Ranpak Full-Year Report 2022
Full Year 2022 Highlights
- Net revenue decreased 15.0% and decreased 8.8% adjusting for constant currency
- Net loss of $41.4 million compared to net loss of $2.8 million
- Constant currency AEBITDA of $66.8 million for the year ended December 31, 2022 is down 43.3%
Fourth Quarter 2022 Highlights
- Packaging systems placement increased 4.4% year over year, to approximately 139,100 machines as of December 31, 2022
- Net revenue decreased 27.2% and decreased 22.2% adjusting for constant currency
- Net loss of $7.3 million compared to net loss of $2.5 million
- Constant currency AEBITDA of $12.9 million for the three months ended December 31, 2022 is down 63.9%
Net revenue for the fourth quarter of 2022 was $79.4 million compared to net revenue of $109.1 million in the fourth quarter of 2021, a decrease of $29.7 million or 27.2% year over year. Net revenue was negatively impacted by decreases in cushioning, void-fill, wrapping, and other sales. In addition to currency headwinds, revenue from all product categories was negatively affected by lower economic activity; lower e-Commerce use due to the opening up of economies; the impact inflationary pressures are having on consumer and corporate budgets; and tightening inventory management in response to uncertainties in the European economic environment. Cushioning decreased $10.6 million, or 24.3%, to $33.1 million from $43.7 million; void-fill decreased $12.0 million, or 26.5%, to $33.2 million from $45.2 million; wrapping decreased $6.0 million, or 38.2%, to $9.7 million from $15.7 million; and other sales decreased $1.1 million, or 24.4%, to $3.4 million from $4.5 million for the fourth quarter of 2022 compared to the fourth quarter of 2021. Other net revenue includes automated box sizing equipment and non-paper revenue from packaging systems installed in the field, such as systems accessories. The decrease in net revenue is quantified by a decrease in the volume of sales of our paper consumable products of approximately 29.3 percentage points (“pp”) and a decrease of 0.1 pp in sales of automated box sizing equipment. These decreases were partially offset by a 7.2 pp increase in the price or mix of our paper consumable products.
