RRD Reports Fourth Quarter and Full Year 2021 Results
Full Year Key Messages *GAAP net sales, including the impact of foreign exchange and a disposition in early 2020, increased $197 million or 4.1%; Non-GAAP organic net sales increased 3.2% primarily from higher demand for many of the Company’s products and services *GAAP income from operations was up $55 million versus the prior year *Cash provided by operating activities in 2021 was $92.1 million as compared to $149.8 million in the prior year period; current year results include payments in excess of $100 million related to the planned merger, settlement of LSC bankruptcy related claims, repayment of half the payroll taxes deferred in 2020 and payments made to terminate certain interest rate swap agreements *Total debt outstanding of $1.47 billion at December 31, 2021 is down $37 million from the prior year end; Pension and OPEB plans are overfunded by $42 million at December 31, 2021 which is an improvement of $146 million from the $104 million underfunded amount at the prior year end *Gross leverage ratio of 3.6x and net leverage ratio of 2.9x both improved 0.1x from December 31, 2020 and represent lowest levels since 2016 spin