Westrock fee pany(WEST) - 2024 Q1 - Quarterly Results

Financial Performance - Consolidated net sales for Q1 2024 were $192.5 million, a decrease of $12.9 million or 6.3% compared to Q1 2023[5] - The net loss for Q1 2024 was $23.7 million, compared to a net loss of $4.3 million in Q1 2023[5] - Net loss attributable to common shareholders was $23,586 in Q1 2024, compared to a loss of $4,770 in Q1 2023, representing a significant increase in losses[17] - Total operating expenses rose to $47,406 in Q1 2024, compared to $41,662 in Q1 2023, reflecting a 13.2% increase[17] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $11.1 million, an increase of $2.7 million or 31.8% year-over-year[5] - Adjusted EBITDA for Q1 2024 was $11,142, an increase of 31.7% from $8,453 in Q1 2023[20] - The company reaffirmed its 2024 Adjusted EBITDA guidance of $60 million to $80 million[6] - Preliminary guidance for 2025 Adjusted EBITDA is set at over $115 million, contingent on continued customer onboarding[7] Segment Performance - The Beverage Solutions segment generated $158.1 million in net sales and $10.8 million in Adjusted EBITDA for Q1 2024, down from $181.2 million and $8.4 million, respectively, in Q1 2023[5] - Beverage Solutions segment net sales decreased to $158,059 in Q1 2024, down 12.8% from $181,209 in Q1 2023[22] - The SS&T segment contributed $34.4 million in net sales and $0.3 million in Adjusted EBITDA for Q1 2024, compared to $24.2 million and break-even in Q1 2023[5] - Sustainable Sourcing & Traceability segment net sales increased to $34,441, up 42.3% from $24,233 in Q1 2023[22] Assets and Liabilities - Total assets as of March 31, 2024, were $983.3 million, an increase from $971.5 million at the end of 2023[15] - Total liabilities increased to $617.4 million as of March 31, 2024, compared to $583.6 million at the end of 2023[15] Cash Flow and Expenditures - Cash and cash equivalents at the end of Q1 2024 were $13,776, down from $25,570 at the end of Q1 2023, indicating a decrease of 46.1%[19] - The company incurred $68,914 in capital expenditures during Q1 2024, significantly higher than $19,625 in Q1 2023[19] - Interest expense increased to $7,579 in Q1 2024, compared to $6,029 in Q1 2023, marking a rise of 25.7%[20] Commercialization - The first commercial products from the Conway, AR facility were delivered on April 16, 2024, with further commercialization expected in the second half of the year[4]