Strong Growth Driven by Machine Placement
Ranpak
Non GAAP metric reconciliation
Quarterly
Year Ended December 31,
$ in millions
1Q18
1Q19
2Q18
2Q19
3Q18(1) 3Q19(1) 4Q18
4Q19
2018 (1)
2019 (1)
Net sales
Reported net sales
61.6
66.1
65.2
56.6
65.1
69.1
76.0
77.7
267.9
269.5
Constant currency adjustment
(2.1)
0.5
(1.1)
0.7
(0.4)
1.2
0.3
1.5
(3.3)
3.9
Constant currency net sales (2)
59.5
66.6
64.1
57.3
64.7
70.3
76.3
79.2
264.5
273.4
Automation revenue recognition
(0.4)
1.3
(1.3)
(1.7)
1.3
Purchase accounting
2.6
0.1
0.0
2.7
Pro forma net sales (2)
59.1
67.9
64.1
59.9
64.7
70.4
75.0
79.2
262.9
277.4
Pro forma Adjusted EBITDA
Net income (loss)
(6.8)
(3.3)
Depreciation & amortization
16.3
Interest expense
7.1
Income tax benefit
(1.3)
(0.6)
Unrealized (gain) / loss on translation
3.0
(2.1)
Purchase accounting
Constant currency adjustment at 1.15
(0.7)
ུ་ྒུ་ཆ
1.9
(26.1)
0.3
(1.6)
(4.0)
(5.7)
(8.7)
(36.7)
16.1
15.9
15.2
16.0
15.4
16.2
15.0
64.5
61.7
8.1
7.8
20.1
8.0
9.5
8.1
9.7
30.9
47.4
0.9
(6.1)
(5.5)
(3.7)
(6.3)
(1.1)
(0.8)
(3.2)
6.8
1.1
0.1
(0.4)
(1.6)
(0.1)
0.4
ཌཱུ་ྔ
(1.1)
3.4
(7.1)
(7.0)
(0.2)
2.6
(4.2)
(3.8)
7.9
0.1
2.2
(1.1)▼
1.1
Non-cash impairment losses
0.3
0.2
0.4
0.9
0.6
0.2
0.5
1.2
1.8
2.5
M&A, restructuring and severance
0.0
0.8
0.5
7.7
2.0
2.2
5.0
2.9
7.5
13.61
PE sponsor costs
0.4
0.5
0.5
0.8
0.4
0.3
1.6
1.3 1
RSU
0.2
1.6
(0.1)
1.7
Contingent liability adjustment
(1.2)
(1.2)
Other non-core and non-cash adjustments
Adjusted EBITDA (2)
0.6
0.2
0.5
0.5
0.5
0.1
1.0
(1.6)
2.7
(0.8) !
18.9
20.0
21.8
17.3
21.4
22.0
25.9
28.5
88.0
87.8!
Pro forma Automation
(0.1)
0.4
(0.4)
(0.5)
0.4
Pro forma public company costs
(0.7)
(0.7)
(0.7)
(0.5)
(0.7)
(0.7)
0.3
(2.9)
(0.9)!
Pro forma Adjusted EBITDA (2)
18.1
19.7
21.1
16.8
20.6
22.0
24.8
28.8
84.6
87.3
% margin
30.6%
29.0%
32.9%
28.0%
31.9%
31.3%
33.2%
36.4%
32.2%
31.5%
(1)
22
(2)
Represent unaudited financials. Due to the predecessor and successor accounting periods relating to the closing of the business combination, for the convenience of readers, we have presented the twelve month periods ended
December 31, 2019 on a combined basis (reflecting simple arithmetic combination of the GAAP predecessor and successor periods without further adjustment) in order to present a meaningful comparison against the
corresponding period twelve months ended December 31, 2018.
Financial metrics of the Company presented on a constant currency basis, including net sales, gross profits, and Adjusted EBITDA on a constant currency basis. The average foreign exchange rate used by the Company for the three.
and twelve months ended December 31, 2019 and 2018 was $1.15:€1.00.View entire presentation