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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONSThree Months Ended March 31,20152014Net sales (including sales to related parties of $9.0 and $12.0, respectively)Cost of products sold (including purchases from related parties of $69.5 and $141.6, respectively) (exclusive of depreciation and amortization shown separately below)Distribution expensesSelling and administrative expensesDepreciation and amortizationIntegration expenses—Restructuring charges (income)Operating incomeInterest expense, netOther expense (income), netIncome (loss) from continuing operations before income taxesIncome tax expenseIncome (loss) from continuing operationsLoss from discontinued operations, net of income taxesNet income (loss)Earnings (loss) per share:Basic and dilutedContinuing operationsDiscontinued operationsBasic and diluted earnings (loss) per shareWeighted average shares outstanding:CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)Other comprehensive income (loss):Foreign currency translation adjustmentsOther comprehensive income (loss)Total comprehensive income (loss)CONDENSED CONSOLIDATED BALANCE SHEETSMarch 31, 2015December 31, 2014AssetsCurrent assets:CashAccounts receivable, less allowances of $43.2 and $39.0, respectivelyRelated party receivableInventoriesOther current assetsTotal current assetsProperty and equipment, netGoodwillOther intangibles, netNon-current deferred income tax assetsOther non-current assetsTotal assetsLiabilities and Shareholders' EquityCurrent liabilities:Accounts payableRelated party payableAccrued payroll and benefitsDeferred income tax liabilitiesOther 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 12)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 deficitAccumulated other comprehensive lossTotal shareholders' equityTotal liabilities and shareholders' equityCONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWSOperating ActivitiesAmortization of deferred financing feesNet gains on sales of property and equipmentProvision for allowance for doubtful accountsDeferred income tax provisionStock-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 activities – continuing operationsNet cash used for operating activities – discontinued operationsNet cash provided by operating activitiesInvesting ActivitiesProperty and equipment additionsProceeds from asset salesNet cash (used for) provided by investing activitiesFinancing ActivitiesNet cash transfers to ParentChange 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 activities – continuing operationsNet cash provided by financing activities – discontinued operationsNet 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 interestPreliminary Allocation:(in millions)Accounts receivableDeferred income tax assetsProperty and equipmentOther intangible assetsOther current and non-current assets (including below market leasehold agreements)Long-term debt (including equipment capital leases)Financing obligations to related partyOther current and non-current liabilities (including above market leasehold agreements)Total purchase priceVeritiv Restructuring PlanSeverance and Related CostsOther Direct CostsTotalLiability at December 31, 2014Costs incurredPaymentsLiability at March 31, 20154. DEBTABL FacilityEquipment capital lease obligationsTotal debtLess: current portion of long-term debt5. INCOME TAXESThree Months Ended
March 31,Effective income tax rate(4.8)%39.8%7. DEFINED BENEFIT PLANSThree Months Ended March 31, 2015U.S.CanadaComponents of net periodic benefit cost (credit):Service costInterest costExpected return on plan assetsNet periodic benefit cost (credit)8. FAIR VALUE MEASUREMENTSContingent LiabilityBalance at December 31, 2014Purchase accounting adjustmentChange in fair value adjustmentBalance at March 31, 201510. ACCUMULATED OTHER COMPREHENSIVE LOSSMarch 31, 2015December 31, 2014Adjustments to pension and other benefit liabilities, net of taxTotal accumulated other comprehensive loss13. SEGMENT INFORMATIONPrintPublishingPackagingFacility SolutionsCorporate & OtherNet salesAdjusted EBITDARestructuring charges$—Three Months Ended March 31, 2014Restructuring incomeNon-restructuring stock-based compensationLIFO incomeNon-restructuring severance chargesFair value adjustment on TRA contingent liabilityTotal Adjusted EBITDAMarch 31, 2014Increase (Decrease)2015%2014%$%100.0%63.5%Cost of products sold (exclusive of depreciation and amortization shown separately below)82.4%83.3%61.9%6.1%5.9%69.5%9.9%9.8%63.8%0.6%0.4%193.5%0.5%—%*0.2%0.7%(11.40.3%(0.0(0.10.0%(97.3(100.0Adjusted EBITDA as a % of net sales1.9%2.1%6.8%2.2%1.3%1.5%2.0%6.5%0.1%1.0%* - not meaningfulEBITDA2015 vs. 2014Increase (Decrease) %50.6%86.7%63.6%75.7%71.3%77.8%72.5%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 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)) 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; andb)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; andc)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 13, 2015/s/ Mary A. LaschingerMary A. LaschingerChairman and Chief Executive Officerdesigned 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; and/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 ! ?2 2 docProps/app.xml
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