# EDGAR Filing Document

**Accession Number:** 0001599489
**File Stem:** 0001104659-23-026389
**Filing Date:** 2023-2
**Character Count:** 50122
**Document Hash:** 646a0625efdd6434d7eb7bcd9a80d3fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-026389.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001104659-23-026389

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veritiv Corp
- **CENTRAL INDEX KEY:** 0001599489
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PAPER AND PAPER PRODUCTS [5110]
- **IRS NUMBER:** 463234977
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36479
- **FILM NUMBER:** 23678458

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 ABERNATHY ROAD NE
- **STREET 2:** BUILDING 400, SUITE 1700
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** (770) 391-8200

**MAIL ADDRESS:**
- **STREET 1:** 1000 ABERNATHY ROAD NE
- **STREET 2:** BUILDING 400, SUITE 1700
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** xpedx Holding Co
- **DATE OF NAME CHANGE:** 20140207

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 28, 2023 (February 28, 2023)**

![](tm237885d1_8kimg01.jpg)

**VERITIV CORPORATION**

(Exact name of registrant as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **001-36479** | **46-3234977** |
| (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1000 Abernathy Road NE** |  |
| **Building 400, Suite 1700** |  |
| **Atlanta, Georgia** | **30328** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(770) 391-8200**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, $0.01 par value** | **VRTV** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 28, 2023, Veritiv Corporation (the "Company") issued a press release containing certain financial results of the Company and its direct and indirect wholly-owned subsidiaries for the quarter and year ended December 31, 2022. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

The Company is furnishing herewith additional information in conjunction with the February 28, 2023 earnings release. This additional information includes general Company information and highlights of financial results of the Company and its direct and indirect wholly-owned subsidiaries for the quarter and year ended December 31, 2022. The additional information, attached as Exhibit 99.2 to this Current Report on Form 8-K, is being furnished and will not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

The information in this Current Report on Form 8-K will not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

The following exhibits are included with this report:

---

| | |
|:---|:---|
| Exhibit No. | Exhibit Description |
| [99.1](tm237885d1_ex99-1.htm) | [Press Release of Veritiv Corporation issued February 28, 2023.](tm237885d1_ex99-1.htm) |
| [99.2](tm237885d1_ex99-2.htm) | [Additional Information of Veritiv Corporation issued February 28, 2023.](tm237885d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **VERITIV CORPORATION** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: | February 28, 2023 | /s/ Susan B. Salyer |
| | | Susan B. Salyer |
| | | Senior Vice President, General Counsel & Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm237885d1_img001.jpg)

**Veritiv Announces Record Fourth Quarter** 

**and Full Year 2022 Net Income, EPS, Adjusted EBITDA, and Adjusted EBITDA Margin**

**Fourth Quarter Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· *Net Sales of $1.7 billion, a decrease of 10.8% from prior year; organic sales growth of 1.8%* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Net Income of $71.6 million, an increase of 25.8% from prior year* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Diluted EPS of $5.20, an increase of 41.7% from prior year* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Adjusted EBITDA and Adjusted EBITDA margin<sup>1</sup>of $120.8 million and 7.3%, respectively* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Net Leverage Ratio of 0.4x* 

 ****

**Full Year 2022 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· *Net Income $337.9 million, an increase of 133.7% from prior year* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Diluted EPS of $23.29, an increase of 158.5% from prior year* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Adjusted EBITDA and Adjusted EBITDA margin<sup>1</sup> of $517.9 million and 7.2%, respectively* 

 ****

**ATLANTA (February 28, 2023)** **–**Veritiv Corporation (NYSE: VRTV), a full-service provider of business-to-business products, services and solutions, today announced financial results for the fourth quarter and full year ended December 31, 2022.

"Disciplined execution of our strategic initiatives and a diversified portfolio contributed to the best fourth quarter and full year net income, EPS, Adjusted EBITDA, and Adjusted EBITDA margin performance in company history," said Sal Abbate, Chief Executive Officer. "Adjusted EBITDA margin for 2022 was a record 7.2%, which is more than three times greater than 2019 pre-pandemic levels. Throughout 2022, we invested in above-market growth initiatives to maximize returns while simultaneously divesting lower-growth and non-strategic businesses."

Abbate concluded, "Organic sales growth of 1.8% continued to be positive in the fourth quarter, albeit a deceleration from the third quarter, driven by customer inventory destocking and softening demand. As we turn to 2023, we will continue to both invest in value-added and sustainable solutions that solve complexities for our customers, as well as execute on our next wave of commercial and operational efficiency initiatives. We believe these actions will support a sustainable Adjusted EBITDA margin well above historical levels."

For the three months ended December 31, 2022, compared to the three months ended December 31, 2021:

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 sales were $1.7 billion, a decrease of 10.8% from the prior year; organic sales increased
 1.8%.

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income was $71.6 million, compared to $56.9 million in the prior year. Net restructuring
 charges were $(3.5) million, compared to $3.4 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Basic
 and diluted earnings per share were $5.31 and $5.20, respectively, compared to $3.90 and
 $3.67, respectively, in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA was $120.8 million, an increase of 4.2% from the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA margin was 7.3%, an increase of 110 basis points from the prior year.

For the year ended December 31, 2022, compared to the year ended December 31, 2021:

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 sales were $7.1 billion, an increase of 4.3% from the prior year; organic sales increased
 13.5%.

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income was $337.9 million, compared to $144.6 million in the prior year. Net restructuring
 charges were $2.0 million, compared to $15.4 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Basic
 and diluted earnings per share were $23.85 and $23.29, respectively, compared to $9.50 and
 $9.01, respectively, in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA was $517.9 million, an increase of 51.2% from the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA margin was 7.2%, an increase of 220 basis points from the prior year.

For the three months ended December 31, 2022, net cash provided by operating activities was $93.5 million and free cash flow was $89.7 million. For the year ended December 31, 2022, net cash provided by operating activities was $252.4 million and free cash flow was $230.5 million.

 

"During 2022, we returned $200 million to shareholders in the form of share repurchases and approximately $8.5 million in the form of our first quarterly dividend," said Steve Smith, Chief Financial Officer. "We repurchased approximately 3.3 million shares, or approximately 20% of shares outstanding since resuming share repurchases in March of 2021. Our strong earnings performance and a record leverage ratio of 0.4x is significantly below our historic long-term target of 3.0x, which we believe provides the company strategic optionality with its capital management."

**2023 Guidance** 

The Company expects full year 2023 net income to be in the range of $265 to $305 million. Diluted earnings per share is estimated to be in the range of $19.00 to $22.00, based on approximately 13.9 million fully diluted shares outstanding. Adjusted EBITDA is expected to be in the range of $430 to $490 million. Net cash provided by operating activities and free cash flow are expected to be approximately $305 million and $275 million, respectively. Capital investments are estimated to be approximately $45 million, consisting of approximately $30 million of traditional capital expenditures and approximately $15 million of cloud computing arrangements<sup>2</sup>, consistent with our investments in technology.

**** 

**Quarterly Dividend**

Veritiv Corporation's Board of Directors approved a dividend of $0.63 per share payable on March 31, 2023 to shareholders of record as of the close of business on March 9, 2023.

<sup>1</sup>Adjusted EBITDA margin, a non-GAAP metric, is defined as Adjusted EBITDA as a percentage of net sales.

<sup>2</sup>Capital expenditures are reported in cash flow from investing activities and cloud computing arrangements are reported in cash flow from operating activities.

Veritiv Corporation will host a conference call and webcast today, February 28, 2023, at 9 a.m. (ET) to discuss its fourth quarter and full year financial results and full year 2023 guidance. To participate, callers within the United States (U.S.) and Canada can dial (888) 330-2469, and international callers can use the following link for international access numbers, <u>https://events.evolveirportal.com/custom/access/2324</u>, both using conference ID number 3047006. Interested parties can also listen online at <u>ir.veritivcorp.com</u>. A replay of the call and webcast will be available online for a limited period of time at <u>ir.veritivcorp.com</u> shortly after the webcast is completed.

Important information regarding measures not presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and related reconciliations of non-GAAP financial measures to the most comparable U.S. GAAP measures can be found in the schedules to this press release, which should be thoroughly reviewed.

**About Veritiv**

Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500<sup>®</sup> company, is a full-service provider of packaging, JanSan and hygiene products, services and solutions. Additionally, Veritiv provides print and publishing products. Serving customers in a wide range of industries both in North America and globally, Veritiv has distribution centers throughout the U.S. and Mexico, and team members around the world helping shape the success of its customers. For more information about Veritiv and its business segments visit **<u>www.veritivcorp.com</u>**.

**Safe Harbor Provision**

Factors that could cause actual results to differ materially from current expectations include the risks and other factors described under "Risk Factors" and elsewhere in our Annual Report on Form 10-K and in the Company's other publicly available reports filed with the Securities and Exchange Commission ("SEC"). Such risks and other factors, which in some instances are beyond the Company's control, include: the industry-wide decline in demand for paper and related products; increased competition from existing and non-traditional sources; procurement and other risks in obtaining packaging, facility products and paper from our suppliers for resale to our customers; changes in prices for raw materials; changes in trade policies and regulations; increases in the cost of fuel and third-party freight and the availability of third-party freight providers; the loss of multiple significant customers; adverse developments in general business and economic conditions that could impair our ability to use net operating loss carryforwards and other deferred tax assets; our ability to adequately protect our material intellectual property and other proprietary rights, or to defend successfully against intellectual property infringement claims by third parties; our ability to attract, train and retain appropriately qualified employees; our pension and health care costs and participation in multi-employer pension, health and welfare plans; the effects of work stoppages, union negotiations and labor disputes; our ability to generate sufficient cash to service our debt; our ability to comply with the covenants contained in our debt agreements; costs to comply with laws, rules and regulations, including environmental, health and safety laws, and to satisfy any liability or obligation imposed under such laws; our ability to adequately address environmental, social and governance matters, changes in tax laws; adverse results from litigation, governmental investigations or audits, or tax-related proceedings or audits; regulatory changes and judicial rulings impacting our business; adverse impacts from the COVID-19 pandemic, the impact of adverse developments in general business and economic conditions as well as conditions in the global capital and credit markets on demand for our products and services, our business including our international operations, and our customers; foreign currency fluctuations; inclement weather, widespread outbreak of an illness, anti-terrorism measures and other disruptions to our supply chain, distribution system and operations; our dependence on a variety of information technology and telecommunications systems and the Internet; our reliance on third-party vendors for various services; cybersecurity risks; and other events of which we are presently unaware or that we currently deem immaterial that may result in unexpected adverse operating results.

The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the SEC through a Form 8-K. The Company's Annual Report on Form 10-K for the year ended December 31, 2022 to be filed with the SEC may contain updates to the information included in this release.

**Financial Statements**

**VERITIV CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(in millions, except per share data, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** <br> **December 31,** | **Three Months Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net sales | $1663.4 | $1864.8 | $7146.3 | $6850.5 |
| Cost of products sold (exclusive of depreciation and amortization shown separately below) | 1271.4 | 1458.7 | 5526.0 | 5417.9 |
| Distribution expenses | 94.7 | 110.4 | 398.5 | 419.3 |
| Selling and administrative expenses | 189.2 | 198.8 | 762.7 | 735.8 |
| Gain on sale of businesses | (1.1) |  | (29.7) | (3.1) |
| Depreciation and amortization | 11.0 | 13.1 | 45.6 | 55.2 |
| Restructuring charges, net | (3.5) | 3.4 | 2.0 | 15.4 |
| **Operating income (loss)** | 101.7 | 80.4 | 441.2 | 210.0 |
| Interest expense, net | 5.4 | 3.8 | 17.7 | 17.2 |
| Other (income) expense, net | (1.2) | (0.9) | (8.4) | (4.7) |
| **Income (loss) before income taxes** | 97.5 | 77.5 | 431.9 | 197.5 |
| Income tax expense (benefit) | 25.9 | 20.6 | 94.0 | 52.9 |
| **Net income (loss)** | $71.6 | $56.9 | $337.9 | $144.6 |
| Earnings (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $5.31 | $3.90 | $23.85 | $9.50 |
| &nbsp;&nbsp;&nbsp;Diluted | $5.20 | $3.67 | $23.29 | $9.01 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 13.48 | 14.59 | 14.17 | 15.22 |
| &nbsp;&nbsp;&nbsp;Diluted | 13.76 | 15.51 | 14.51 | 16.05 |

---

**VERITIV CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

(dollars in millions, except par value, unaudited)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $40.6 | $49.3 |
| Accounts receivable, less allowances of $26.7 and $34.4, respectively | 889.6 | 1011.2 |
| Inventories | 423.9 | 484.5 |
| Other current assets | 103.7 | 132.7 |
| **Total current assets** | 1457.8 | 1677.7 |
| Property and equipment (net of accumulated depreciation and amortization of $325.5 and $332.4, respectively) | 127.5 | 162.9 |
| Goodwill | 96.3 | 99.6 |
| Other intangibles, net | 35.6 | 42.7 |
| Deferred income tax assets | 29.0 | 47.1 |
| Other non-current assets | 343.4 | 408.4 |
| **Total assets** | $2089.6 | $2438.4 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $452.9 | $561.9 |
| Accrued payroll and benefits | 106.2 | 110.0 |
| Other accrued liabilities | 154.1 | 185.7 |
| Current portion of debt | 13.4 | 16.0 |
| **Total current liabilities** | 726.6 | 873.6 |
| Long-term debt, net of current portion | 264.8 | 499.7 |
| Defined benefit pension obligations | 0.4 | 7.2 |
| Other non-current liabilities | 341.7 | 422.1 |
| **Total liabilities** | 1333.5 | 1802.6 |
| Commitments and contingencies |  |  |
| Shareholders' equity: |  |  |
| Preferred stock, $0.01 par value, 10.0 million shares authorized, none issued |  |  |
| Common stock, $0.01 par value, 100.0 million shares authorized; shares issued - 17.5 million and 17.0 million, respectively; shares outstanding - 13.5 million and 14.6 million, respectively | 0.2 | 0.2 |
| Additional paid-in capital | 613.1 | 633.8 |
| Accumulated earnings (deficit) | 472.6 | 143.2 |
| Accumulated other comprehensive loss | (12.7) | (24.3) |
| Treasury stock at cost - 4.0 million and 2.4 million shares, respectively | (317.1) | (117.1) |
| **Total shareholders' equity** | 756.1 | 635.8 |
| **Total liabilities and shareholders' equity** | $2089.6 | $2438.4 |

---

**VERITIV CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in millions, unaudited)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Operating activities** |  |  |
| Net income (loss) | $337.9 | $144.6 |
| Depreciation and amortization | 45.6 | 55.2 |
| Amortization and write-off of deferred financing fees | 1.7 | 1.5 |
| Net (gains) losses on disposition of assets and sale of businesses | (41.1) | (9.2) |
| Long-lived asset impairment charges |  | 0.5 |
| Provision for expected credit losses | 4.0 | 4.7 |
| Deferred income tax provision (benefit) | 17.1 | 9.2 |
| Stock-based compensation | 9.5 | 7.4 |
| Other non-cash items, net | (6.1) | 9.8 |
| Changes in operating assets and liabilities |  |  |
| Accounts receivable | 6.7 | (172.6) |
| Inventories | (24.2) | (22.1) |
| Other current assets | 3.7 | (9.3) |
| Accounts payable | (74.4) | 110.0 |
| Accrued payroll and benefits | (10.8) | 19.9 |
| Other accrued liabilities | (4.4) | (1.3) |
| Other | (12.8) | 6.4 |
| **Net cash provided by (used for) operating activities** | 252.4 | 154.7 |
| **Investing activities** |  |  |
| Property and equipment additions | (21.9) | (20.4) |
| Proceeds from asset sales and sale of businesses, net of cash transferred | 186.7 | 16.1 |
| Proceeds from insurance related to property and equipment | 3.2 |  |
| **Net cash provided by (used for) investing activities** | 168.0 | (4.3) |
| **Financing activities** |  |  |
| Change in book overdrafts | 37.0 | (16.5) |
| Borrowings of long-term debt | 6181.3 | 5734.4 |
| Repayments of long-term debt | (6392.9) | (5814.5) |
| Payments under right-of-use finance leases | (11.6) | (13.8) |
| Payments under vendor-based financing arrangements | (3.2) |  |
| Deferred financing fees |  | (3.3) |
| Purchase of treasury stock | (200.0) | (100.0) |
| Impact of tax withholding on share-based compensation | (30.2) | (8.5) |
| Dividends paid to shareholders | (8.5) |  |
| Other | (0.5) | 0.8 |
| **Net cash provided by (used for) financing activities** | (428.6) | (221.4) |
| **Effect of exchange rate changes on cash** | (0.5) | (0.3) |
| **Net change in cash and cash equivalents** | (8.7) | (71.3) |
| Cash and cash equivalents at beginning of period | 49.3 | 120.6 |
| **Cash and cash equivalents at end of period** | $40.6 | $49.3 |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes, net of refunds | $83.9 | $40.1 |
| Cash paid for interest | 15.6 | 15.0 |
| **Non-cash investing and financing activities** |  |  |
| Non-cash additions to property and equipment for right-of-use finance leases and vendor-based financing arrangements | $21.3 | $4.1 |
| Non-cash additions to other non-current assets for right-of-use operating leases | 38.9 | 111.6 |

---

**Non-GAAP Measures** 

We supplement our financial information prepared in accordance with U.S. GAAP with certain non-GAAP measures including organic sales (net sales on an average daily sales basis, excluding revenue from sold businesses and revenue from acquired businesses for a period of 12 months after we complete the acquisition), Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges (benefits), fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), free cash flow and other non-GAAP measures such as the Net Leverage Ratio (calculated as net debt divided by trailing twelve months of Adjusted EBITDA) and Return on Invested Capital (calculated as Net Operating Profit After Tax divided by the sum of net working capital and property and equipment. Net Operating Profit After Tax is defined as Adjusted EBITDA less depreciation and amortization times 1 minus the standard tax rate<sup>1</sup>). We believe investors commonly use Adjusted EBITDA, free cash flow and these other non-GAAP measures as key financial metrics for valuing companies; we also present organic sales to help investors better compare period-over-period results. In addition, the credit agreement governing our Asset-Based Lending Facility (the "ABL Facility") permits us to exclude the foregoing and other charges in calculating "Consolidated EBITDA", as defined in the ABL Facility. Consolidated EBITDA and ROIC are also used as a basis for certain compensation programs sponsored by the Company.

Organic sales, Adjusted EBITDA, free cash flow and these other non-GAAP measures are not alternative measures of financial performance or liquidity under U.S. GAAP. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to, similarly titled measures used by other companies. As a result, we consider and evaluate non-GAAP measures in connection with a review of the most directly comparable measure calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures and to consider them with the most directly comparable U.S. GAAP measures. Organic sales, Adjusted EBITDA, free cash flow and these other non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under U.S. GAAP. Please see the following tables for reconciliations of non-GAAP measures to the most comparable U.S. GAAP measures.

<sup>1</sup> The Company uses a standard tax rate of 26% due to the historic volatility of the Company's effective tax rate.

**Table I**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**NET INCOME (LOSS) TO ADJUSTED EBITDA; ADJUSTED EBITDA MARGIN**

(in millions, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** <br> **December 31,** | **Three Months Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) | $71.6 | $56.9 | $337.9 | $144.6 |
| Interest expense, net | 5.4 | 3.8 | 17.7 | 17.2 |
| Income tax expense (benefit) | 25.9 | 20.6 | 94 | 52.9 |
| Depreciation and amortization | 11 | 13.1 | 45.6 | 55.2 |
| EBITDA | 113.9 | 94.4 | 495.2 | 269.9 |
| Restructuring charges, net | (3.5) | 3.4 | 2 | 15.4 |
| Gain on sale of businesses | (1.1) |  | (29.7) | (3.1) |
| Facility closure charges, including (gain) loss from asset disposition | (1.0) | 1.1 | 0 | 0.1 |
| Stock-based compensation | 1.8 | 1.7 | 9.5 | 7.4 |
| LIFO reserve (decrease) increase | 2 | 12.4 | 32.1 | 43.6 |
| Non-restructuring severance charges | 2.3 | 2.3 | 4.3 | 7.8 |
| Non-restructuring pension charges (benefits) | 4.9 | 0.5 | (2.1) | 0.5 |
| Other | 1.5 | 0.1 | 6.6 | 1 |
| Adjusted EBITDA | $120.8 | $115.9 | $517.9 | $342.6 |
| Net sales | $1663.4 | $1864.8 | $7146.3 | $6850.5 |
| Adjusted EBITDA as a % of net sales | 7.3% | 6.2% | 7.2% | 5.0% |

---

**Table I.a.**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**ADJUSTED EBITDA GUIDANCE**

(in millions, unaudited)

---

| | | |
|:---|:---|:---|
|  | **Forecast for Year Ending December 31, 2023** | **Forecast for Year Ending December 31, 2023** |
|  | **Low** | **High** |
| **Net income (loss)** | $**265** | $**305** |
| &nbsp;&nbsp;Interest expense, net | 15 | 15 |
| &nbsp;&nbsp;Income tax expense (benefit) | 95 | 110 |
| &nbsp;&nbsp;Depreciation and amortization | 40 | 40 |
| &nbsp;&nbsp;Other reconciling items | 15 | 20 |
| &nbsp;&nbsp;**Adjusted EBITDA** | $**430** | $**490** |

---

**Table II**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**FREE CASH FLOW**

(in millions, unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> December 31, 2022** | **Year Ended December<br> 31, 2022** |
| Net cash provided by (used for) operating activities | $93.5 | $252.4 |
| Less: Capital expenditures | (3.8) | (21.9) |
| Free cash flow | $89.7 | $230.5 |

---

**Table II.a**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**FREE CASH FLOW GUIDANCE**

(in millions, unaudited)

---

| | |
|:---|:---|
|  | **Forecast for Year Ending December 31, 2023** |
| Net cash provided by (used for) operating activities | approximately $305 |
| Less: Capital expenditures | approximately ($30) |
| **Free cash flow** | **approximately $275** |

---

**Table III**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**NET DEBT TO ADJUSTED EBITDA**

(in millions, unaudited)

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| Amount drawn on ABL Facility | $229.2 |
| Less: Cash and cash equivalents | (40.6 |
| Net debt | $188.6 |
| Last Twelve Months Adjusted EBITDA | $517.9 |
| Net debt to Adjusted EBITDA | 0.4 |
|  | **Last Twelve Months** |
|  | **December 31, 2022** |
| Net income (loss) | $337.9 |
| Interest expense, net | 17.7 |
| Income tax expense (benefit) | 94.0 |
| Depreciation and amortization | 45.6 |
| EBITDA | 495.2 |
| Restructuring charges, net | 2.0 |
| Gain on sale of businesses | (29.7) |
| Facility closure charges, including (gain) loss from asset disposition | 0.0 |
| Stock-based compensation | 9.5 |
| LIFO reserve (decrease) increase | 32.1 |
| Non-restructuring severance charges | 4.3 |
| Non-restructuring pension charges (benefits) | (2.1) |
| Other | 6.6 |
| Adjusted EBITDA | $517.9 |

---

**Table IV**

**VERITIV CORPORATION**

**RECONCILIATION OF NON-GAAP MEASURES**

**REPORTED NET SALES TO ORGANIC SALES**

(in millions, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Reported net sales | $1663.4 | $1864.8 | $7146.3 | $6850.5 |
| Impact of change in selling days <sup>(1)</sup> |  |  |  |  |
| Net sales (on an average daily sales basis) | 1663.4 | 1864.8 | 7146.3 | 6850.5 |
| Business divestitures <sup>(2)</sup> |  | (230.0) | (338.2) | (850.8) |
| **Organic sales** | $**1663.4** | $**1634.8** | $**6808.1** | $**5999.7** |
| **Business Days** | 61 | 61 | 252 | 252 |

---

<sup>(1)</sup> Adjustment for differences in the number of selling days, if any.

<sup>(2)</sup> Represents the net sales of each of the following divested businesses prior to its respective divestiture: Rollsource (March 31, 2021), Veritiv Canada, Inc. (May 2, 2022) and the logistics solutions business (September 1, 2022).

**Veritiv Contacts:**

Investors: Scott Palfreeman, 844-845-2136 Media: Kristie Madara, 770-391-8471

## Exhibit 99.2

**Exhibit 99.2**

![](tm237885d1_ex99-2img01.jpg)

1 FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS February 28, 2023 Exhibit 99.2

![](tm237885d1_ex99-2img02.jpg)

2 SCOTT PALFREEMAN Director of Finance and Investor Relations SCOTT PALFREEMAN Vice President of Finance and Investor Relations

![](tm237885d1_ex99-2img03.jpg)

![](tm237885d1_ex99-2img04.jpg)

SAL ABBATE Chief Executive Officer

![](tm237885d1_ex99-2img05.jpg)

Financial Results Full Year 2022 Compared to Prior Year 5 1. Please see the appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures . Strong organic sales growth and continued operational excellence contributed to the best Net Income, Diluted Earnings per Share, Adjusted EBITDA and Adjusted EBITDA margin performance for any year in Company history. Organic Sales 1 +13.5% NET SALES NET INCOME DILUTED EPS ADJ. EBITDA 1 ADJ. EBITDA MARGIN 1 $7.1B $337.9M $23.29 $517.9M 7.2% +4.3% +133.7% +158.5% +51.2% +220 bps UP $0.3B UP $193.3M UP $14.28 / share UP $175.3M FROM 5.0%

![](tm237885d1_ex99-2img06.jpg)

Financial Results Fourth Quarter 2022 Compared to Prior Year 6 1. Please see the appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures . Record fourth quarter Net Income, Diluted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA margin despite customer destocking and economic uncertainty. Organic Sales 1 +1.8% NET SALES NET INCOME DILUTED EPS ADJ. EBITDA 1 ADJ. EBITDA MARGIN 1 $1.7B $71.6M $5.20 $120.8M 7.3% -10.8% +25.8% +41.7% +4.2% +110 bps DOWN -$201.4M UP $14.7M UP $1.53 / share UP $4.9M FROM 6.2%

![](tm237885d1_ex99-2img07.jpg)

Fourth Quarter 2022 Comments : • Favorable market pricing more than offset by volume declines • Packaging Net Sales declined 2.4% on an organic basis • Corrugated volume performance in - line with market • Adjusted EBITDA of $95 million, despite Canada divestiture, and Adjusted EBITDA margin of 10.4% • Canada contributed ~$8 million to Adjusted EBITDA in 4 th quarter 2021 Packaging Segment Performance 7 Full Year 2022 Fourth Quarter 2022

![](tm237885d1_ex99-2img08.jpg)

8 Business Update Comments : • Diversified business mix contributed to record earnings • Customer inventory destocking and economic uncertainty resulted in lower fourth quarter sales • Next wave of strategic initiatives include cost and price management, ecommerce, and next - generation supply chain • Majority of benefits from strategic initiatives believed to be sustainable

![](tm237885d1_ex99-2img09.jpg)

STEVE SMITH Chief Financial Officer

![](tm237885d1_ex99-2img10.jpg)

4Q 2022 Full Year 2022 Adj. EBITDA Adj. EBITDA Margin Adj. EBITDA Adj. EBITDA Margin Change from PY Change from PY Change from PY Change from PY $95M 10.4% $416M 10.6% -16.0% -70 bps +5.7% +10 bps $16M 9.0% $61M 7.8% -9.8% +150 bps +15.2% +190 bps $60M 10.5% $240M 10.1% +35.0% +290 bps +108.9% +460 bps Corporate & Other ($50M) ($198M) $121M 7.3% $518M 7.2% +4.2% +110 bps +51.2% +220 bps Veritiv Consolidated Packaging Facility Solutions Print Solutions Segment and Consolidated Financial Results Fourth Quarter and Full Year 2022 1. Please see the appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures. 2. Adjusted EBITDA may not sum due to rounding. 10 1, 2 1

![](tm237885d1_ex99-2img11.jpg)

$247M $266M $134M $231M - $100M $200M $300M FY19 FY20 FY21 FY22 Free Cash Flow 2,3 Cash Flow; Low Leverage 1. Calculated as net debt divided by trailing twelve months of Adjusted EBITDA. 2. Cash flow from operations less capital expenditures. 3 . S ee appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures . Significant net leverage reduction since 2019 driven by healthy free cash flow generated from increased earnings and working capital reductions 11 $0M • Working capital improvements • Secular decline in Print • Investment in growth • Strong earnings performance 4.1x 2.1x 1.1x 0.4x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x FY19 FY20 FY21 FY22 Net Leverage Ratio 1, 3

![](tm237885d1_ex99-2img12.jpg)

Capital Allocation Capital Allocation Priorities: • Invest in the business: • Organic • Inorganic • Return value to shareholders 2022 Capital investments 1 : Approximately $39 million Completed $200 million share repurchase program Paid first quarterly dividend in December 2022 Reduction in net leverage below long - term target of 3x enabled $200 million share repurchase program and initiation of a quarterly dividend in 2022. Record low net leverage provides both financial and strategic optionality. Scope and/or scale acquisitions Disciplined approach 12 1. Capital expenditures of approximately $22 million are reported in cash flow from investing activities and cloud computing arr ang ements of $17 million are reported in cash flow from operating activities for full year 2022.

![](tm237885d1_ex99-2img13.jpg)

ROIC Improvement 1. See appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures. Commercial and operational efficiency initiatives combined with working capital improvements have significantly improved ROIC since 2019 13 6.1% 9.0% 20.4% 35.3% FY19 FY22 FY20 FY21 +29 ppt Return on Invested Capital 1 Drivers of ROIC Improvement: • Overall earnings improvement • Exited lower - margin, lower - ROIC businesses and channels • Prioritized capital to higher - ROIC Packaging business • Strategically reduced customer risk resulting in a large reduction of bad debt expense • Reduced number of warehouses

![](tm237885d1_ex99-2img14.jpg)

SAL ABBATE Chief Executive Officer

![](tm237885d1_ex99-2img15.jpg)

Outlook Full Year 2023 1. P lease see the appendix for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures. 2. Cash flow from operations less capital expenditures. 3. Capital expenditures are reported in cash flow from investing activities and cloud computing arrangements are reported in cas h f low from operating activities Net Income $265 – $305 Million (estimated 26 – 28% effective tax rate) Diluted Earnings per Share $19.00 – $22.00 (approximately 13.9 million shares) Adjusted EBITDA 1 $430 – $490 Million Free Cash Flow 1,2 Approximately $275 Million Capital Investments 3 Approximately $45 Million 15 Comments : • Packaging and Facility Solutions Adjusted EBITDA margins expected to be above prior year levels • Print market expected to remain uncertain • Print Solutions expected to retain majority of recent Adjusted EBITDA margin improvement • Working capital expected to improve, contributing to higher Free Cash Flow • Capital investments include approximately $30 million of traditional capital expenditures and approximately $15 million of cloud computing arrangements

![](tm237885d1_ex99-2img16.jpg)

Questions 16

![](tm237885d1_ex99-2img17.jpg)

17 SCOTT PALFREEMAN Director of Finance and Investor Relations SAL ABBATE Chief Executive Officer

![](tm237885d1_ex99-2img18.jpg)

Appendix Reconciliation of Non - GAAP Financial Measures We supplement our financial information prepared in accordance with U.S. GAAP with certain non - GAAP measures including organic s ales (net sales on an average daily sales basis, excluding revenue from sold businesses and revenue from acquired businesses for a period of 12 mon ths after we complete the acquisition), Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net , integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or clos ing s, consolidation, and relocation and other business optimization expenses, stock - based compensation expense, changes in the LIFO reserve, non - restruct uring asset impairment charges, non - restructuring severance charges, non - restructuring pension charges (benefits), fair value adjustments related to co ntingent liabilities assumed in mergers and acquisitions and certain other adjustments), free cash flow and other non - GAAP measures such as the Net Leverage Rat io (calculated as net debt divided by trailing twelve months of Adjusted EBITDA) and Return on Invested Capital (calculated as Net Operating Profit Afte r T ax divided by the sum of net working capital and property and equipment. Net Operating Profit After Tax is defined as Adjusted EBITDA less depreciation an d a mortization times 1 minus the standard tax rate 1). We believe investors commonly use Adjusted EBITDA, free cash flow and these other non - GAAP measures as key financial metrics for valuing companies; we also present organic sales to help investors better compare period - over - period results. In addition, the c redit agreement governing our Asset - Based Lending Facility (the "ABL Facility") permits us to exclude the foregoing and other charges in calculating "Consolid ated EBITDA", as defined in the ABL Facility. Consolidated EBITDA and ROIC are also used as a basis for certain compensation programs sponsored by the Compan y. Organic sales, Adjusted EBITDA, free cash flow, Return on Invested Capital and these other non - GAAP measures are not alternative measures of financial performance or liquidity under U.S. GAAP. Non - GAAP measures do not have definitions under U.S. GAAP and may be defined different ly by, and not be comparable to, similarly titled measures used by other companies. As a result, we consider and evaluate non - GAAP measures in con nection with a review of the most directly comparable measure calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on su ch non - GAAP measures and to consider them with the most directly comparable U.S. GAAP measures. Organic sales, Adjusted EBITDA, free cash flow and th ese other non - GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our res ults as reported under U.S. GAAP. Please see the following tables for reconciliations of non - GAAP measures to the most comparable U.S. GAAP measures. 1 The Company uses a standard tax rate of 26% due to the historic volatility of the Company's effective tax rate. 18

![](tm237885d1_ex99-2img19.jpg)

Appendix Reconciliation of Non - GAAP Financial Measures 19 2022 2021 2022 2021 Net income (loss) $71.6 $56.9 $337.9 $144.6 Interest expense, net 5.4 3.8 17.7 17.2 Income tax expense (benefit) 25.9 20.6 94.0 52.9 Depreciation and amortization 11.0 13.1 45.6 55.2 EBITDA 113.9 94.4 495.2 269.9 Restructuring charges, net (3.5) 3.4 2.0 15.4 Gain on sale of businesses (1.1) — (29.7) (3.1) Facility closure charges, including (gain) loss from asset disposition (1.0) 1.1 0.0 0.1 Stock-based compensation 1.8 1.7 9.5 7.4 LIFO reserve (decrease) increase 2.0 12.4 32.1 43.6 Non-restructuring severance charges 2.3 2.3 4.3 7.8 Non-restructuring pension charges (benefits) 4.9 0.5 (2.1) 0.5 Other 1.5 0.1 6.6 1.0 Adjusted EBITDA $120.8 $115.9 $517.9 $342.6 Net sales $1,663.4 $1,864.8 $7,146.3 $6,850.5 Adjusted EBITDA as a % of net sales 7.3 % 6.2 % 7.2 % 5.0 % Three Months Ended December 31, Year Ended December 31, Table I VERITIV CORPORATION NET INCOME (LOSS) TO ADJUSTED EBITDA; ADJUSTED EBITDA MARGIN (in millions, unaudited)

![](tm237885d1_ex99-2img20.jpg)

20 Appendix Reconciliation of Non - GAAP Financial Measures Low High Net income (loss) $265 $305 Interest expense, net 15 15 Income tax expense (benefit) 95 110 Depreciation and amortization 40 40 Other reconciling items 15 20 Adjusted EBITDA $430 $490 Forecast for Year Ending December 31, 2023 Table I.a. VERITIV CORPORATION ADJUSTED EBITDA GUIDANCE (in millions, unaudited)

![](tm237885d1_ex99-2img21.jpg)

21 Appendix Reconciliation of Non - GAAP Financial Measures Three Months Ended December 31, 2022 Year Ended December 31, 2022 Net cash provided by (used for) operating activities $93.5 $252.4 Less: Capital expenditures (3.8) (21.9) Free cash flow $89.7 $230.5 Table II VERITIV CORPORATION FREE CASH FLOW (in millions, unaudited)

![](tm237885d1_ex99-2img22.jpg)

22 Appendix Reconciliation of Non - GAAP Financial Measures Forecast for Year Ending December 31, 2023 Net cash provided by (used for) operating activities approximately $305 Less: Capital expenditures approximately ($30) Free cash flow approximately $275 Table II.a VERITIV CORPORATION FREE CASH FLOW GUIDANCE (in millions, unaudited)

![](tm237885d1_ex99-2img23.jpg)

23 Appendix Reconciliation of Non - GAAP Financial Measures VERITIV CORPORATION FREE CASH FLOW (in millions, unaudited) 2021 2020 2019 Net cash provided by (used for) operating activities 154.7$289.2$281.0$ Less: Capital expenditures (20.4) (23.6) (34.1) Free cash flow 134.3$265.6$246.9$ Table ll.b Year Ended December 31,

![](tm237885d1_ex99-2img24.jpg)

24 Appendix Reconciliation of Non - GAAP Financial Measures December 31, 2022 Amount drawn on ABL Facility $229.2 Less: Cash and cash equivalents (40.6) Net debt $188.6 Last Twelve Months Adjusted EBITDA $517.9 Net debt to Adjusted EBITDA 0.4x Last Twelve Months December 31, 2022 Net income (loss) $337.9 Interest expense, net 17.7 Income tax expense (benefit) 94.0 Depreciation and amortization 45.6 EBITDA 495.2 Restructuring charges, net 2.0 Gain on sale of businesses (29.7) Facility closure charges, including (gain) loss from asset disposition 0.0 Stock-based compensation 9.5 LIFO reserve (decrease) increase 32.1 Non-restructuring severance charges 4.3 Non-restructuring pension charges (benefits) (2.1) Other 6.6 Adjusted EBITDA $517.9 Net sales 7,146.3 Adjusted EBITDA as a % of net sales 7.2% Table III VERITIV CORPORATION NET DEBT TO ADJUSTED EBITDA (in millions, unaudited)

![](tm237885d1_ex99-2img25.jpg)

25 Appendix Reconciliation of Non - GAAP Financial Measures 2021 2020 2019 Amount drawn on ABL Facility 440.8$520.2$673.2$ Less: Cash and cash equivalents (49.3) (120.6) (38.0) Net debt 391.5$399.6$635.2$ Last twelve months Adjusted EBITDA 342.6$187.6$155.9$ Net debt to Adjusted EBITDA 1.1x 2.1x 4.1x Last Twelve Months December 31, 2021 2020 2019 Net income (loss) 144.6$34.2$(29.5)$ Interest expense, net 17.2 25.1 38.1 Income tax expense (benefit) 52.9 8.8 0.7 Depreciation and amortization 55.2 57.7 53.5 EBITDA 269.9 125.8 62.8 Restructuring charges, net 15.4 52.2 28.8 Gain on sale of businesses (3.1) - - Facility closure charges, including (gain) loss from asset disposition 0.1 (3.7) - Stock-based compensation 7.4 17.7 14.6 LIFO reserve (decrease) increase 43.6 (1.5) (3.7) Non-restructuring severance charges 7.8 4.1 8.4 Non-restructuring pension charges (benefits) 0.5 7.2 6.6 Integration, acquisition and merger expenses - - 17.5 Fair value adjustment on Tax Receivable Agreement contingent liability - (19.1) 0.3 Fair value adjustment on contingent consideration liability - 1.0 13.1 Escheat audit contingent liability - (0.2) 3.7 Other 1.0 4.1 3.8 Adjusted EBITDA 342.6$187.6$155.9$ Net sales 6,850.5$6,345.6$7,659.4$ Adjusted EBITDA as a % of net sales 5.0% 3.0% 2.0% Table lll.a VERITIV CORPORATION NET DEBT TO ADJUSTED EBITDA (in millions, unaudited) Year Ended December 31,

![](tm237885d1_ex99-2img26.jpg)

26 Appendix Reconciliation of Non - GAAP Financial Measures 1. Adjustment for differences in the number of selling days, if any. 2. Represents the net sales of each of the following divested businesses prior to its respective divestiture: Rollsource (March 31, 2021), Veritiv Canada, Inc. (May 2, 2022) and the logistics solutions business (September 1, 2022). 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Reported net sales 1,663.4$1,864.8$915.7$1,020.2$175.3$230.9$572.4$584.9$-$28.8$ Impact of change in selling days 1 - - - - - - - - - - Net sales (on an average daily sales basis) 1,663.4 1,864.8 915.7 1,020.2 175.3 230.9 572.4 584.9 - 28.8 Business divestitures 2 - (230.0) - (82.1) - (67.8) - (51.3) - (28.8) Organic sales 1,663.4$1,634.8$915.7$938.1$175.3$163.1$572.4$533.6$-$-$ Business Days 61 61 61 61 61 61 61 61 61 61 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Reported net sales 7,146.3$6,850.5$3,908.5$3,760.4$780.6$894.0$2,378.8$2,080.8$78.4$115.3$ Impact of change in selling days 1 - - - - - - - - - - Net sales (on an average daily sales basis) 7,146.3 6,850.5 3,908.5 3,760.4 780.6 894.0 2,378.8 2,080.8 78.4 115.3 Business divestitures 2 (338.2) (850.8) (100.3) (281.9) (86.9) (261.6) (72.6) (192.0) (78.4) (115.3) Organic sales 6,808.1$5,999.7$3,808.2$3,478.5$693.7$632.4$2,306.2$1,888.8$-$-$ Business Days 252 252 252 252 252 252 252 252 252 252 Corporate & Other Three Months Ended December 31, Twelve Months Ended December 31, Corporate & Other Table IV VERITIV CORPORATION REPORTED NET SALES TO ORGANIC SALES (in millions, unaudited) Print Solutions Print Solutions Total Company Packaging Facility Solutions Total Company Packaging Facility Solutions

![](tm237885d1_ex99-2img27.jpg)

27 Appendix Reconciliation of Non - GAAP Financial Measures 1. The Company uses a standard tax rate of 26% due to the historic volatility of the Company's effective tax rate. 2. Average invested capital is calculated using the balances at the end of each quarter for the last 12 months. 2022 2021 2020 2019 Adjusted EBITDA 517.9$342.6$187.6$155.9$ Depreciation and amortization 45.6 55.2 57.7 53.5 Adjusted EBIT 472.3 287.4 129.9 102.4 Taxes at standard rate 1 (122.8) (74.7) (33.8) (26.6) Net Operating Profit After Tax $349.5 $212.7 $96.1 $75.8 Property and equipment, net 2 $132.8 $170.9 $205.7 $209.4 Accounts receivable 2 941.2 926.4 841.9 988.2 Inventories 2 426.2 486.7 491.1 618.8 Accounts payable 2 (510.5) (540.7) (476.3) (570.0) Net Invested Capital $989.7 $1,043.3 $1,062.4 $1,246.4 ROIC 35.3% 20.4% 9.0% 6.1% Year Ended December 31, Table V VERITIV CORPORATION RETURN ON INVESTED CAPITAL (ROIC) (in millions, unaudited)

![](tm237885d1_ex99-2img28.jpg)

28 FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS February 28, 2023