Revenue Breakdown - Approximately 37% of the company's net revenue is derived from sales to e-commerce end-users, indicating a significant growth opportunity as e-commerce continues to outpace retail sales growth[19] - The company's Void-Fill products generated $167.0 million in revenue in 2024, accounting for 45% of total net revenue[21] - Cushioning products generated $135.7 million in revenue in 2024, representing 37% of total net revenue[23] - Wrapping products generated $37.1 million in revenue in 2024, which accounted for 10% of net revenue[24] - Automation products generated $29.1 million in revenue in 2024, accounting for 8% of total net revenue[29] - Approximately 79% of total net revenue in 2024 was derived from sales to distributors, while direct sales to end-users accounted for 21%[32][33] - Sales to industrial manufacturing end-users accounted for approximately 11% of net revenue in 2024[46] - Sales to automotive after-market end-users represented approximately 8% of net revenue in 2024[47] - Sales to electronics end-users accounted for approximately 7% of net revenue in 2024[48] Installed Base and Market Presence - The installed base of FillPak units was approximately 85,700 as of December 31, 2024, showcasing the widespread adoption of the company's protective systems[21] - The installed base of PadPak units was approximately 34,400 as of December 31, 2024, reflecting strong market presence in cushioning solutions[23] - The installed base of Wrapping units was approximately 22,600 as of December 31, 2024, indicating a solid foothold in the wrapping product segment[24] Sustainability and Environmental Focus - The focus on sustainability and environmentally friendly solutions is expected to be a significant driver of continued growth[19] - The company aims to reduce greenhouse gas emissions by 46% and source at least 75% of its paper supply from recycled pulp by 2030[60] - The company has committed to sourcing an aggregate paper supply consisting of at least 25% post-consumer waste or alternative pulp by 2030, having already met this goal in 2022[56] - In 2024, approximately 62% of the pulp used for global raw paper supply was either recycled Post-Industrial Waste or recycled Post-Consumer Waste, and 92% of the global raw paper supply was FSC-certified[57] - The company has made strategic investments in Recycold and Creapaper to enhance its sustainable packaging solutions[39][40] Innovation and Competitive Advantage - The company holds over 880 U.S. and foreign patents, supporting its innovation and competitive advantage in the market[22] - The company continues to innovate and file numerous patent applications each year to maintain its competitive advantage[63] - The company was recognized in 2024 Packaging Gateway Excellence Awards for innovation, product launches, and environmental categories, highlighting the naturemailer product launch and the Cut'it! EVO Multi-Lid automated box sizing system[58] - The company competes with major manufacturers like Sealed Air and Pregis, focusing on environmentally friendly fiber-based packaging solutions[55] Geographic Expansion and Market Opportunities - The company plans to continue geographic expansion and penetration of existing markets to drive future growth[22] - The APAC region currently represents less than 10% of the company's net revenue in 2024, indicating significant growth opportunities[43] - The global protective packaging industry is fragmented, with market leaders holding a relatively small share, presenting growth opportunities for the company[42] - The company aims to grow its product offerings beyond current PPS systems by expanding Wrapping, Automation, and Consumables into new end-markets[43] Operational Developments - The newly established paper conversion facility in Malaysia became operational in the second half of 2024, aimed at improving service and cost profile in the APAC market[41] - In 2024, the company purchased paper from approximately 27 suppliers, with the largest source providing 73% of North American and 39% of global paper supplies[54] Employee and Corporate Information - As of December 31, 2024, the company had over 800 full-time employees worldwide, with approximately 300 located in the United States[62] - The company maintains a website at www.ranpak.com for investor information and access to financial reports[67] - Annual reports on Form 10-K and quarterly reports on Form 10-Q are available free of charge on the company's website[67] - Current reports on Form 8-K and amendments are also accessible as soon as they are filed with the SEC[67] - The SEC filings can be found on the SEC's website at www.sec.gov[67] - The company publishes important investor information, including analyst and investor presentations, on its website[67] - Information obtained from the company's website is not considered part of the official report[67]

4Q24 Earnings Presentation March 6, 2025 Disclaimers The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the quarter and year ended December 31, 2024. Such preliminary data should not be viewed as a comprehensive statement of our financial results for the quarter ended December 31, 2024 CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities ...

Ranpak Holdings Corp. (NYSE:PACK) Q4 2024 Earnings Call March 6, 2025 8:30 AM ET Company Participants Sara Horvath - General Counsel Omar Asali - Chairman and Chief Executive Officer Bill Drew - Chief Financial Officer Conference Call Participants Greg Palm - Craig-Hallum Ghansham Panjabi - Baird Troy Jensen - Cantor Fitzgerald Operator Good morning, and welcome to the Ranpak Holdings Corp. Fourth Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. I wo ...

Financial Performance - Net revenue for Q4 2024 increased 16% year over year to $105.0 million, with a 17% increase on a constant currency basis[9] - Adjusted EBITDA (AEBITDA) for Q4 2024 was $25.3 million, up 8% year over year and also up 8% on a constant currency basis[9] - Full year 2024 net revenue reached $369 million, reflecting a 10% increase year over year, with AEBITDA of $83.8 million, up 14%[23] - The company reported a net loss of $8.0 million for Q4 2024, an improvement from a net loss of $9.3 million in the prior year period[9] - Net product revenue for Q4 2024 increased to $91.6 million, up 17.3% from $77.6 million in Q4 2023[28] - Total net revenue for the year ended December 31, 2024, reached $368.9 million, a 9.6% increase compared to $336.3 million in 2023[30] - Gross profit for the year ended December 31, 2024, was $139.8 million, representing a 13.4% increase from $123.3 million in 2023[30] - For the year ended December 31, 2024, the net loss was $18.7 million, a decrease of $8.4 million or 31.0% from a net loss of $27.1 million in 2023[48] - EBITDA for the year 2024 was $70.2 million, an increase of $7.6 million or 12.1% compared to $62.6 million in 2023[48] - AEBITDA for the year 2024 rose to $83.8 million, up $10.4 million or 14.2% from $73.4 million in 2023[48] Forecast and Growth - For 2025, the company forecasts net revenue growth of 5% to 11%, translating to a range of $387 million to $409 million, and AEBITDA growth of 5% to 16%[13] - The company expects to grow volumes in the mid to high single digits in 2025, with Automation projected to grow approximately 50%[14] Cash and Assets - The cash balance at the end of Q4 2024 was $76.1 million, with no borrowings on its $50 million Revolving Credit Facility[18] - Cash and cash equivalents increased to $76.1 million as of December 31, 2024, compared to $62.0 million at the end of 2023[32] - Total current assets rose to $151.2 million in 2024, up from $124.9 million in 2023[32] Operational Metrics - Packaging system placements increased by 1% year over year, totaling approximately 142.7 thousand machines as of December 31, 2024[9] - The installed base of protective packaging systems showed a total increase of 1.1% from 141.2 thousand in 2023 to 142.7 thousand in 2024[19] Loss and Expenses - The company reported a loss from operations of $12.8 million for the year ended December 31, 2024, compared to a loss of $7.5 million in 2023[30] - Interest expense increased to $28.6 million for the year ended December 31, 2024, from $24.3 million in 2023[30] - The interest expense for 2024 was $28.6 million, an increase of $4.3 million or 17.7% from $24.3 million in 2023[48] Currency and Reporting Changes - The company reported a foreign currency gain of $1.6 million in 2024, compared to a gain of $0.3 million in 2023, representing a 433.3% increase[48] - The company plans to change its presentation of supplemental non-GAAP constant currency metrics starting with 2024 results, using the average exchange rate for the comparable period[40] - The constant currency (non-GAAP) % change for Q4 2024 was a decrease of 18.1% compared to the prior year[44]

Financial Data and Key Metrics Changes - Overall net revenue for the company in Q3 increased by 10.5% year-over-year on a constant currency basis, driven by a 14.7% increase in volumes, offset by lower price mix [21][22] - Adjusted EBITDA increased by 13.9% year-over-year to $20.5 million, implying a 21.6% margin [26] - Gross profit increased by 8.6% on a constant currency basis, with a margin of 37.5%, compared to 38.2% in the prior year [25] Business Line Data and Key Metrics Changes - North American net revenue increased by 15.5% year-over-year, with volumes up 26.1%, driven by strength in e-commerce related to plastic to paper switching [22][9] - In Europe and APAC, net revenue on a constant currency basis increased by 7.1% year-over-year, driven by 9% volume growth, offset partially by pricing give back and void-fill mix headwinds [23][24] - Machine placements increased by 1.1% year-over-year to approximately 143,000 machines globally, with cushioning systems increasing by 0.3% and void-fill installed systems increasing by 1.3% [20] Market Data and Key Metrics Changes - North American sales increased by 15.5% on a constant currency basis, while Europe and Asia Pacific activity levels improved sequentially versus the second quarter [9][11] - Geographically, strength was seen in Brazil, the U.K., South Africa, and the Czech Republic, while Poland and Germany were weaker [13] - The European industrial sector remains sluggish, with lower order levels for capital and consumer goods [12] Company Strategy and Development Direction - The company is focused on driving volumes through strategic accounts and automation, with a commitment to maintaining gross margin profiles [32][40] - The sustainability momentum in North America is strong, with expectations to capitalize on the shift from plastic to paper [38] - The Malaysia plant went live in August, providing a lower-cost base to serve the Asia Pacific region and enabling growth [39] Management's Comments on Operating Environment and Future Outlook - The general environment remains somewhat timid globally, with an uneven environment in Europe and Asia Pacific [8] - Management remains confident in guidance for Q4 and believes that the company is well-positioned to drive positive outcomes for the business and shareholders [56][57] - The company is focused on cash generation and deleveraging, with a target of reaching three turns or below in net debt to adjusted EBITDA [30][40] Other Important Information - Capital expenditures for the quarter were $5.6 million, down from just under $10 million per quarter for the first half of the year [28] - The company completed Q3 with a strong liquidity position, including a $69.5 million cash balance and no drawings on the revolving credit facility [30] Q&A Session Summary Question: Why was EBITDA up only slightly despite sales growth? - Management indicated that mix was part of the reason, with growth more in void-fill than in cushioning and wrapping, and that strategic account activity ramped up towards the end of Q2 [42][43] Question: How much of the 26% volume growth in North America was due to new business? - Management clarified that inventory levels were light, and the growth was primarily due to paper consumption rather than customers loading up [46][47] Question: What is the strategy for debt coming due in 2026? - Management emphasized the importance of improving operating momentum to access credit markets effectively [48][49] Question: Any surprises in the quarter? - Management expressed pleasant surprise with the volume and size of accounts being fulfilled, indicating higher than expected demand [52][54] Question: Are there additional accounts ramping up in Q4? - Management stated that the focus is on serving existing accounts during the peak season rather than ramping up new accounts [56][57] Question: Update on automation and its impact on customer acquisition? - Management noted that automation, along with other integrated solutions, is critical for winning large accounts, with bookings up 60% year-over-year [60][62]

Revenue Performance - Ranpak generated net revenue of $263.9 million for the nine months ended September 30, 2024, compared to $245.9 million for the same period in 2023, representing a year-over-year increase of approximately 7.9%[98] - Net revenue for Q3 2024 was $92.2 million, an increase of $9.4 million or 11.4% compared to $82.8 million in Q3 2023[115] - Net revenue for the nine months ended September 30, 2024, was $263.9 million, an increase of $18.0 million or 7.3% compared to $245.9 million in the same period of 2023[132] - North America net revenue for Q3 2024 was $40.3 million, an increase of $5.4 million or 15.5% from $34.9 million in Q3 2023[116] - Europe/Asia net revenue for Q3 2024 was $51.9 million, an increase of $4.0 million or 8.4% from $47.9 million in Q3 2023[117] - North America net revenue for the nine months ended September 30, 2024, was $109.9 million, an increase of $11.7 million or 11.9% from $98.2 million in 2023[133] - Europe/Asia net revenue for the nine months ended September 30, 2024, was $154.0 million, an increase of $6.3 million or 4.3% from $147.7 million in 2023[134] Cost and Expenses - Cost of goods sold for Q3 2024 totaled $57.8 million, an increase of $6.5 million or 12.7% from $51.3 million in Q3 2023[118] - Cost of goods sold for the nine months ended September 30, 2024, totaled $165.5 million, an increase of $8.8 million or 5.6% from $156.7 million in 2023[135] - Selling, general and administrative expenses (SG&A) for Q3 2024 were $28.8 million, up $7.9 million or 37.8% from $20.9 million in Q3 2023[119] - Selling, general and administrative expenses (SG&A) increased by $19.6 million or 30.4% to $84.0 million for the nine months ended September 30, 2024, compared to $64.4 million in 2023[136] Profitability and Loss - Net loss for Q3 2024 increased to $8.1 million from a net loss of $3.3 million in Q3 2023, a change of $4.8 million[126] - Net loss for the nine months ended September 30, 2024, decreased to $10.7 million from a net loss of $17.8 million in 2023, a change of $7.1 million[143] - EBITDA for Q3 2024 was $12.6 million, a decrease of $6.2 million or 33.0% compared to $18.8 million in Q3 2023[127] - EBITDA for the nine months ended September 30, 2024, was $57.3 million, an increase of $10.2 million or 21.7% compared to $47.1 million in 2023[144] - AEBITDA (Constant Currency) for Q3 2024 was $20.5 million, an increase of $2.5 million or 13.9% year over year[127] - AEBITDA for the nine months ended September 30, 2024, totaled $61.1 million, representing an increase of $9.0 million or 17.3% from $52.1 million in 2023[144] Cash Flow and Debt - Cash and cash equivalents as of September 30, 2024, were $69.5 million, up from $62.0 million as of December 31, 2023[151] - Total debt as of September 30, 2024, was $408.2 million, with $2.7 million classified as short-term[151] - Net cash provided by operating activities was $34.9 million for the nine months ended September 30, 2024, compared to $23.0 million for the same period in 2023, largely due to a patent litigation settlement of $16.1 million[155] - Net cash used in investing activities was $24.7 million for the nine months ended September 30, 2024, which included an additional investment of $4.8 million in Pickle, while cash inflows from the sale of two patents amounted to $5.4 million[156] - Net cash used in financing activities was $2.3 million for the nine months ended September 30, 2024, reflecting debt repayments and payments on finance lease liabilities[157] Market and Operational Insights - Approximately 30% of Ranpak's net revenue in 2023 was derived from e-commerce sectors, which typically experience seasonal sales peaks during the fourth quarter[105] - The company operates manufacturing facilities in the United States and Europe, with 59% of its 2023 net revenue generated outside the United States[97] - The company expects continued pressure on gross margins in the medium term due to rising input costs and competitive market conditions[101] - The cost of paper, a key component of goods sold, is subject to significant fluctuations, impacting gross margins and overall operating results[100] - Currency fluctuations affect the comparability of results, with the company using a cross-currency swap to hedge some exposure[104] - The company expects capital expenditures to increase as it continues to grow its business and expand its manufacturing footprint[150] Other Financial Information - Other non-operating income for Q3 2024 was $3.1 million, compared to $0.1 million in Q3 2023, primarily due to an unrealized gain on investment[124] - Other non-operating income for the nine months ended September 30, 2024, was $21.0 million, primarily from $16.1 million in litigation proceeds and a $5.4 million gain on the sale of patents[141] - Interest expense for Q3 2024 was $9.3 million, an increase of $2.5 million or 36.8% from $6.8 million in Q3 2023[122] - Interest expense for the nine months ended September 30, 2024, was $20.8 million, an increase of $2.4 million or 13.0% from $18.4 million in 2023[139] - The interest rate for the First Lien Dollar Term Facility as of September 30, 2024, was 9.05%, down from 9.44% as of December 31, 2023[151] Impairment and Off-Balance Sheet Arrangements - As of September 30, 2024, there were no indicators of impairment for goodwill or long-lived assets[163] - The company has not engaged in any off-balance sheet arrangements as of September 30, 2024[159] - There have been no significant changes to the company's contractual obligations outside the ordinary course of business[158]

Financial Performance - Net revenue for Q3 2024 rose by 11.4% year over year to $92.2 million, with a constant currency increase of 10.5% to $94.7 million[1][3] - Net loss for Q3 2024 was $8.1 million, compared to a net loss of $3.3 million in the same period last year[1][2] - Constant Currency Adjusted EBITDA (AEBITDA) for Q3 2024 was $20.5 million, reflecting a 13.9% increase year over year[1][2] - North America net revenue for Q3 2024 was $40.3 million, a 15.5% increase from $34.9 million in Q3 2023[4] - Europe/Asia net revenue for Q3 2024 was $51.9 million, an 8.4% increase from $47.9 million in Q3 2023[5] - Year-to-date 2024 net revenue increased by 7.3%, with a net loss of $10.7 million compared to a net loss of $17.8 million for the prior year period[6] - Net revenue for the nine months ended September 30, 2024, was $263.9 million, compared to $245.9 million for the same period in 2023, reflecting a 7.3% growth[15] - Net loss for the nine months ended September 30, 2024, was $10.7 million, an improvement from a net loss of $17.8 million for the same period in 2023[17] Cash and Assets - The company ended Q3 2024 with a cash balance of $69.5 million and no borrowings on its $45 million Revolving Credit Facility[6] - Total current assets increased to $153.0 million as of September 30, 2024, up from $124.9 million at the end of 2023, marking a 22.5% increase[16] - Cash and cash equivalents increased to $69.5 million as of September 30, 2024, compared to $62.0 million at the end of 2023, a growth of 24.2%[16] - Cash and cash equivalents at the end of the period were $69.5 million, up from $52.1 million at the end of September 30, 2023, indicating a 33.4% increase[17] Expenses and Losses - Selling, general and administrative expenses rose to $28.8 million in Q3 2024, a significant increase of 37.8% from $20.9 million in Q3 2023[25] - The company reported a loss from operations of $14.2 million for the nine months ended September 30, 2024, compared to a loss of $2.9 million in the same period in 2023, marking a 389.7% increase in losses[27] - Interest expense increased to $9.3 million in Q3 2024, up 36.8% from $6.8 million in Q3 2023[25] Profitability Metrics - Gross profit for Q3 2024 was $31.5 million, resulting in a gross margin of 38.0%, compared to a gross margin of 36.3% in Q3 2023[15] - Gross profit for Q3 2024 reached $34.4 million, reflecting a 9.2% increase from $31.5 million in Q3 2023[25] - Constant Currency AEBITDA for Q3 2024 was $20.5 million, an increase of 13.9% from $18.0 million in Q3 2023[25] Debt and Liabilities - The net debt to LTM Adjusted EBITDA ratio on a constant currency basis reached 4.0x, showing progress towards the goal of 3.0x or below[2][6] - Total liabilities rose to $569.0 million as of September 30, 2024, compared to $550.7 million at the end of 2023, indicating a 3.9% increase[16] - The company’s accumulated deficit increased to $(134.5) million as of September 30, 2024, from $(123.8) million at the end of 2023[16] - The company’s total shareholders' equity decreased to $564.3 million as of September 30, 2024, down from $572.0 million at the end of 2023[16] Future Outlook - The company anticipates that new product rollouts and talent acquisition will positively impact results in 2025 and beyond[2]

Core Insights - Lakeside Holding Limited has launched a new Pick & Pack Fulfillment service aimed at enhancing logistics efficiency for a major customer in China [1][5] - The service integrates real-time inventory management and order processing to streamline operations [2][4] Service Details - The Pick & Pack Fulfillment service includes inventory management, order processing, and a multi-hub service available at key locations such as Chicago O'Hare International Airport, Dallas-Fort Worth International Airport, and Los Angeles International Airport [3] - The service has already commenced at the Chicago O'Hare location, with plans to expand to Dallas-Fort Worth and Los Angeles shortly [3] Strategic Importance - This new service offering is designed to optimize the fulfillment process, reduce lead times, and enhance customer experience [4] - The CEO of Lakeside emphasized that this initiative deepens the partnership with the customer and leverages advanced infrastructure and technology to improve operational efficiency [5]

Ranpak Holdings Corp. (NYSE:PACK) Q2 2024 Earnings Conference Call August 11, 2024 11:00 AM ET Company Participants Sara Horvath - General Counsel Omar Asali - Chairman & Chief Executive Officer Bill Drew - Chief Financial Officer Conference Call Participants Adam Samuelson - Goldman Sachs Operator Thank you for standing by. My name is John, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Ranpak Holdings Second Quarter 2024 Earnings Call. All lines hav ...

Financial Performance - The company generated net revenue of $171.7 million for the six months ended June 30, 2024, compared to $163.1 million for the same period in 2023, representing a year-over-year increase of approximately 4.0%[77] - Net revenue for Q2 2024 was $86.4 million, an increase of $4.5 million or 5.5% from $81.9 million in Q2 2023[90] - Net revenue for the six months ended June 30, 2024, was $171.7 million, an increase of $8.6 million or 5.3% compared to $163.1 million in the same period of 2023[104] - Constant currency net revenue was $178.1 million for the six months ended June 30, 2024, a 5.1% increase from $169.4 million in the same period of 2023[104] - North America net revenue for Q2 2024 was $37.7 million, up $5.5 million or 17.1% from $32.2 million in Q2 2023[91] - North America net revenue increased by $6.3 million or 10.0% to $69.6 million, while Europe/Asia net revenue rose by $2.3 million or 2.3% to $102.1 million[105] Profitability Metrics - Gross profit for Q2 2024 was $31.7 million, up $1.5 million or 5.0% compared to $30.2 million in Q2 2023[88] - EBITDA for Q2 2024 was $29.3 million, an increase of $8.5 million or 40.9% from $20.8 million in Q2 2023[101] - EBITDA for the six months ended June 30, 2024, was $44.7 million, an increase of $16.4 million or 58.0% compared to $28.3 million in the same period of 2023[115] - Net income for Q2 2024 was $5.5 million, an increase of $7.6 million from a net loss of $2.1 million in Q2 2023[100] - Net loss decreased to $2.6 million for the six months ended June 30, 2024, from a net loss of $14.5 million in the same period of 2023, a change of $11.9 million[114] Expenses and Costs - SG&A expenses increased to $27.3 million, a rise of $11.0 million or 67.5% from $16.3 million in Q2 2023, primarily due to increased stock-based compensation[93] - Selling, general and administrative expenses increased by $11.7 million or 26.9% to $55.2 million, primarily due to a rise in stock-based compensation[107] - Cost of goods sold for Q2 2024 was $54.7 million, an increase of $3.0 million or 5.8% from $51.7 million in Q2 2023[92] - Cost of goods sold for the six months ended June 30, 2024, totaled $107.7 million, an increase of $2.3 million or 2.2%, with a decrease in cost of goods sold as a percentage of net sales to 62.7% from 64.6%[106] Cash Flow and Liquidity - Net cash provided by operating activities was $24.8 million for the six months ended June 30, 2024, compared to $16.6 million for the same period in 2023, reflecting a significant improvement[126] - Net cash used in investing activities was $19.1 million for the six months ended June 30, 2024, which included a $4.8 million investment in Pickle, compared to $25.2 million in the same period of 2023[127] - Net cash used in financing activities was $1.6 million for the six months ended June 30, 2024, up from $0.7 million in the same period of 2023, indicating increased financial obligations[128] - The company had $65.1 million in cash and cash equivalents as of June 30, 2024, up from $62.0 million at the end of 2023[120] - Total debt as of June 30, 2024, was $401.7 million, a slight decrease from $407.4 million at the end of 2023[122] Market and Operational Insights - The installed base of Protective Packaging Solutions (PPS) systems increased to approximately 141.2 thousand as of June 30, 2024, up from 140.7 thousand in the previous year, reflecting a growth of 0.4%[78] - The installed base of cushioning machines slightly decreased by 0.3% from 35.0 thousand in June 2023 to 34.9 thousand in June 2024[78] - Approximately 30% of the company's net revenue in 2023 was derived from e-commerce sectors, indicating a strong seasonal trend with higher sales typically recorded in the fourth quarter[82] - The company operates manufacturing facilities in the United States and Europe, with about 59% of its 2023 net revenue generated outside the United States[76] - The company utilizes three-dimensional computer vision and artificial intelligence technologies through its R Squared Robotics division to enhance packaging and logistics functions[76] Economic and External Factors - The company experienced inflationary pressures in 2024, which adversely impacted end-users and resulted in increased costs, although some of these costs were mitigated by price increases[81] - The company anticipates continued pressure on gross margins in the medium term relative to historical performance due to rising input costs and competitive market conditions[79] - The company is exposed to currency translation risks due to its global operations, which may affect the comparability of financial results between periods[79] - Foreign currency gain for the six months ended June 30, 2024, was $1.3 million, a change of $2.2 million or 244.4% from a loss of $0.9 million in the same period of 2023[111] - Foreign currency loss decreased by $0.6 million or 85.7% to $0.1 million in Q2 2024, reflecting reduced volatility in Euro exchange rates[97] Shareholder and Capital Management - The company has authorized a share repurchase program of up to $50.0 million, with no repurchases executed to date[124] - The company expects capital expenditures to increase as it continues to grow its business and expand its manufacturing footprint[121] - The interest rate for the First Lien Dollar Term Facility was 9.18% as of June 30, 2024, down from 9.44% at the end of 2023[122] - The company has $43.8 million available under its revolving credit facility after accounting for outstanding letters of credit[122] Asset Management - There were no indicators of impairment for goodwill or long-lived assets as of June 30, 2024, suggesting stable asset valuations[133] - The company continues to monitor for indicators of impairment in its reporting units and long-lived assets[133] - The company has various contractual obligations and commercial commitments recorded as liabilities, with no significant changes reported[129] - There were no off-balance sheet arrangements as of June 30, 2024[130]