(5.4 |
) |
|
|
5.4 |
|
|
(100.0 |
) |
|
|
|
|
Patent litigation settlement |
|
— |
|
|
|
(16.1 |
) |
|
|
16.1 |
|
|
(100.0 |
) |
|
|
|
|
Unrealized (gain) loss on strategic investments |
|
(5.8 |
) |
|
|
3.5 |
|
|
|
(9.3 |
) |
|
(265.7 |
) |
|
|
|
|
Other adjustments(5) |
|
4.5 |
|
|
|
1.4 |
|
|
|
3.1 |
|
|
221.4 |
|
|
|
|
|
AEBITDA(1) |
$ |
33.8 |
|
|
$ |
38.8 |
|
|
$ |
(5.0 |
) |
|
(12.9 |
) |
|
(13.4 |
) |
|
(see subsequent footnotes) |
|||||||||||||||||
|
(1) |
|
Reconciliations of EBITDA and AEBITDA for each period presented are to net loss, the nearest GAAP equivalent. |
|
(2) |
|
Adjustments are related to non-cash unusual or infrequent costs such as: effects of non-cash foreign currency remeasurement or adjustment; impairment of returned machines; costs associated with the evaluation of acquisitions; costs associated with executive severance; costs associated with restructuring actions such as plant rationalization or realignment, reorganization, and reductions in force; costs associated with the implementation of the global ERP system; and other items deemed by management to be unusual, infrequent, or non-recurring. |
|
(3) |
|
Represents amortization of capitalized costs primarily related to the implementation of the global ERP system, which are included in SG&A. |
|
(4) |
|
Third-party professional services and consulting fees related to post-implementation system remediation. |
|
(5) |
|
In the six months ended |
|
(6) |
|
The Constant Currency (Non-GAAP) % Change excludes the impact of foreign currency translation effects when comparing to the prior year. In calculating the Constant Currency (Non-GAAP) % Change, the current year results are translated at the average exchange rate for the prior year period, which in this case was |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250805783873/en/
wintersteen.megan@ranpak.com
Source:
