Financial giants have made a conspicuous bearish move on Cisco Systems. Our analysis of options history for Cisco Systems CSCO revealed 12 unusual trades. Delving into the details, we found 25% of traders were bullish, while 75% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $58,039, and 10 were calls, valued at $771,834. Predicted Price Range After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $55.0 and $62.5 for Cisco Systems, spanning the last three months. Volume & Open Interest Trends Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Cisco Systems's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Cisco Systems's substantial trades, within a strike price spectrum from $55.0 to $62.5 over the preceding 30 days. Cisco Systems Option Activity Analysis: Last 30 Days Significant Options Trades Detected: Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume CSCO CALL SWEEP BEARISH 12/20/24 $0.66 $0.65 $0.65 $60.00 $156.9K 23.5K 2.5K CSCO CALL SWEEP BEARISH 04/17/25 $4.4 $4.3 $4.3 $57.50 $126.8K 1.9K 300 CSCO CALL SWEEP BEARISH 01/16/26 $8.95 $8.75 $8.75 $55.00 $118.1K 2.8K 135 CSCO CALL TRADE BULLISH 01/17/25 $5.1 $5.0 $5.08 $55.00 $98.5K 28.0K 233 CSCO CALL SWEEP BEARISH 12/20/24 $0.7 $0.66 $0.66 $60.00 $65.2K 23.5K 3.5K About Cisco Systems Cisco Systems is the largest provider of networking equipment in the world and one of the largest software companies in the world. Its largest businesses are selling networking hardware and software (where it has leading market shares) and cybersecurity software such as firewalls. It also has collaboration products, like its Webex suite, and observability tools. It primarily outsources its manufacturing to third parties and has a large sales and marketing staff-25,000 strong across 90 countries. Overall, Cisco employs 80,000 people and sells its products globally. Having examined the options trading patterns of Cisco Systems, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance Where Is Cisco Systems Standing Right Now? With a volume of 7,671,196, the price of CSCO is up 0.26% at $59.63. RSI indicators hint that the underlying stock may be approaching overbought. Next earnings are expected to be released in 70 days. What Analysts Are Saying About Cisco Systems 5 market experts have recently issued ratings for this stock, with a consensus target price of $62.8. Unusual Options Activity Detected: Smart Money on the Move Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access .* Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Cisco Systems with a target price of $64. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Cisco Systems, targeting a price of $60. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Cisco Systems, targeting a price of $62. * In a positive move, an analyst from JP Morgan has upgraded their rating to Overweight and adjusted the price target to $66. * Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Cisco Systems with a target price of $62. Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cisco Systems with Benzinga Pro for real-time alerts. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shoppers bemused as Easter eggs hit shop shelves before New Year’s Eve
The Producers returns to the London stage – and it’s as sharp and taboo-busting as ever35 Super Cute Holiday Decor Pieces Your Friends Will Probably Try To Steal The Moment They See ThemIndia News | Senior IPS Officer Says AI Has Huge Potential to Transform Private Security Industry
Krystal Ball: We’re Returning to a ‘Global Order of Unchecked Savagery'
12,029 Shares in Jacobs Solutions Inc. (NYSE:J) Acquired by B. Metzler seel. Sohn & Co. Holding AG
Article content Tesla is directing workers on its Cybertruck production line in Austin, Texas to take three days off, per a new memo seen by Business Insider . The production halt, which will last from December 3 to 5, was announced on Monday . Workers were informed they would still receive eight hours of pay for each scheduled day off. Tesla told employees regular scheduling will resume on Friday, December 6. Some employees will not be affected by the schedule change and will receive separate notifications. The company has yet to disclose a specific reason for the temporary suspension of production. The scheduling adjustment follows recent reports of irregularities on the Cybertruck assembly line. Workers have stated production schedules have been inconsistent since late October. Some said they were occasionally sent home or reassigned to training exercises or cleaning duties during their shifts. Some complained there were fewer opportunities for overtime compared to during the model’s launch. Tesla debuted the production Cybertruck last year, initially receiving more than two million reservations, according to the company. However, demand may have shifted, looking at several indicators, despite Canadian deliveries beginning only a few months ago . Some reservation holders have cancelled their orders following the release of vehicle pricing, for example, while others have noted they received their vehicles earlier than expected. Analysts suggest this could indicate Tesla is working through its reservation list faster than anticipated. Other speculate demand is dropping due to numerous reports of teething issues that have cropped up since launch. Many videos have surfaced showing the Tesla pickup struggling to complete basic pickup tasks; while others poke holes in the vehicle’s fit and finish. Finally, the promised battery range at launch, over 800 km (500 miles), has been dramatically readjusted , as the best estimates place it at just over 500 km (310 miles). Earlier this year, Tesla shortened production shifts on the Cybertruck line, as outlined in an April memo. The company has not provided further information regarding the reasoning behind these scheduling adjustments. Sign up for our newsletter Blind-Spot Monitor and follow our social channels on X , Tiktok and LinkedIn to stay up to date on the latest automotive news, reviews, car culture, and vehicle shopping advice.
Greif Reports Fourth Quarter and Fiscal 2024 ResultsNorway's sovereign wealth fund, the world's largest, has sold all of its shares in Israel's Bezeq, which provides telecommunications services to Israeli settlements in the occupied West Bank. The decision, announced late on Tuesday, comes after the fund's ethics watchdog, the Council on Ethics, adopted a new, tougher interpretation of ethics standards for businesses that aid Israel's operations in the occupied Palestinian territories. The $1.8-trillion fund has been an international leader in the environmental, social and governance (ESG) investment field. It owns 1.5 per cent of the world's listed shares across 8,700 companies, and its size gives it influence. It is the latest decision by a European financial entity to cut back links to Israeli companies or those with ties to the country, as pressure mounts from foreign governments to end the war in Gaza. Bezeq, Israel's largest telecom group, declined to comment. Analysis With Hamas losing grip on Gaza, lawlessness becomes one more threat to civilians International Criminal Court issues arrest warrants for Netanyahu, former Israeli defence minister "The company, through its physical presence and provision of telecom services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements, which are illegal under international law," the sovereign wealth fund's watchdog said in its recommendation to divest. "By doing so the company is itself contributing to the violation of international law." The Council on Ethics said it noted that the company had said it was providing telecom services to Palestinian areas in the West Bank, but that did not outweigh the fact that it was also providing services to Israeli settlements. The watchdog for Norway's sovereign wealth fund makes recommendations to the board of the country's central bank, shown in Oslo, which has the final say on divestments. (Victoria Klesty/Reuters) The watchdog makes recommendations to the board of the Norwegian central bank, which has the final say on divestments. The advice on Bezeq was the first recommendation to divest since the watchdog toughened its policy in August. More decisions are expected. Divestment's impact 'negligible' The fund has now sold all of its stock in the company. Before that, it had cut its stake during the first half of 2024, owning 0.76 per cent of the company's shares valued at $23.7 million at the end of June, down from a holding of 2.2 per cent at the start of the year, fund data showed. Sources close to the company said the divestment's impact was "negligible" as it amounted to just 0.7 per cent of the shares and that the decision was clearly a "political decision." He was an IDF officer but now he says he'd rather go to jail than participate in the Gaza war His daughter, two others were crushed to death waiting in line to buy bread in central Gaza They said Bezeq was allowed to provide telecom services to Jewish settlements in Area C under the 1994 Oslo Accords — which also called for the Palestinian Authority to set up its own telecom network to Palestinian areas. "Bezeq is operating according to the Oslo agreements, so it's a political decision," one source said. "Of all the companies to choose [to divest] from, Bezeq should have been the last." A car is parked next to the Israeli wall in Bethlehem, in the Israeli-occupied West Bank, in December 2023. Since the Gaza war began in October 2023, the wealth fund's Council on Ethics had been investigating whether more companies fall outside its permitted investment guidelines. (Clodagh Kilcoyne/Reuters) In May, Norway recognized Palestine as a state, alongside Spain and Ireland. Norway served as a facilitator in the 1992-93 talks between Israel and the Palestinian Liberation Organization that led to the Oslo Accords in 1993. Area C, which comprises about 60 per cent of the West Bank, is under full Israeli control and contains most Israeli settlements. Israeli policies 'conflict with international law': watchdog The Council on Ethics said it was aware of this but that "the situation in the area has developed in the opposite direction to that presumed by the Oslo Accords." "The settlements are constantly being expanded, Palestinians are constantly being driven from their homes and land areas are de facto being annexed," it told Reuters, citing its recommendation. "Qualified discrimination and violent abuse of the Palestinian population in Area C is also taking place." The fund watchdog's new definition of ethical breaches is partly based on an International Court of Justice finding in July that "the occupation itself, Israel's settlement policy and the way Israel uses the natural resources in the areas are in conflict with international law," according to an Aug. 30 letter it addressed to the Finance Ministry. Trucks carrying aid into Gaza are being violently ransacked. Here's what we know Israeli defence minister threatens to expand Lebanon war if Hezbollah ceasefire collapses Since Israel's war in Gaza began in October 2023, after the militant group Hamas led an attack into southern Israel, the council had been investigating whether more companies fall outside its permitted investment guidelines. Before the announcement to divest, the fund had divested from nine companies operating in the West Bank. Their operations include building roads and homes in Israeli settlements in East Jerusalem and the West Bank, and providing surveillance systems for an Israeli wall around the West Bank.P op into your local supermarket and you might spot a surplus of Lurpak. Stocks of the UK’s bestselling butter may be piling up thanks to a backlash over an attempt to reduce the amount of methane produced by cows. A feed additive aiming to cut greenhouse gas by 27 per cent among the gassiest of animals has swelled into a fierce boycott. The row began when Arla Foods, a dairy co- operative, innocently tweeted that it was running a trial with Tesco, Morrisons and Aldi supermarkets with the feed additive Bovaer to tackle climate change. Arla’s social media managers undoubtedly thought that the project would garner kudos. What they would not have predicted was how this niche effort would become the latest fodder for conspiratorial
From earbuds to e-books: the best tech gifts for holidays 2024
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.