Strong Growth Driven by Machine Placement
Ranpak
Investment highlights
Financial highlights
✓ Long-term sales growth - 7.0% 2013A to 2018A CAGR
✓ e-Commerce led growth - 30%+ e-Commerce exposure
✓ Industry-leading EBITDA margin - 31.5% 2019A Adjusted EBITDA Margin
✓ High cash flow conversion – 66% 2019A FCF conversion(¹)
✓ High customer retention rates - 33,000+ installed base of customers
Asset-light distribution model underpins resilience – stable Adj. EBITDA
2008 to 2009
Razor-razorblade business model - customers buy Ranpak
consumables exclusively
Attractive unit economics - ~16 months payback period on machine
investment
Incremental upside
Outsized market tailwinds
Geographic expansion
Next generation innovation
Fiber gaining share from plastic
Thermal/cold chain innovation
M&A
Adj EBITDA is a non-GAAP metric. FCF Conversion defined as Adj. EBITDA-Capex / Adj. EBITDA. Refer to the Appendix to this presentation for a reconciliation of Adjusted EBITDA to net income, the most directly
comparable US GAAP measure.
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