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Gary O’Neil accepts criticism from Wolves fans after heavy defeat at EvertonARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Record revenue for fiscal year 2024 of approximately $2.7 billion and revenue for the fourth quarter of approximately $1.2 billion, representing an increase of approximately 22% from fiscal year 2023 and an increase of approximately 82% from the same quarter last year, respectively. GAAP gross profit margin improved to approximately 12.6% and 12.8% for fiscal year 2024 and the fourth quarter, respectively, compared to approximately 6.4% and 11.3% for fiscal year 2023 and the same quarter last year, respectively, reflecting the Company's continued focus on ongoing profit improvement strategies. Net income of approximately $30.4 million and $67.7 million for fiscal year 2024 and the fourth quarter, respectively, improved from a net loss of approximately $104.8 million and net income of approximately $4.8 million, for fiscal year 2023 and the same quarter last year, respectively. Adjusted EBITDA 1 of approximately $78.1 million and $86.9 million for fiscal year 2024 and the fourth quarter, respectively, improved from approximately negative $61.4 million and $19.8 million for fiscal year 2023 and the same quarter last year, respectively. Quarterly order intake of approximately $1.2 billion, compared to approximately $737 million for the same quarter last year. Backlog 2 increased to approximately $4.5 billion as of September 30, 2024, compared to approximately $2.9 billion as of September 30, 2023. Financial Position Total Cash 3 of approximately $518.7 million as of September 30, 2024, representing an increase of approximately $56.0 million from September 30, 2023. Net cash provided by operating activities was approximately $79.7 million, compared to approximately negative $111.9 million for fiscal year 2023. Free cash flow 1 was approximately $71.6 million, compared to approximately negative $114.9 million for fiscal year 2023. Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: Revenue of approximately $3.6 billion to $4.4 billion with a midpoint of $4.0 billion. Presently, approximately 65% of the midpoint of the Company's revenue guidance is covered by the Company's current backlog, in line with our fiscal 2024 revenue coverage at the same time period last year. Adjusted EBITDA 4 of approximately $160 million to $200 million with a midpoint of $180 million. Annual recurring revenue ("ARR") of about $145 million by the end of fiscal year 2025. The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments.offline roulette game 。

NEW YORK — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve. The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday's inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they're correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It's hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. "The data have given the Fed the 'all clear' for next week, and today's inflation data keep a January cut in active discussion," according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street's biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It's a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share. Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster's Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn't do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it's seeking billions of dollars in damages from Kroger, whose stock rose 1%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants' merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy's slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong's Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea's Kospi rose 1%, up for a second straight day as it climbs back following last week's political turmoil where its president briefly declared martial law.

DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. GEF GEF.B)), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results. Fiscal Fourth Quarter 2024 Financial Highlights: (all results compared to the fourth quarter 2023 unless otherwise noted) Net income decreased 6.5% to $63.4 million or $1.08 per diluted Class A share compared to net income of $67.8 million or $1.16 per diluted Class A share. Net income, excluding the impact of adjustments (1) , decreased 46.4% to $49.6 million or $0.85 per diluted Class A share compared to net income, excluding the impact of adjustments, of $92.6 million or $1.59 per diluted Class A share. Adjusted EBITDA (2) decreased 2.0% to $197.6 million compared to Adjusted EBITDA of $201.6 million. Net cash provided by operating activities decreased by $16.3 million to $187.2 million. Adjusted free cash flow (3) increased by $8.5 million to $144.7 million. Fiscal Year Results Include: (all results compared to the fiscal year 2023 unless otherwise noted): Net income decreased 27.0% to $262.1 million or $4.52 per diluted Class A share compared to net income of $359.2 million or $6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased 35.3% to $233.6 million or $4.03 per diluted Class A share compared to net income, excluding the impact of adjustments, of $361.2 million or $6.19 per diluted Class A share. Adjusted EBITDA decreased 15.6% to $694.2 million compared to Adjusted EBITDA of $822.2 million. Net cash provided by operating activities decreased by $293.5 million to $356.0 million. Adjusted free cash flow decreased by $291.4 million to $189.8 million. Total debt increased by $525.5 million to $2,740.6 million. Net debt (4) increased by $508.7 million to $2,542.9 million. The Company's leverage ratio (5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially. Strategic Actions and Announcements Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City. Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/ . Announcing targeted cost optimization effort to eliminate $100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day. Commentary from CEO Ole Rosgaard "I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond." Build to Last Mission Progress Recently completed our fourteenth wave NPS (6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment. (1) Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs. (2) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. (3) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning ("ERP") systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (4) Net debt is defined as total debt less cash and cash equivalents. (5) Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Second Amended and Restated Credit Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022 (the "2022 Credit Agreement"). As calculated under the 2022 Credit Agreement, adjusted net debt was $2,452.3 million, $2,608.5 million, and $1,856.8 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively, and trailing twelve month credit agreement EBITDA was $695.0 million, $717.2 million, and $845.9 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively. (6) Net Promoter Score ("NPS") is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters. Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures. Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted) Net sales are impacted mainly by the volume of primary products (7) sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. ("Reliance") and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem. Net Sales Impact - Primary Products Global Industrial Packaging Paper Packaging & Services Currency Translation — % — % Volume 3.7 % 0.7 % Selling Prices and Product Mix 0.4 % 5.0 % Total Impact of Primary Products 4.1 % 5.7 % Global Industrial Packaging Net sales increased by $65.9 million to $786.9 million primarily due to contributions from recent acquisitions and higher volumes. Gross profit increased by $12.6 million to $167.0 million due to the same factors that impacted net sales, partially offset by higher raw material, labor and manufacturing costs. Operating profit decreased by $0.1 million to $75.0 million primarily due to higher SG&A expenses from recent acquisitions, offset by the same factors that impacted gross profit. Adjusted EBITDA increased by $4.0 million to $109.4 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses from recent acquisitions. Paper Packaging & Services Net sales increased by $42.9 million to $624.5 million primarily due to higher average selling prices as a result of higher published containerboard and boxboard prices. Gross profit decreased by $0.1 million to $118.7 million primarily due to higher raw material and labor costs, offset by the same factors that impacted net sales. Operating profit increased by $13.4 million to $48.7 million primarily due to lower non-cash impairment charges and restructuring charges related to optimizing and rationalizing operations in the prior year, partially offset by the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Adjusted EBITDA decreased by $8.4 million to $85.3 million primarily due to the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Tax Summary During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 39.6 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 12.8 percent. Dividend Summary On December 3, 2024, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.80 per share of Class B Common Stock. Dividends are payable on January 1, 2025, to stockholders of record at the close of business on December 16, 2024. (7) Primary products are manufactured steel, plastic and fibre drums; new and reconditioned intermediate bulk containers; jerrycans and other small plastics; linerboard, containerboard, corrugated sheets and corrugated containers; and boxboard and tube and core products. Company Outlook Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below. (in millions, except per share amounts) Fiscal 2025 Low-End Guidance Estimate Adjusted EBITDA $675 Adjusted free cash flow $225 Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release. Conference Call The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5 . Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://inv estor .greif.com . Investor Relations contact information Bill D'Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com About Greif Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, the Company manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com . Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "estimate," "anticipate," "aspiration," "objective," "project," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or Company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see "Risk Factors" in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Cost of products sold 1,128.4 1,032.7 4,377.3 4,072.5 Gross profit 288.7 275.7 1,070.8 1,146.1 Selling, general and administrative expenses 157.5 136.8 634.5 549.1 Acquisition and integration related costs 2.4 3.5 18.5 19.0 Restructuring charges 3.8 5.2 5.4 18.7 Non-cash asset impairment charges 0.7 16.9 2.6 20.3 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Operating profit 126.6 112.4 464.6 605.5 Interest expense, net 39.2 24.8 134.9 96.3 Non-cash pension settlement charges — 3.5 — 3.5 Other (income) expense, net 0.6 1.4 10.1 11.0 Income before income tax expense and equity earnings of unconsolidated affiliates, net 86.8 82.7 319.6 494.7 Income tax (benefit) expense 18.9 9.9 33.9 117.8 Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Net income 68.8 73.3 288.7 379.1 Net income attributable to noncontrolling interests (5.4 ) (5.5 ) (26.6 ) (19.9 ) Net income attributable to Greif, Inc. $ 63.4 $ 67.8 $ 262.1 $ 359.2 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.09 $ 1.19 $ 4.54 $ 6.22 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.08 $ 1.16 $ 4.52 $ 6.15 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 25.8 25.5 25.8 25.6 Class B common stock 21.3 21.3 21.3 21.5 Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 26.3 26.0 26.0 26.0 Class B common stock 21.3 21.3 21.3 21.5 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (in millions) October 31, 2024 October 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 197.7 $ 180.9 Trade accounts receivable 757.1 659.4 Inventories 396.8 338.6 Other current assets 197.1 190.2 1,548.7 1,369.1 LONG-TERM ASSETS Goodwill 1,953.7 1,693.0 Intangible assets 937.1 792.2 Operating lease assets 284.5 290.3 Other long-term assets 270.3 253.6 3,445.6 3,029.1 PROPERTIES, PLANTS AND EQUIPMENT, NET 1,652.1 1,562.6 $ 6,646.4 $ 5,960.8 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 530.4 $ 497.8 Short-term borrowings 18.6 5.4 Current portion of long-term debt 95.8 88.3 Current portion of operating lease liabilities 56.5 53.8 Other current liabilities 310.6 294.0 1,011.9 939.3 LONG-TERM LIABILITIES Long-term debt 2,626.2 2,121.4 Operating lease liabilities 230.2 240.2 Other long-term liabilities 537.4 548.3 3,393.8 2,909.9 REDEEMABLE NONCONTROLLING INTERESTS 129.9 125.3 EQUITY Total Greif, Inc. equity 2,075.7 1,947.9 Noncontrolling interests 35.1 38.4 2,110.8 1,986.3 $ 6,646.4 $ 5,960.8 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 68.8 73.3 $ 288.7 $ 379.1 Depreciation, depletion and amortization 67.9 61.2 261.3 230.6 Asset impairments 0.7 16.9 2.6 20.3 Pension settlement charges — 3.5 — 3.5 Deferred income tax expense (benefit) (23.2 ) (27.8 ) (76.8 ) (28.7 ) Gain on disposal of businesses, net 0.1 — (46.0 ) (64.0 ) Other non-cash adjustments to net income 8.9 15.7 50.9 50.4 Operating working capital changes 52.4 57.7 (49.9 ) 151.5 Increase (decrease) in cash from changes in other assets and liabilities 11.6 3.0 (74.8 ) (93.2 ) Net cash (used in) provided by operating activities 187.2 203.5 356.0 649.5 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of companies, net of cash acquired (1.2 ) (94.9 ) (568.8 ) (542.4 ) Purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Proceeds from the sale of properties, plants and equipment and businesses, net of impacts from the purchase of acquisitions 93.4 0.6 103.9 113.9 Payments for deferred purchase price of acquisitions — (0.4 ) (1.7 ) (22.1 ) Other (1.6 ) (1.6 ) (5.2 ) (6.0 ) Net cash (used in) provided by investing activities 45.5 (173.5 ) (658.3 ) (670.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt, net (171.8 ) 47.6 489.4 290.7 Dividends paid to Greif, Inc. shareholders (31.2 ) (29.8 ) (121.0 ) (116.5 ) Payments for share repurchases — — — (63.9 ) Tax withholding payments for stock-based awards — — (10.6 ) (13.7 ) Other (14.4 ) (10.1 ) (33.5 ) (26.9 ) Net cash (used in) provided by for financing activities (217.4 ) 7.7 324.3 69.7 Effects of exchange rates on cash (11.8 ) (14.5 ) (5.2 ) (15.2 ) Net increase (decrease) in cash and cash equivalents 3.5 23.2 16.8 33.8 Cash and cash equivalents, beginning of period 194.2 157.7 180.9 147.1 Cash and cash equivalents, end of period $ 197.7 $ 180.9 $ 197.7 $ 180.9 GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS BY SEGMENT UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net sales: Global Industrial Packaging $ 786.9 $ 721.0 $ 3,124.3 $ 2,936.8 Paper Packaging & Services 624.5 581.6 2,303.5 2,260.5 Land Management 5.7 5.8 20.3 21.3 Total net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Gross profit: Global Industrial Packaging $ 167.0 $ 154.4 $ 669.4 $ 634.4 Paper Packaging & Services 118.7 118.8 391.6 502.5 Land Management 3.0 2.5 9.8 9.2 Total gross profit $ 288.7 $ 275.7 $ 1,070.8 $ 1,146.1 Operating profit: Global Industrial Packaging $ 75.0 $ 75.1 $ 341.1 $ 334.3 Paper Packaging & Services 48.7 35.3 115.6 264.1 Land Management 2.9 2.0 7.9 7.1 Total operating profit $ 126.6 $ 112.4 $ 464.6 $ 605.5 EBITDA (8) : Global Industrial Packaging $ 108.0 $ 96.2 $ 454.8 $ 415.7 Paper Packaging & Services 83.3 70.4 253.9 398.8 Land Management 3.5 2.6 10.1 9.3 Total EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Adjusted EBITDA (9) : Global Industrial Packaging $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services 85.3 93.7 261.5 387.9 Land Management 2.9 2.5 9.1 8.9 Total Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 (8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization. However, because the Company does not calculate net income by segment, this table calculates EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of Consolidated EBITDA, is another method to achieve the same result. See the reconciliations in the table of Segment EBITDA. (9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION CONSOLIDATED ADJUSTED EBITDA UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other (income) expense, net 0.6 1.4 10.1 11.0 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Operating profit 126.6 112.4 464.6 605.5 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.6 1.4 10.1 11.0 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Plus: Acquisition and integration related costs 2.4 3.5 18.5 19.0 Plus: Restructuring charges $ 3.8 $ 5.2 $ 5.4 $ 18.7 Plus: Non-cash asset impairment charges 0.7 16.9 2.6 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.8 ) 2.4 3.7 3.4 Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT ADJUSTED EBITDA (10) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Global Industrial Packaging Operating profit $ 75.0 $ 75.1 $ 341.1 $ 334.3 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.9 1.7 11.6 12.6 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation and amortization expense 33.0 25.8 122.3 95.3 EBITDA $ 108.0 $ 96.2 $ 454.8 $ 415.7 Plus: Acquisition and integration related costs 1.1 3.4 17.2 12.2 Plus: Restructuring charges 3.0 — (2.8 ) 4.2 Plus: Non-cash asset impairment charges 0.8 0.4 1.3 1.9 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.6 ) 0.2 (2.9 ) (4.4 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.5 (46.0 ) (9.4 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.0 ) 1.2 2.0 1.7 Adjusted EBITDA $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services Operating profit $ 48.7 $ 35.3 $ 115.6 $ 264.1 Less: Other (income) expense, net (0.3 ) (0.3 ) (1.5 ) (1.6 ) Plus: Depreciation and amortization expense 34.3 34.8 136.8 133.1 EBITDA $ 83.3 $ 70.4 $ 253.9 $ 398.8 Plus: Acquisition and integration related costs 1.3 0.1 1.3 6.8 Plus: Restructuring charges 0.8 5.2 8.2 14.5 Plus: Non-cash asset impairment charges (0.1 ) 16.5 1.3 18.4 Plus: (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.7 (4.9 ) 2.3 Plus: (Gain) loss on disposal of businesses, net — (0.4 ) — (54.6 ) Plus: Other costs* (0.8 ) 1.2 1.7 1.7 Adjusted EBITDA $ 85.3 $ 93.7 $ 261.5 $ 387.9 Land Management Operating profit $ 2.9 $ 2.0 $ 7.9 $ 7.1 Plus: Depreciation, depletion and amortization expense 0.6 0.6 2.2 2.2 EBITDA $ 3.5 $ 2.6 $ 10.1 $ 9.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (0.6 ) (0.1 ) (1.0 ) (0.4 ) Adjusted EBITDA $ 2.9 $ 2.5 $ 9.1 $ 8.9 Consolidated EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Consolidated Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION ADJUSTED FREE CASH FLOW (11) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 187.2 $ 203.5 $ 356.0 $ 649.5 Cash paid for purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Free Cash Flow $ 142.1 $ 126.3 $ 169.5 $ 435.9 Cash paid for acquisition and integration related costs 2.4 3.5 18.5 19.0 Cash paid for integration related ERP systems and equipment (12) 0.2 1.0 1.3 4.6 Cash paid for taxes related to Tama, Iowa mill divestment — 5.4 — 21.7 Cash paid for fiscal year-end change costs — — 0.5 — Adjusted Free Cash Flow $ 144.7 $ 136.2 $ 189.8 $ 481.2 (11) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (12) Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif's standards. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME, CLASS A EARNINGS PER SHARE, AND TAX RATE BEFORE ADJUSTMENTS UNAUDITED (in millions, except for per share amounts) Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net Income Tax (Benefit) Expense Equity Earnings Noncontrolling Interest Net Income Attributable to Greif, Inc. Diluted Class A Earnings Per Share Tax Rate Three Months Ended October 31, 2024 $ 86.8 $ 18.9 $ (0.9 ) $ 5.4 $ 63.4 $ 1.08 21.8 % Acquisition and integration related costs 2.4 0.5 — — 1.9 0.03 Restructuring charges 3.8 0.9 — — 2.9 0.05 Non-cash asset impairment charges 0.7 0.2 — — 0.5 0.01 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) (0.5 ) — — (1.9 ) (0.03 ) (Gain) loss on disposal of businesses, net 0.1 16.0 — — (15.9 ) (0.27 ) Other costs* (1.8 ) (0.5 ) — — (1.3 ) (0.02 ) Excluding Adjustments $ 89.6 $ 35.5 $ (0.9 ) $ 5.4 $ 49.6 $ 0.85 39.6 % Three Months Ended October 31, 2023 $ 82.7 $ 9.9 $ (0.5 ) $ 5.5 $ 67.8 $ 1.16 12.0 % Acquisition and integration related costs 3.5 0.8 — — 2.7 0.04 Restructuring charges 5.2 1.2 — — 4.0 0.08 Non-cash asset impairment charges 16.9 4.1 — — 12.8 0.22 (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.3 — — 0.5 0.01 (Gain) loss on disposal of businesses, net 0.1 0.3 — — (0.2 ) (0.01 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 2.4 0.7 — — 1.7 0.03 Excluding Adjustments $ 115.1 $ 17.5 $ (0.5 ) $ 5.5 $ 92.6 $ 1.59 15.2 % Twelve Months Ended October 31, 2024 $ 319.6 $ 33.9 $ (3.0 ) $ 26.6 $ 262.1 $ 4.52 10.6 % Acquisition and integration related costs 18.5 4.5 — — 14.0 0.24 Restructuring charges 5.4 1.2 — — 4.2 0.07 Non-cash asset impairment charges 2.6 0.7 — — 1.9 0.03 (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (2.1 ) — — (6.7 ) (0.11 ) (Gain) loss on disposal of businesses, net (46.0 ) (1.3 ) — — (44.7 ) (0.77 ) Other costs* 3.7 0.9 — — 2.8 0.05 Excluding Adjustments $ 295.0 $ 37.8 $ (3.0 ) $ 26.6 $ 233.6 $ 4.03 12.8 % Twelve Months Ended October 31, 2023 $ 494.7 $ 117.8 $ (2.2 ) $ 19.9 $ 359.2 $ 6.15 23.8 % Acquisition and integration related costs 19.0 4.6 — — 14.4 0.24 Restructuring charges 18.7 4.4 — 0.1 14.2 0.25 Non-cash asset impairment charges 20.3 4.9 — — 15.4 0.26 (Gain) loss on disposal of properties, plants and equipment, net (2.5 ) (0.3 ) — — (2.2 ) (0.04 ) (Gain) loss on disposal of businesses, net (64.0 ) (18.4 ) — — (45.6 ) (0.78 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 3.4 0.9 — — 2.5 0.05 Excluding Adjustments $ 493.1 $ 114.1 $ (2.2 ) $ 20.0 $ 361.2 $ 6.19 23.1 % *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity. GREIF INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET DEBT UNAUDITED (in millions) October 31, 2024 July 31, 2024 October 31, 2023 Total Debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net Debt $ 2,542.9 $ 2,715.3 $ 2,034.2 GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION LEVERAGE RATIO UNAUDITED Trailing Twelve Month Credit Agreement EBITDA (in millions) Trailing Twelve Months Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 Trailing Twelve Months Ended 10/31/2023 Net income $ 288.7 $ 293.2 $ 379.1 Plus: Interest expense, net 134.9 120.5 96.3 Plus: Income tax expense 33.9 24.9 117.8 Plus: Depreciation, depletion and amortization expense 261.3 254.6 230.6 EBITDA $ 718.8 $ 693.2 $ 823.8 Plus: Acquisition and integration related costs 18.5 19.6 19.0 Plus: Restructuring charges 5.4 6.8 18.7 Plus: Non-cash asset impairment charges 2.6 18.8 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (5.6 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net (46.0 ) (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 3.5 Plus: Other costs* 3.7 5.5 3.4 Adjusted EBITDA $ 694.2 $ 695.8 $ 822.2 Credit Agreement adjustments to EBITDA (13) 0.8 21.4 23.7 Credit Agreement EBITDA $ 695.0 $ 717.2 $ 845.9 Adjusted Net Debt (in millions) For the Period Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 For the Period Ended 10/31/2023 Total debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net debt $ 2,542.9 $ 2,715.3 $ 2,034.2 Credit Agreement adjustments to debt (14) (90.6 ) (106.8 ) (177.4 ) Adjusted net debt $ 2,452.3 $ 2,608.5 $ 1,856.8 Leverage Ratio (15) 3.53x 3.64x 2.2x *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (13) Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items. (14) Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts. (15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA. The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited: Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 (in millions) United States Europe, Middle East and Africa Asia Pacific and Other Americas United States Europe, Middle East and Africa Asia Pacific and Other Americas Global Industrial Packaging $ 1,124.0 $ 1,388.0 $ 612.3 $ 1,093.0 $ 1,310.9 $ 532.9 Paper Packaging & Services 2,261.4 — 42.1 2,218.0 — 42.5 Land Management 20.3 — — 21.3 — — Total net sales $ 3,405.7 $ 1,388.0 $ 654.4 $ 3,332.3 $ 1,310.9 $ 575.4 Twelve Months Ended October 31, (in millions) 2024 2023 Depreciation, depletion and amortization expense: Global Industrial Packaging $ 122.3 $ 95.3 Paper Packaging & Services 136.8 133.1 Land Management 2.2 2.2 Total depreciation, depletion and amortization expense $ 261.3 $ 230.6 Capital expenditures: Global Industrial Packaging $ 70.8 $ 83.9 Paper Packaging & Services 88.9 120.6 Land Management 0.2 1.1 Total segment 159.9 205.6 Corporate and other 9.1 12.6 Total capital expenditures $ 169.0 $ 218.2 GREIF, INC. AND SUBSIDIARY COMPANIES PROJECTED 2025 GUIDANCE RECONCILIATION ADJUSTED FREE CASH FLOW UNAUDITED Fiscal 2025 Low-End Guidance Estimate (in millions) Net cash provided by operating activities $ 371.0 Cash paid for purchases of properties, plants and equipment (166.0 ) Free cash flow $ 205.0 Cash paid for acquisition and integration related costs 17.0 Cash paid for integration related ERP systems and equipment 1.0 Cash paid for fiscal year-end change costs 2.0 Adjusted free cash flow $ 225.0 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Eagles stars Jalen Hurts, A.J. Brown say relationship is 'good' after teammate suggests fissureAltice USA director Patrick Drahi sells $19.7 million in stock