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Strong Growth Driven by Machine Placement

Ranpak Compelling Financial Attributes - High Growth and High Margins Ranpak Diverse Resilience End e-Commerce Growth Industry Leading High Cash EBITDA Users Engine Margin >33,000 >30% 31.5% Broad Customer Base e-Commerce Exposure 2019 Adj. EBITDA Margin (1) Flow Conversion 66% 2019 FCF Conversion (2) Attractive Sales Growth 6% 2015A 2019A CAGR Unit Economics 16 Months Average Payback Period on Machine Investment Stable Adj. EBITDA 2008A 2009A SVEN Fast growing, high return and resilient worldwide leader in sustainable systems-based packaging solutions 11 (1) (2) Adjusted EBITDA is a non-GAAP measure. Refer to the Appendix to this presentation for a reconciliation of Adjusted EBITDA to net income, the most directly comparable US GAAP measure. Free cash flow conversion (FCF Conversion) is a non-GAAP measure. FCF Conversion defined as Adj. EBITDA - Capex/ Adj. EBITDA. Refer to the Appendix to this presentation for a reconciliation of FCF to net cash flow from operations, the most directly comparable US GAAP measure.
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