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VERITIV CORPORATIONDelaware46-3234977(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)1000 Abernathy Road NEBuilding 400, Suite 1700Atlanta, Georgia(Address of principal executive offices)(Zip code)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months Ended
March 31,20162015Net sales (including sales to related party of $9.0 and $9.0, respectively)Cost of products sold (including purchases from related party of $56.3 and $69.5, respectively) (exclusive of depreciation and amortization shown separately below)Distribution expensesSelling and administrative expensesDepreciation and amortizationIntegration expensesRestructuring chargesOperating incomeInterest expense, netOther expense, netIncome (loss) before income taxesIncome tax expenseNet income (loss)Earnings (loss) per share:Basic and diluted earnings (loss) per shareWeighted average shares outstanding:Basic and dilutedCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)Other comprehensive income (loss):Foreign currency translation adjustmentsChange in fair value of cash flow hedge, net of $0.1 tax for 2016—Pension liability adjustments, net of $0.1 tax for 2016Other comprehensive income (loss)Total comprehensive income (loss)CONDENSED CONSOLIDATED BALANCE SHEETSMarch 31, 2016December 31, 2015AssetsCurrent assets:CashAccounts receivable, less allowances of $33.3 and $33.3, respectivelyRelated party receivableInventoriesOther current assetsTotal current assetsProperty and equipment, netGoodwillOther intangibles, netDeferred income tax assetsOther non-current assetsTotal assetsLiabilities and shareholders' equityCurrent liabilities:Accounts payableRelated party payableAccrued payroll and benefitsOther accrued liabilitiesCurrent maturities of long-term debtFinancing obligations to related party, current portionTotal current liabilitiesLong-term debt, net of current maturitiesFinancing obligations to related party, less current portionDefined benefit pension obligationsOther non-current liabilitiesTotal liabilitiesCommitments and contingencies (Note 10)Shareholders' equity:Preferred stock, $0.01 par value, 10.0 million shares authorized, none issuedCommon stock, $0.01 par value, 100.0 million shares authorized, 16.0 million shares issued and outstandingAdditional paid-in capitalAccumulated earnings (deficit)Accumulated other comprehensive lossTotal shareholders' equityTotal liabilities and shareholders' equityCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSThree Months Ended March 31,Operating ActivitiesAmortization of deferred financing feesNet losses (gains) on sales of property and equipmentLong-lived asset impairment chargesProvision for allowance for doubtful accountsDeferred income tax provision (benefit)Stock-based compensationOther non-cash items, netChanges in operating assets and liabilitiesAccounts receivable and related party receivableAccounts payable and related party payableOtherNet cash provided by operating activitiesInvesting ActivitiesProperty and equipment additionsProceeds from asset salesNet cash used for investing activitiesFinancing ActivitiesChange in book overdraftsBorrowings of long-term debtRepayments of long-term debtPayments under equipment capital lease obligationsPayments under financing obligations to related partyNet cash used for financing activitiesEffect of exchange rate changes on cashNet change in cashCash at beginning of periodCash at end of periodSupplemental Cash Flow InformationCash paid for income taxes, net of refundsCash paid for interest2. INTEGRATION AND RESTRUCTURING CHARGES(in millions)Integration management$—Retention compensationInformation technology conversion costsRebrandingLegal, consulting and other professional feesTotal integration expensesVeritiv Restructuring PlanSeverance and Related CostsOther Direct CostsNon-Cash ItemsTotalBalance at December 31, 2015Costs incurredPaymentsOther adjustmentsBalance at March 31, 2016Balance at December 31, 2014Balance at March 31, 20153. DEBTAsset-Based Lending Facility (the "ABL Facility")Equipment capital lease obligations (1)Total debtLess: current portion of long-term debt4. INCOME TAXESEffective tax rate56.0%(4.8)%March 31, 2016December 31, 2015Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheetRelated party payable to Georgia-PacificRelated party receivable from Georgia-Pacific6. DEFINED BENEFIT PLANSThree Months Ended March 31, 2016Three Months Ended March 31, 2015U.S.CanadaComponents of net periodic benefit cost (credit):Service costInterest costExpected return on plan assetsAmortization of net lossNet periodic benefit cost (credit)8. EARNINGS PER SHARENumerator:Denominator:Weighted average number of shares outstanding – basic and dilutedAntidilutive stock-based awards excluded from computation of diluted EPSPerformance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met9. ACCUMULATED OTHER COMPREHENSIVE LOSSRetirement liabilitiesInterest rate swapAOCLUnrealized net gains (losses) arising during the yearAmounts reclassified from AOCLNet current period other comprehensive income (loss)Unrealized net losses arising during the yearNet current period other comprehensive loss11. SEGMENT INFORMATIONPrintPublishingPackagingFacility SolutionsCorporate & OtherNet salesAdjusted EBITDALIFO incomeNon-restructuring severance chargesFair value adjustments on TRA contingent liabilityResults of Operations, Including Business SegmentsIncrease (Decrease)$%(6Cost of products sold (exclusive of depreciation and amortization shown separately below)(2(5—%(38(5099%2%(57*Adjusted EBITDA as a % of net sales2.1%1.5%7.0%2.5%1.7%1.9%6.8%2.2%1.3%* - not meaningfulEBITDA2016 vs. 2015Increase (Decrease) %(7.53.2%(15.3(38.5(0.5(2.68.8%Liquidity and Capital ResourcesNet cash provided by (used for):Operating activitiesInvesting activitiesFinancing activitiesSECTION 302 OF THE SARBANES-OXLEY ACT OF 2002I have reviewed this Quarterly Report on Form 10-Q of Veritiv Corporation;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; andThe registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; andAny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.Date:May 10, 2016/s/ Mary A. LaschingerMary A. LaschingerChairman and Chief Executive Officer/s/ Stephen J. SmithStephen J. SmithSenior Vice President and Chief Financial OfficerSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; andThe information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.PK ! 1 docProps/app.xml
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