Ranpak Holdings Corp · Q2 2022 earnings

Briefing

Reported a decrease in net revenue but an increase on a constant currency basis, along with a net loss compared to the previous year.

Ranpak Holdings Corp. reported a decrease in net revenue by 3.6% year over year, but an increase of 4.0% on a constant currency basis. The company experienced a net loss of $11.3 million, compared to a net loss of $5.2 million in the previous year. Constant currency Adjusted EBITDA was $18.2 million, down 28.9% year over year. The Board of Directors authorized a common equity share repurchase plan of up to $50.0 million over three years.

• Packaging system placements increased 10.4% year over year to approximately 136,500 machines.
• Net revenue decreased 3.6% year over year but increased 4.0% on a constant currency basis.
• Net loss was $11.3 million, compared to a net loss of $5.2 million in the previous year.
• Constant currency Adjusted EBITDA was $18.2 million, a decrease of 28.9%.

Headline financials

Revenue & EPS history

Ranpak revised its guidance for the remainder of the year to a constant currency net revenue decline in the area of 1% – 5% and constant currency AEBITDA decline of 28% – 36%, resulting in a range of $360 – $375 million in constant currency net revenue and $75 – $85 million for constant currency AEBITDA.