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Press Release: Berry Global Group, Inc. Reports -3-

· 02/05/2021 07:30
Other expense, net 25 13 Interest expense, net 97 118 --- ---------- ---------- Income before income taxes 182 68 Income tax expense 52 21 --- ---------- ---------- Net income $ 130 $ 47 === ========== ========== Net income per share: Basic $ 0.97 $ 0.36 Diluted 0.96 0.35 Outstanding weighted-average shares: (in millions) Basic 133.6 132.3 Diluted 135.7 134.3 Berry Global Group, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in millions of dollars) January 2, September 26, 2021 2020 ------------ --------------- Assets: Cash and cash equivalents $ 847 $ 750 Accounts receivable, net 1,456 1,469 Inventories 1,503 1,268 Other current assets 177 330 Property, plant, and equipment, net 4,734 4,561 Goodwill, intangible assets, and other long-term assets 8,459 8,323 -------- ----------- Total assets $ 17,176 $ 16,701 ======== =========== Liabilities and Stockholders' Equity: Current liabilities, excluding debt $ 2,224 $ 2,108 Current and long-term debt 10,081 10,237 Other long-term liabilities 2,426 2,264 Stockholders' equity 2,445 2,092 -------- ----------- Total liabilities and stockholders' equity $ 17,176 $ 16,701 ======== =========== Berry Global Group, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions of dollars) Quarterly Period Ended ------------------------------------- January 2, December 28, 2021 2019 ------------------- ---------------- Cash flows from operating activities: Net cash from operating activities 315 218 Cash flows from investing activities: Additions to property, plant, and equipment, net (162) (148) Divestiture of business 140 -- --- ---------- --------- Net cash from investing activities (22) (148) Cash flows from financing activities: Repayments on long-term borrowings (985) (164) Proceeds from long-term borrowings 750 -- Proceeds from issuance of common stock 7 2 Debt financing costs (6) (2) --- ---------- --------- Net cash from financing activities (234) (164) --- ---------- --------- Effect of currency translation on cash 38 17 --- ---------- --------- Net change in cash and cash equivalents 97 (77) Cash and cash equivalents at beginning of period 750 750 --- ---------- --------- Cash and cash equivalents at end of period $ 847 $ 673 === ========== ========= Berry Global Group, Inc. Condensed Consolidated Financial Statements Segment Information (Unaudited) (in millions of dollars) Quarterly Period Ended January 2, 2021 ------------------------------------------------------------------ Consumer Consumer Packaging Health, Packaging - - North Hygiene & Engineered International America Specialties Materials Total ------------- --------- ------------- -------------- --------- Net sales $ 988 $ 686 $ 740 $ 722 $3,136 Operating income $ 71 $ 59 $ 96 $ 78 $ 304 Depreciation and amortization 89 56 45 25 215 Restructuring and transaction activities (1) 3 1 -- (5) (1) Other non-cash charges (2) 7 5 4 5 21 ------------ -------- --------- ---- ---- ----- Operating EBITDA $ 170 $ 121 $ 145 $ 103 $ 539 ------------ -------- --------- ---- ---- ----- Quarterly Period Ended December 28, 2019 ---------------------------------------------------------------- Consumer Consumer Packaging Health, Packaging - - North Hygiene & Engineered International America Specialties Materials Total -------------- ---------- ------------- ------------ ------- Net sales $ 930 $ 611 $ 610 $ 665 $ 2,816 Operating income $ 38 $ 44 $ 47 $ 70 $ 199 Depreciation and amortization 87 56 47 26 216 Restructuring and transaction activities (1) 10 2 2 3 17 Other non-cash charges (2) 6 5 4 4 19 ------------- --------- --------- -------- ------ Operating EBITDA $ 141 $ 107 $ 100 $ 103 $ 451 ------------- --------- --------- -------- ------ (1) The current quarter primarily includes a gain on the divestment of our U.S. flexible packaging converting business partially offset by transaction activity costs related to the RPC acquisition. The prior year quarter primarily includes transaction activity costs related to the RPC acquisition. (2) Other non-cash charges for the December 2020 and December 2019 quarters primarily include stock compensation expense of $21 million and $19 million, respectively. Berry Global Group, Inc. Reconciliation Schedules (Unaudited) (in millions of dollars, except per share data) Four Quarters Quarterly Period Ended Ended ------------------------------- ---------------- January 2, December 28, January 2, 2021 2019 2021 --------------- -------------- ---------------- Net income $ 130 $ 47 $ 642 Add: other expense, net 25 13 43 Add: interest expense, net 97 118 414 Add: income tax expense 52 21 185 --- --------- --------- --------- Operating income $ 304 $ 199 $ 1,284 Add: non-cash amortization from 2006 private sale 6 7 24 Add: restructuring and transaction activities (1) (1) 17 61 Add: other non-cash charges (2) 21 19 56 --- --------- --------- --------- Adjusted operating income (6) $ 330 $ 242 $ 1,425 Add: depreciation 141 141 545 Add: amortization of intangibles

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February 05, 2021 07:30 ET (12:30 GMT)