02.24.22
R.R. Donnelley & Sons Company (RRD) reported financial results for the fourth quarter and full year of 2021.
GAAP net sales, including the impact of foreign exchange and a disposition in early 2020, increased $197 million or 4.1% to $4.96 billion. Cash provided by operating activities in 2021 was $92.1 million as compared to $149.8 million in the prior year period.
Total debt outstanding of $1.47 billion at Dec. 31, 2021 is down $37 million from the prior year end. Gross leverage ratio of 3.6x and net leverage ratio of 2.9x both improved 0.1x from Dec. 31, 2020 and represent lowest levels since 2016 spin.
“We delivered a strong year of performance capped by fourth quarter results that exceeded our expectations. I am proud of the RRD team as we continue to successfully execute our strategy and navigate through the COVID-19 pandemic. Our full year 2021 adjusted income from operations and operating margin represent our third consecutive year of improved performance, while also representing our best performance in those metrics since 2016,” said Dan Knotts, RRD president and CEO. “RRD is well positioned for continued success under the expected future ownership of Chatham Asset Management.”
GAAP net sales, including the impact of foreign exchange and a disposition in early 2020, increased $197 million or 4.1% to $4.96 billion. Cash provided by operating activities in 2021 was $92.1 million as compared to $149.8 million in the prior year period.
Total debt outstanding of $1.47 billion at Dec. 31, 2021 is down $37 million from the prior year end. Gross leverage ratio of 3.6x and net leverage ratio of 2.9x both improved 0.1x from Dec. 31, 2020 and represent lowest levels since 2016 spin.
“We delivered a strong year of performance capped by fourth quarter results that exceeded our expectations. I am proud of the RRD team as we continue to successfully execute our strategy and navigate through the COVID-19 pandemic. Our full year 2021 adjusted income from operations and operating margin represent our third consecutive year of improved performance, while also representing our best performance in those metrics since 2016,” said Dan Knotts, RRD president and CEO. “RRD is well positioned for continued success under the expected future ownership of Chatham Asset Management.”