Ranpak (US:PACK)2020-07-30 15:12Financial Performance - Net revenue increased by 132% on a constant currency basis, reaching $678 million compared to $599 million in 2Q19[9] - Adjusted EBITDA increased by 131% year-over-year to $190 million, representing a 280% margin, compared to $168 million in 2Q19[10] - The company finished 2Q20 with a strong cash position of $226 million and full availability of a $45 million revolver[10] Operational Highlights - Machine placement increased by 92% year-over-year[9] - Strong growth in Wrapping sales offset lower demand for Cushioning products in North America[11] - Europe/APAC region experienced outperformance across all product lines, driven by Void-fill and Wrapping, and geographic expansion[9, 11] Liquidity and Capitalization - The company has a $271 million U S dollar denominated term loan and a €139 million Euro denominated term loan[18] - Financial Leverage Ratio of 44x Net Debt / Bank Adjusted EBITDA as of June 30, 2020[18] Sales Performance - North America saw continued strong growth in Wrapping, but this was offset by lower demand for Cushioning products[11] - Europe / APAC experienced year-over-year growth across all product lines, with Void-fill and Wrapping leading the way[9, 11]