Ranpak (PACK) - 2024 Q4 - Annual Results

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]