Ranpak (PACK)2024-10-31 11:30Financial 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]