Fourth Quarter
Highlights
- GAAP: Net sales of $3.1 billion; Operating income of $301
million; Earnings per share (EPS) of $1.55
- Non-GAAP: Operating EBITDA of $547 million; Adjusted EPS of
$2.28
- Returned $216 million to shareholders ($185 million via share
repurchases and $31 million in dividends)
Fiscal Year Highlights
- GAAP: Net sales of $12.7 billion; Operating income of $1.1
billion; EPS of $4.95
- Non-GAAP: Operating EBITDA of $2.05 billion; Adjusted EPS of
$7.42
- Cash flow from operations of $1.6 billion; Free cash flow of
$926 million
- Returned $728 million to shareholders ($601 million via share
repurchases and $127 million in dividends)
Fiscal Year 2024 Outlook
- Adjusted EPS range of $7.35 - $7.85 per share
- Cash flow from operations range of $1.35 - $1.45 billion; Free
cash flow range of $800 - $900 million
- Announced a 10% increase to the quarterly dividend to $0.275
per share
- Committed to debt reduction along with returning capital to
shareholders through share repurchases and dividends
Kevin Kwilinski, Berry’s new CEO said, “I am pleased to report
we exceeded our adjusted earnings per share outlook and
significantly beat our free cash flow guidance by over $100
million. Our 3% volume decline in the quarter improved sequentially
and was better than expected, as soft market demand was mitigated
by market share gains supported by recent capital investments.
During the year, our organization took actions and demonstrated
agility to offset challenging and volatile global market dynamics
characterized by ongoing inflation, soft consumer demand and
customer destocking. Our proven business model has generated eleven
consecutive years of adjusted earnings per share growth and strong,
consistent generation of free cash flow. We are dedicated to
delivering long-term value for our shareholders, as evidenced by
our $728 million of capital returned in fiscal 2023, through both
our share repurchases of $601 million, or approximately 8% of
shares outstanding, along with quarterly dividend payments.
In line with our commitment to drive long-term shareholder
value, we expect to use our cash in fiscal 2024 to reduce our debt,
repurchase shares opportunistically, and pay our recently increased
dividend. Looking ahead, we are optimistic about our future and
expect a more normal operating environment in fiscal 2024. We
believe that, both the easing of inflationary pressures on
consumers and the increase of promotional activity by our customers
will lead to demand improvement as the year progresses.”
Key Financials (1)
September Quarter
Fiscal Year
GAAP results
2023
2022
2023
2022
Net sales
$
3,087
$
3,421
$
12,664
$
14,495
Operating income
301
336
1,079
1,242
EPS (diluted)
1.55
1.85
4.95
5.77
September Quarter
Reported
Comparable
Fiscal Year
Reported
Comparable
Adjusted non-GAAP results
2023
2022
%
%
2023
2022
%
%
Net sales
$
3,087
$
3,421
(10%)
(12%)
$
12,664
$
14,495
(13%)
(12%)
Operating EBITDA
547
539
1%
flat
2,053
2,101
(2%)
flat
Adjusted EPS (diluted)
2.28
2.19
4%
1%
7.42
7.40
flat
1%
(1)
Adjusted non-GAAP results exclude items
not considered to be ongoing operations. In addition, comparable
change % excludes the impacts of foreign currency, acquisitions,
and recent divestitures. Further details related to non-GAAP
measures and reconciliations can be found under our “Non-GAAP
Financial Measures and Estimates” section or in reconciliation
tables in this release. In millions of USD, except per share
data
Financial Results – Fourth Quarter
2023
Consolidated Overview
The net sales decline is primarily attributed to decreased
selling prices of $320 million due to the pass-through of lower
resin costs and a 3% volume decline, partially offset by a $90
million favorable impact from foreign currency changes. The volume
decline is primarily attributed to softer demand in our consumer
and industrial markets.
The operating income decrease is primarily attributed to a $23
million unfavorable impact from increased business integration
costs, a $22 million unfavorable impact from the volume decline,
and a $21 million unfavorable impact from increased selling,
general, and administrative expenses, partially offset by a $39
million favorable impact from price cost spread as a result of cost
reduction and improved product mix.
Consumer Packaging - International
Net sales were essentially flat primarily attributed to a 3%
volume decline due to softer consumer and industrial market demand
in Europe and decreased selling prices of $29 million, partially
offset by a $56 million favorable impact from foreign currency
changes.
The operating income decrease is primarily attributed to a $17
million unfavorable impact from increased business integration
costs and a $6 million unfavorable impact from the volume decline.
These items are partially offset by a $14 million favorable impact
from price cost spread and improved mix, along with a favorable
impact from foreign currency changes.
Consumer Packaging - North America
The net sales decline is primarily attributed to decreased
selling prices of $97 million and a 2% volume decline primarily
attributed to softer industrial and consumer market demand
partially offset by growth in our foodservice and container
markets.
The operating income decrease is primarily attributed to a $9
million increase in depreciation and amortization, a $6 million
unfavorable impact from increased business integration costs and a
$6 million unfavorable impact from increased selling, general, and
administrative expenses. These items were partially offset by a $9
million favorable impact from price cost spread and improved
mix.
Health, Hygiene, & Specialties
The net sales decline is primarily attributed to decreased
selling prices of $103 million and a 4% volume decline primarily
attributed to weaker demand in our specialty markets, such as
filtration and building and construction, partially offset by
growth in disinfectant wipes and adult incontinence.
The operating income decrease is primarily attributed to an
unfavorable impact from the volume decline partially offset by a
favorable impact from price cost spread.
During the fourth quarter, we announced that we have initiated a
formal process to evaluate strategic alternatives for our Health,
Hygiene and Specialties segment to provide ways to drive long-term
value to shareholders, which includes continuously evaluating our
portfolio to ensure the Company is best positioned to execute our
strategic objectives. We remain a trusted supplier and partner to
our customers and colleagues of this segment. There is no certainty
on any formal decision, nor definitive timetable, for this process.
If and when appropriate, a further announcement will be made.
Engineered Materials
The net sales decline is primarily attributed to decreased
selling prices of $90 million and a 5% volume decline primarily
attributed to weakness in European industrial markets partially
offset by growth in our consumer and custom film markets in North
America.
The operating income decrease is primarily attributed to an
unfavorable impact from the volume decline, partially offset by a
favorable impact from price cost spread and improved mix.
Financial Results – Fiscal Year
2023
Consolidated Overview
The net sales decline is primarily attributed to decreased
selling prices of $856 million primarily due to the pass-through of
lower resin costs, a 6% volume decline, an $84 million unfavorable
impact from foreign currency changes, and fiscal 2022 divestiture
sales of $107 million. The volume decline is primarily attributed
to general market softness and customer destocking.
The operating income decrease is primarily attributed to a $134
million unfavorable impact from the volume decline, a $79 million
unfavorable impact from increased business integration costs, a $33
million unfavorable impact from foreign currency changes, and a $49
million unfavorable impact from increased selling, general, and
administrative expenses primarily attributed to increased
incentive-based compensation. These declines are partially offset
by a $139 million favorable impact from price cost spread.
Consumer Packaging - International
The net sales decline is primarily attributed to a 5% volume
decline, fiscal 2022 divestiture sales of $107 million, and a $60
million unfavorable impact from foreign currency changes, partially
offset by increased selling prices of $102 million due to the
pass-through of European inflation. The volume decline is primarily
attributed to general market softness.
The operating income decrease is primarily attributed to a $39
million unfavorable impact from increased business integration
costs, a $36 million unfavorable impact from the volume decline, a
$17 million unfavorable impact from foreign currency changes, an
unfavorable impact from increased selling, general, and
administrative expenses, and an unfavorable impact from fiscal 2022
divestiture. These declines were partially offset by a $44 million
favorable impact from price cost spread.
Consumer Packaging - North America
The net sales decline is primarily attributed to decreased
selling prices of $344 million and a 3% volume decline. The volume
decline is primarily attributed to general market softness
partially offset by growth in our foodservice market.
The operating income increase is primarily attributed to a $67
million favorable impact from price cost spread, partially offset
by a $21 million unfavorable impact from the volume decline, an $18
million unfavorable impact from increased business integration
costs, and an unfavorable impact from increased selling, general,
and administrative expenses.
Health, Hygiene, & Specialties
The net sales decline is primarily attributed to decreased
selling prices of $322 million and a 7% volume decline. The volume
decline is primarily attributed to general market softness and
customer destocking.
The operating income decrease is primarily attributed to a $52
million unfavorable impact from price cost spread, a $30 million
unfavorable impact from the volume decline, and an unfavorable
impact from increased business integration costs.
Engineered Materials
The net sales decline is primarily attributed to decreased
selling prices of $292 million, an 8% volume decline, and a $31
million unfavorable impact from foreign currency changes. The
volume decline is primarily attributed to general market softness
and destocking.
The operating income increase is primarily attributed to an $81
million favorable impact from price cost spread, partially offset
by a $48 million unfavorable impact from the volume decline, and an
unfavorable impact from increased selling, general, and
administrative expenses.
Cash Returns to
Shareholders
Berry generates significant cash flow and is committed to
returning capital to shareholders. This annual cash flow provides
substantial capacity to simultaneously reinvest in the business for
organic growth, pursue bolt-on acquisitions, pay down debt and
return cash to shareholders through a compelling dividend as well
as share repurchases. The Company expects to be within its leverage
target of 2.5x – 3.5x by the end of fiscal 2024, while also
returning cash to shareholders during the year, through continued
share repurchases and dividends, subject to market conditions,
available cash on hand and cash needs, overall financial condition,
and other factors considered relevant by our Board of
Directors.
Dividend and Share Repurchases
As previously announced, Berry’s Board of Directors increased
the quarterly cash dividend by 10% to $0.275 per share. The
dividend payment date is December 15, 2023, to stockholders of
record as of December 1, 2023. During the fourth quarter of fiscal
2023, Berry repurchased 2.9 million shares (or 2.3% of shares
outstanding) for $185 million, leaving $440 million authorized for
share repurchases at the end of fiscal 2023. Through fiscal 2023,
we have repurchased a total of 9.8 million shares (or approximately
8% of shares outstanding) for $601 million.
Fiscal Year 2024 Guidance
(based on information available as of November 16, 2023)
- Adjusted earnings per share range of $7.35 - $7.85
- Cash flow from operations range of $1.35-$1.45 billion; free
cash flow range of $800-900 million
- Committed to debt reduction along with returning capital to
shareholders through share repurchases and dividends
Investor Conference Call
The Company will host a conference call today, November 16,
2023, at 10 a.m. U.S. Eastern Time to discuss our fourth quarter
and fiscal year 2023 results. This call will be webcast live on
Berry’s website at https://ir.berryglobal.com/financials. A new,
simplified event registration and access provides two ways to
access the call. A replay of the webcast will be available via the
same link on our website approximately two hours after the
completion of the call.
By Telephone
Participants may register for the call here now or any time up
to and during the time of the call, and will immediately receive
the dial-in number and a unique pin to access the call. While you
may register at any time up to and during the time of the call, you
are encouraged to join the call 10 minutes prior to the start of
the event.
Via the Internet
The conference call and accompanying webcast slides will also be
broadcast live over the internet. To access the event, click on the
following link: https://ir.berryglobal.com/financials. A replay of
the webcast will be available via the same link on our website
approximately two hours after the completion of the call.
About Berry
At Berry Global Group, Inc. (NYSE:BERY), we create packaging and
engineered products that we believe make life better for people and
the planet. We do this every day by leveraging our unmatched global
capabilities, sustainability leadership, and deep innovation
expertise to serve customers of all sizes around the world.
Harnessing the strength in our diversity and industry-leading
talent of over 40,000 global employees across more than 250
locations, we partner with customers to develop, design, and
manufacture innovative products with an eye toward the circular
economy. The challenges we solve and the innovations we pioneer
benefit our customers at every stage of their journey. For more
information, visit our website, or connect with us on LinkedIn or
Twitter.
Non-GAAP Financial Measures and
Estimates
This press release includes non-GAAP financial measures such as
operating EBITDA, Adjusted operating income, Adjusted earnings per
share (or adjusted EPS), free cash flow, and comparable basis net
sales, comparable adjusted EPS and comparable operating EBITDA. A
reconciliation of these non-GAAP financial measures to comparable
measures determined in accordance with accounting principles
generally accepted in the United States of America (GAAP) is set
forth at the end of this press release. Information reconciling
forward-looking adjusted EPS and free cash flow is not provided
because such information is not available without unreasonable
effort due to the high variability, complexity, and low visibility
with respect to certain items, including debt refinancing activity
or other non-comparable items. These items are uncertain, depend on
various factors, and could be material to our results computed in
accordance with U.S. GAAP.
Forward Looking Statements
Statements in this release that are not historical, including
statements relating to the expected future performance of the
Company, are considered “forward looking” within the meaning of the
federal securities laws and are presented pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. You can identify forward-looking statements because they
contain words such as “believes,” “expects,” “may,” “will,”
“should,” “would,” “could,” “seeks,” “approximately,” “intends,”
“plans,” “estimates,” “projects,” “outlook,” “anticipates” or
“looking forward,” or similar expressions that relate to our
strategy, plans, intentions, or expectations. All statements we
make relating to our estimated and projected earnings, margins,
costs, expenditures, cash flows, growth rates, and financial
results or to our expectations regarding future industry trends are
forward-looking statements. In addition, we, through our senior
management, from time to time make forward-looking public
statements concerning our expected future operations and
performance and other developments.
Our actual results may differ materially from those that we
expected due to a variety of factors, including without limitation:
(1) risks associated with our substantial indebtedness and debt
service; (2) changes in prices and availability of resin and other
raw materials and our ability to pass on changes in raw material
prices to our customers on a timely basis; (3) risks related to
acquisitions or divestitures and integration of acquired businesses
and their operations, and realization of anticipated cost savings
and synergies; (4) risks related to international business,
including transactional and translational foreign currency exchange
rate risk and the risks of compliance with applicable export
controls, sanctions, anti-corruption laws and regulations; (5)
increases in the cost of compliance with laws and regulations,
including environmental, safety, and climate change laws and
regulations; (6) labor issues, including the potential labor
shortages, shutdowns or strikes, or the failure to renew effective
bargaining agreements; (7) risks related to disruptions in the
overall global economy, persistent inflation, supply chain
disruptions, and the financial markets that may adversely impact
our business; (8) risk of catastrophic loss of one of our key
manufacturing facilities, natural disasters, and other unplanned
business interruptions; (9) risks related to weather-related events
and longer-term climate change patterns; (10) risks related to the
failure of, inadequacy of, or attacks on our information technology
systems and infrastructure; (11) risks that our restructuring
programs may entail greater implementation costs or result in lower
cost savings than anticipated; (12) risks related to future
write-offs of substantial goodwill; (13) risks of competition,
including foreign competition, in our existing and future markets;
(14) risks related to market conditions associated with our share
repurchase program; (15) risks related to market disruptions and
increased market volatility; and (16) the other factors and
uncertainties discussed in the section titled “Risk Factors” in our
Annual Report on Form 10-K and subsequent filings with the
Securities and Exchange Commission. We caution you that the
foregoing list of important factors may not contain all of the
material factors that are important to you. New factors may emerge
from time to time, and it is not possible for us to predict new
factors, nor can we assess the potential effect of any new factors
on us. Accordingly, readers should not place undue reliance on
those statements. All forward-looking statements are based upon
information available to us on the date hereof. All forward-looking
statements are made only as of the date hereof and we undertake no
obligation to update or revise any forward-looking statement as a
result of new information, future events or otherwise, except as
otherwise required by law.
Berry Global Group,
Inc.
Consolidated Statements of
Income (Unaudited)
Quarterly Period Ended
Fiscal Year Ended
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net sales
$
3,087
$
3,421
$
12,664
$
14,495
Costs and expenses:
Cost of goods sold
2,481
2,834
10,354
12,123
Selling, general and administrative
215
185
886
850
Amortization of intangibles
62
61
243
257
Restructuring and transaction
activities
28
5
102
23
Operating income
301
336
1,079
1,242
Other expense
18
9
31
22
Interest expense, net
78
74
306
286
Income before income taxes
205
253
742
934
Income tax expense
19
20
133
168
Net income
$
186
$
233
$
609
$
766
Basic net income per share
$
1.59
$
1.87
$
5.07
$
5.87
Diluted net income per share
1.55
1.85
4.95
5.77
Outstanding weighted average shares
(in millions)
Basic
117.3
124.7
120.1
130.6
Diluted
120.2
126.0
123.0
132.8
Condensed Consolidated Balance
Sheets (Unaudited)
(in millions of USD)
September 30, 2023
October 1, 2022
Cash and cash equivalents
$
1,203
$
1,410
Accounts receivable
1,568
1,777
Inventories
1,557
1,802
Other current assets
205
175
Property, plant, and equipment
4,576
4,342
Goodwill, intangible assets, and other
long-term assets
7,478
7,450
Total assets
$
16,587
$
16,956
Current liabilities, excluding current
debt
2,703
2,831
Current and long-term debt
8,980
9,255
Other long-term liabilities
1,688
1,674
Stockholders’ equity
3,216
3,196
Total liabilities and stockholders'
equity
$
16,587
$
16,956
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Fiscal Year Ended
(in millions of USD)
September 30, 2023
October 1, 2022
Cash flows from operating
activities:
Net income
$
609
$
766
Depreciation
575
562
Amortization of intangibles
243
257
Non-cash interest, net
(61
)
6
Settlement of derivatives
36
201
Deferred income tax
(117
)
(48
)
Share-based compensation expense
42
39
Other non-cash operating activities,
net
22
(22
)
Changes in working capital
266
(198
)
Net cash from operating
activities
1,615
1,563
Cash flows from investing
activities:
Additions to property, plant, and
equipment, net
(689
)
(687
)
Settlement of net investment hedges
-
76
Divestiture (acquisition) of businesses
and other
(87
)
128
Net cash from investing
activities
(776
)
(483
)
Cash flows from financing
activities:
Repayments on long-term borrowings
(869
)
(22
)
Proceeds from long-term borrowings
496
-
Repurchase of common stock
(601
)
(709
)
Proceeds from issuance of common stock
36
27
Dividends paid
(127
)
-
Other, net
(6
)
-
Net cash from financing
activities
(1,071
)
(704
)
Effect of currency translation on cash
25
(57
)
Net change in cash and cash
equivalents
(207
)
319
Cash and cash equivalents at beginning of
period
1,410
1,091
Cash and cash equivalents at end of
period
$
1,203
$
1,410
Non-U.S. GAAP Free Cash Flow:
Cash flow from operating activities
$
1,615
$
1,563
Additions to property, plant, and
equipment (net)
(689
)
(687
)
Non-U.S. GAAP Free Cash Flow
$
926
$
876
Segment and Supplemental
Comparable Basis Information (Unaudited)
Quarterly Period Ended
September 30, 2023
(in millions of USD)
Consumer Packaging -
International
Consumer Packaging- North
America
Health, Hygiene &
Specialties
Engineered Materials
Total
Net sales
$
1,000
$
786
$
630
$
671
$
3,087
Operating income
$
84
$
94
$
36
$
87
$
301
Depreciation and amortization
80
58
45
29
212
Restructuring and transaction
activities
18
7
2
1
28
Other non-cash charges (1)
2
2
1
1
6
Operating EBITDA
$
184
$
161
$
84
$
118
$
547
Quarterly Period Ended October 1,
2022
Reported net sales
$
1,003
$
888
$
738
$
792
$
3,421
Foreign currency and divestitures
56
13
25
9
103
Comparable net sales (2)
$
1,059
$
901
$
763
$
801
$
3,524
Operating income
$
98
$
103
$
44
$
91
$
336
Depreciation and amortization
75
53
43
28
199
Restructuring and transaction
activities
—
2
3
—
5
Other non-cash charges (1)
(1
)
—
—
—
(1
)
Foreign currency and divestitures
7
4
(5
)
1
7
Comparable operating EBITDA (2)
$
179
$
162
$
85
$
120
$
546
(1)
Other non-cash charges are primarily stock
compensation expense
(2)
The prior year comparable basis change
excludes the impacts of foreign currency, acquisitions, and
divestitures. Further details related to non-GAAP measures and
reconciliations can be found under our “Non-GAAP Financial Measures
and Estimates” section or in reconciliation tables in this
release.
Fiscal Year Ended September
30, 2023
(in millions of USD)
Consumer Packaging -
International
Consumer Packaging- North
America
Health, Hygiene &
Specialties
Engineered Materials
Total
Net sales
$
4,031
$
3,122
$
2,627
$
2,884
$
12,664
Operating income
$
273
$
346
$
127
$
333
$
1,079
Depreciation and amortization
310
217
177
114
818
Restructuring and transaction
activities
50
23
22
7
102
Other non-cash charges (1)
25
12
8
9
54
Operating EBITDA
$
658
$
598
$
334
$
463
$
2,053
Fiscal Year Ended October 1,
2022
Reported net sales
$
4,293
$
3,548
$
3,166
$
3,488
$
14,495
Foreign currency and divestitures
(167
)
26
7
(31
)
(165
)
Comparable net sales (2)
$
4,126
$
3,574
$
3,173
$
3,457
$
14,330
Operating income
$
346
$
338
$
230
$
328
$
1,242
Depreciation and amortization
317
214
176
112
819
Restructuring and transaction
activities
10
5
6
2
23
Other non-cash charges (1)
(5
)
8
8
6
17
Foreign currency and divestitures
(31
)
9
(13
)
(3
)
(38
)
Comparable operating EBITDA (2)
$
638
$
574
$
407
$
445
$
2,064
(1)
Other non-cash charges are primarily stock
compensation expense
(2)
The prior year comparable basis change
excludes the impacts of foreign currency, acquisitions, and
divestitures. Further details related to non-GAAP measures and
reconciliations can be found under our “Non-GAAP Financial Measures
and Estimates” section or in reconciliation tables in this
release.
Reconciliation of Non-GAAP
Measures
Reconciliation of Net income and
earnings per share (EPS) to adjusted operating income, operating
earnings before interest, tax, depreciation and amortization
(EBITDA), and adjusted EPS
(in millions of USD, except per share data
amounts)
Quarterly Period Ended
Fiscal Year Ended
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net income
$
186
$
233
$
609
$
766
Add: other expense
18
9
31
22
Add: interest expense
78
74
306
286
Add: income tax expense
19
20
133
168
Operating income
$
301
$
336
$
1,079
$
1,242
Add: restructuring and transaction
activities
28
5
102
23
Add: other non-cash charges (1)
6
(1
)
54
17
Adjusted operating income (4)
$
335
$
340
$
1,235
$
1,282
Add: depreciation
150
138
575
562
Add: amortization of intangibles
62
61
243
257
Operating EBITDA (4)
$
547
$
539
$
2,053
$
2,101
Net income per diluted share
$
1.55
$
1.85
$
4.95
$
5.77
Other expense, net
0.15
0.07
0.25
0.17
Restructuring and transaction
activities
0.23
0.04
0.83
0.17
Amortization of intangibles from
acquisitions (2)
0.52
0.48
1.98
1.94
Non-comparable tax items (3)
—
(0.14
)
—
(0.13
)
Income tax impact on items above
(0.17
)
(0.14
)
(0.59
)
(0.52
)
Foreign currency, acquisitions, and
divestitures
—
0.06
—
(0.06
)
Adjusted net income per diluted
share (4)
$
2.28
$
2.25
$
7.42
$
7.34
Reconciliation of Cash flow from
operating activities to Free cash flow
(in millions of USD)
Estimated Fiscal 2024
Cash flow from operating activities
$1,350-1,450
Net additions to property, plant, and
equipment
(550)
Free cash flow (4)
$ 800-900
(1)
Other non-cash charges are primarily stock
compensation expense
(2)
Amortization of intangibles from
acquisition are added back to better align our calculation of
adjusted EPS with peers.
(3)
During the 2022 fiscal year, the Company
obtained certain tax benefits of $18 million deemed as
non-comparable.
(4)
Supplemental financial measures that are
not required by, or presented in accordance with, accounting
principles generally accepted in the United States (“GAAP”). These
non-GAAP financial measures should not be considered as
alternatives to operating or net income or cash flows from
operating activities, in each case determined in accordance with
GAAP. Organic sales growth and comparable basis measures exclude
the impact of currency translation effects and acquisitions. These
non-GAAP financial measures may be calculated differently by other
companies, including other companies in our industry, limiting
their usefulness as comparative measures. Berry’s management
believes that adjusted net income and other non-GAAP financial
measures are useful to our investors because they allow for a
better period-over-period comparison of operating results by
removing the impact of items that, in management’s view, do not
reflect our core operating performance.
We define “free cash flow” as cash flow
from operating activities, less net additions to property, plant,
and equipment. We believe free cash flow is useful to an investor
in evaluating our liquidity because free cash flow and similar
measures are widely used by investors, securities analysts, and
other interested parties in our industry to measure a company’s
liquidity. We also believe free cash flow is useful to an investor
in evaluating our liquidity as it can assist in assessing a
company’s ability to fund its growth through its generation of
cash.
We also use Adjusted operating EBITDA,
Adjusted EPS and comparable basis measures, among other measures,
to evaluate management performance and in determining
performance-based compensation. Operating EBITDA is a measure
widely used by investors, securities analysts, and other interested
parties in our industry to measure a company’s performance. We also
believe EBITDA and Adjusted operating income are useful to an
investor in evaluating our performance without regard to revenue
and expense recognition, which can vary depending upon accounting
methods.
(BERY-F)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116763663/en/
Dustin Stilwell VP, Investor Relations +1 (812) 306 2964
ir@berryglobal.com
Berry Global (NYSE:BERY)
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Berry Global (NYSE:BERY)
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