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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Veritiv Corporation | NYSE:VRTV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 169.99 | 0 | 01:00:00 |
Delaware
|
|
46-3234977
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
1000 Abernathy Road NE
|
|
|
Building 400, Suite 1700
|
|
|
Atlanta, Georgia
|
|
30328
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
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
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net sales (including sales to related party of $6.4 and $6.9, respectively)
|
$
|
1,941.5
|
|
|
$
|
2,101.0
|
|
Cost of products sold (including purchases from related party of $24.8 and $42.1, respectively) (exclusive of depreciation and amortization shown separately below)
|
1,591.4
|
|
|
1,729.5
|
|
||
Distribution expenses
|
130.4
|
|
|
133.1
|
|
||
Selling and administrative expenses
|
216.1
|
|
|
222.7
|
|
||
Depreciation and amortization
|
12.8
|
|
|
14.4
|
|
||
Integration and acquisition expenses
|
4.3
|
|
|
8.3
|
|
||
Restructuring charges, net
|
2.4
|
|
|
11.9
|
|
||
Operating loss
|
(15.9
|
)
|
|
(18.9
|
)
|
||
Interest expense, net
|
11.4
|
|
|
9.3
|
|
||
Other (income) expense, net
|
6.2
|
|
|
(10.5
|
)
|
||
Loss before income taxes
|
(33.5
|
)
|
|
(17.7
|
)
|
||
Income tax benefit
|
(6.8
|
)
|
|
(1.9
|
)
|
||
Net loss
|
$
|
(26.7
|
)
|
|
$
|
(15.8
|
)
|
|
|
|
|
||||
Loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(1.68
|
)
|
|
$
|
(1.00
|
)
|
|
|
|
|
||||
Weighted-average shares outstanding:
|
|
|
|
||||
Basic and diluted
|
15.94
|
|
|
15.76
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net loss
|
$
|
(26.7
|
)
|
|
$
|
(15.8
|
)
|
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustments
|
2.4
|
|
|
(0.2
|
)
|
||
Change in fair value of cash flow hedge, net of $(0.1) and $0.2 tax, respectively
|
0.1
|
|
|
0.0
|
|
||
Pension liability adjustments, net of $0.0 and $0.7 tax, respectively
|
0.0
|
|
|
(0.6
|
)
|
||
Other comprehensive income (loss)
|
2.5
|
|
|
(0.8
|
)
|
||
Total comprehensive income (loss)
|
$
|
(24.2
|
)
|
|
$
|
(16.6
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
58.0
|
|
|
$
|
64.3
|
|
Accounts receivable, less allowances of $55.4 and $62.0, respectively
|
1,061.8
|
|
|
1,181.4
|
|
||
Related party receivable
|
2.7
|
|
|
3.2
|
|
||
Inventories
|
681.4
|
|
|
688.2
|
|
||
Other current assets
|
143.6
|
|
|
147.2
|
|
||
Total current assets
|
1,947.5
|
|
|
2,084.3
|
|
||
Property and equipment (net of accumulated depreciation and amortization of $332.1 and $320.7, respectively)
|
211.9
|
|
|
206.7
|
|
||
Goodwill
|
99.6
|
|
|
99.6
|
|
||
Other intangibles, net
|
55.9
|
|
|
57.2
|
|
||
Deferred income tax assets
|
62.7
|
|
|
56.5
|
|
||
Other non-current assets
|
443.2
|
|
|
25.4
|
|
||
Total assets
|
$
|
2,820.8
|
|
|
$
|
2,529.7
|
|
Liabilities and shareholders' equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
607.4
|
|
|
$
|
641.9
|
|
Related party payable
|
4.7
|
|
|
9.3
|
|
||
Accrued payroll and benefits
|
35.1
|
|
|
56.5
|
|
||
Other accrued liabilities
|
211.4
|
|
|
134.7
|
|
||
Current maturities of long-term debt
|
8.5
|
|
|
6.7
|
|
||
Financing obligations, current portion
|
—
|
|
|
0.6
|
|
||
Total current liabilities
|
867.1
|
|
|
849.7
|
|
||
Long-term debt, net of current maturities
|
944.2
|
|
|
963.6
|
|
||
Financing obligations, less current portion
|
—
|
|
|
23.6
|
|
||
Defined benefit pension obligations
|
21.1
|
|
|
21.1
|
|
||
Other non-current liabilities
|
464.8
|
|
|
128.6
|
|
||
Total liabilities
|
2,297.2
|
|
|
1,986.6
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
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 - 16.4 million and 16.2 million, respectively; shares outstanding - 16.1 million and 15.9 million, respectively
|
0.2
|
|
|
0.2
|
|
||
Additional paid-in capital
|
607.7
|
|
|
605.7
|
|
||
Accumulated (deficit) earnings
|
(32.5
|
)
|
|
(8.5
|
)
|
||
Accumulated other comprehensive loss
|
(38.2
|
)
|
|
(40.7
|
)
|
||
Treasury stock at cost - 0.3 million shares at March 31, 2019 and December 31, 2018
|
(13.6
|
)
|
|
(13.6
|
)
|
||
Total shareholders' equity
|
523.6
|
|
|
543.1
|
|
||
Total liabilities and shareholders' equity
|
$
|
2,820.8
|
|
|
$
|
2,529.7
|
|
|
Three Months Ended March 31,
|
||||||
Operating activities
|
2019
|
|
2018
|
||||
Net loss
|
$
|
(26.7
|
)
|
|
$
|
(15.8
|
)
|
Depreciation and amortization
|
12.8
|
|
|
14.4
|
|
||
Amortization of deferred financing fees
|
0.6
|
|
|
0.7
|
|
||
Net losses (gains) on dispositions of property and equipment
|
0.1
|
|
|
(0.1
|
)
|
||
Provision for allowance for doubtful accounts
|
3.8
|
|
|
3.6
|
|
||
Deferred income tax (benefit)
|
(7.3
|
)
|
|
(2.5
|
)
|
||
Stock-based compensation
|
4.7
|
|
|
5.6
|
|
||
Other non-cash items, net
|
1.8
|
|
|
(8.5
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
|
|
||
Accounts receivable and related party receivable
|
118.3
|
|
|
4.3
|
|
||
Inventories
|
8.6
|
|
|
10.3
|
|
||
Other current assets
|
6.2
|
|
|
(9.3
|
)
|
||
Accounts payable and related party payable
|
(57.8
|
)
|
|
(11.3
|
)
|
||
Accrued payroll and benefits
|
(21.5
|
)
|
|
(23.8
|
)
|
||
Other accrued liabilities
|
(6.4
|
)
|
|
12.9
|
|
||
Other
|
6.6
|
|
|
(2.2
|
)
|
||
Net cash provided by (used for) operating activities
|
43.8
|
|
|
(21.7
|
)
|
||
Investing activities
|
|
|
|
||||
Property and equipment additions
|
(7.5
|
)
|
|
(9.6
|
)
|
||
Proceeds from asset sales
|
0.1
|
|
|
0.0
|
|
||
Net cash used for investing activities
|
(7.4
|
)
|
|
(9.6
|
)
|
||
Financing activities
|
|
|
|
||||
Change in book overdrafts
|
17.1
|
|
|
(10.0
|
)
|
||
Borrowings of long-term debt
|
1,767.9
|
|
|
1,295.6
|
|
||
Repayments of long-term debt
|
(1,815.2
|
)
|
|
(1,246.8
|
)
|
||
Payments under right-of-use finance leases and capital leases, respectively
|
(2.1
|
)
|
|
(1.6
|
)
|
||
Payments under financing obligations (including obligations to related party of $3.8 in the prior year period)
|
—
|
|
|
(4.0
|
)
|
||
Payments under Tax Receivable Agreement
|
(7.8
|
)
|
|
(9.9
|
)
|
||
Other
|
(2.7
|
)
|
|
(2.0
|
)
|
||
Net cash (used for) provided by financing activities
|
(42.8
|
)
|
|
21.3
|
|
||
Effect of exchange rate changes on cash
|
0.1
|
|
|
0.5
|
|
||
Net change in cash
|
(6.3
|
)
|
|
(9.5
|
)
|
||
Cash at beginning of period
|
64.3
|
|
|
80.3
|
|
||
Cash at end of period
|
$
|
58.0
|
|
|
$
|
70.8
|
|
Supplemental cash flow information
|
|
|
|
|
|
||
Cash paid for income taxes, net of refunds
|
$
|
0.7
|
|
|
$
|
1.0
|
|
Cash paid for interest
|
10.6
|
|
|
8.4
|
|
||
Non-cash investing and financing activities
|
|
|
|
|
|
||
Non-cash additions to property and equipment for right-of-use finance leases and capital leases, respectively
|
$
|
2.1
|
|
|
$
|
23.5
|
|
Non-cash additions to other non-current assets for right-of-use operating leases
|
46.4
|
|
|
—
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||
|
Common Stock Issued
|
|
Additional Paid-in Capital
|
|
Accumulated (Deficit) Earnings
|
|
AOCL
(1)
|
|
Treasury Stock
|
|
Total
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at December 31, 2018
|
16.2
|
|
|
$
|
0.2
|
|
|
$
|
605.7
|
|
|
$
|
(8.5
|
)
|
|
$
|
(40.7
|
)
|
|
(0.3
|
)
|
|
$
|
(13.6
|
)
|
|
$
|
543.1
|
|
Net loss
|
|
|
|
|
|
|
(26.7
|
)
|
|
|
|
|
|
|
|
(26.7
|
)
|
||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
2.5
|
|
|
|
|
|
|
2.5
|
|
||||||||||||
Stock-based compensation
|
|
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
4.7
|
|
||||||||||||
Issuance of common stock, net of stock received for minimum tax withholdings
|
0.2
|
|
|
0.0
|
|
|
(2.7
|
)
|
|
|
|
|
|
|
|
|
|
(2.7
|
)
|
||||||||||
Adoption impact - Accounting Standards Update 2016-02
|
|
|
|
|
|
|
2.7
|
|
|
|
|
|
|
|
|
2.7
|
|
||||||||||||
Balance at March 31, 2019
|
16.4
|
|
|
$
|
0.2
|
|
|
$
|
607.7
|
|
|
$
|
(32.5
|
)
|
|
$
|
(38.2
|
)
|
|
(0.3
|
)
|
|
$
|
(13.6
|
)
|
|
$
|
523.6
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Common Stock Issued
|
|
Additional Paid-in Capital
|
|
Accumulated (Deficit) Earnings
|
|
AOCL
(1)
|
|
Treasury Stock
|
|
Total
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at December 31, 2017
|
16.0
|
|
|
$
|
0.2
|
|
|
$
|
590.2
|
|
|
$
|
6.4
|
|
|
$
|
(33.5
|
)
|
|
(0.3
|
)
|
|
$
|
(13.6
|
)
|
|
$
|
549.7
|
|
Net loss
|
|
|
|
|
|
|
(15.8
|
)
|
|
|
|
|
|
|
|
(15.8
|
)
|
||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
0.0
|
|
||||||||||||
Stock-based compensation
|
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
5.6
|
|
||||||||||||
Issuance of common stock, net of stock received for minimum tax withholdings
|
0.1
|
|
|
0.0
|
|
|
(1.8
|
)
|
|
|
|
|
|
|
|
|
|
(1.8
|
)
|
||||||||||
Adoption impact - Accounting Standards Update 2018-02
|
|
|
|
|
|
|
0.8
|
|
|
(0.8
|
)
|
|
|
|
|
|
0.0
|
|
|||||||||||
Balance at March 31, 2018
|
16.1
|
|
|
$
|
0.2
|
|
|
$
|
594.0
|
|
|
$
|
(8.6
|
)
|
|
$
|
(34.3
|
)
|
|
(0.3
|
)
|
|
$
|
(13.6
|
)
|
|
$
|
537.7
|
|
Recently Issued Accounting Standards Not Yet Adopted (continued)
|
|
|
|
|
||
Standard
|
|
Description
|
|
Effective Date
|
|
Effect on the Financial Statements or Other Significant Matters
|
ASU 2018-14,
Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)
|
|
The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The amendments in this update are effective for fiscal years ending after December 15, 2020. The amendments in this update should be applied on a retrospective basis to all periods presented.
|
|
December 31, 2020; early adoption is permitted
|
|
The Company does not expect the adoption of this standard to have a material impact on its disclosures. The Company currently plans to adopt this ASU on December 31, 2020.
|
ASU 2018-15,
Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)
|
|
The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this update also require companies to expense capitalized implementation costs over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The amendments also stipulate presentation requirements for the Statement of Operations, Balance Sheet and Statement of Cash Flows. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.
|
|
January 1, 2020; early adoption is permitted
|
|
The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements and related disclosures. The Company currently plans to adopt this ASU on January 1, 2020.
|
|
Customer Contract Liabilities
|
||||||
(in millions)
|
2019
|
|
2018
|
||||
Balance at January 1
|
$
|
17.7
|
|
|
$
|
20.5
|
|
Payments received
|
11.7
|
|
|
12.6
|
|
||
Revenue recognized from beginning balance
|
(13.3
|
)
|
|
(7.6
|
)
|
||
Revenue recognized from current year receipts
|
(3.4
|
)
|
|
(3.9
|
)
|
||
Balance at March 31
|
$
|
12.7
|
|
|
$
|
21.6
|
|
•
|
Packaging
– The Packaging segment provides standard as well as custom and comprehensive packaging solutions for customers based in North America and in key global markets. The business is strategically focused on higher growth industries including light industrial/general manufacturing, food processing, fulfillment and internet retail, as well as niche verticals based on geographical and functional expertise. This segment also provides supply chain solutions, structural and graphic packaging design and engineering, automation, workflow and equipment services and kitting and fulfillment.
|
•
|
Facility Solutions
– The Facility Solutions segment sources and sells cleaning, break-room and other supplies such as towels, tissues, wipers and dispensers, can liners, commercial cleaning chemicals, soaps and sanitizers, sanitary maintenance supplies and equipment, safety and hazard supplies, and shampoos and amenities primarily in the U.S., Canada and Mexico. Additionally, the Company offers total cost of ownership solutions with re-merchandising, budgeting and compliance reporting, and inventory management.
|
•
|
Print
– The Print segment sells and distributes commercial printing, writing, copying, digital, paper-based wide format and specialty products, graphics consumables and graphics equipment primarily in the U.S., Canada and Mexico. This segment also includes customized paper conversion services of commercial printing paper for distribution to document centers and form printers. Veritiv's broad geographic platform of operations coupled with the breadth of paper and graphics products, including exclusive private brand offerings, provides a foundation to service national, regional and local customers across North America.
|
•
|
Publishing
– The Publishing segment sells and distributes coated and uncoated commercial printing papers to publishers, retailers, converters, printers and specialty businesses for use in magazines, catalogs, books, directories, gaming, couponing, retail inserts and direct mail. This segment also provides print management, procurement and supply chain management solutions to simplify paper and print procurement processes for its customers.
|
(in millions)
|
|
Three Months Ended March 31, 2019
|
||
Lease Classification
|
Financial Statement Classification
|
|||
Short-term lease expense
(1)
|
Operating expenses
|
$
|
1.9
|
|
|
|
|
||
Operating lease expense
(2)
|
Operating expenses
|
$
|
27.3
|
|
|
|
|
||
Finance lease expense:
|
|
|
||
Amortization of right-of-use assets
|
Depreciation and amortization
|
$
|
2.3
|
|
Interest expense
|
Interest expense, net
|
0.5
|
|
|
Total finance lease expense
|
|
$
|
2.8
|
|
|
|
|
||
Total Lease Cost
|
|
$
|
32.0
|
|
(in millions, except weighted-average data)
|
|
March 31, 2019
|
||
Lease Classification
|
Financial Statement Classification
|
|||
Operating Leases:
|
|
|
||
Operating lease right-of-use assets
|
Other non-current assets
|
$
|
419.1
|
|
|
|
|
||
Operating lease obligations - current
|
Other accrued liabilities
|
$
|
85.6
|
|
Operating lease obligations - non-current
|
Other non-current liabilities
|
366.0
|
|
|
Total operating lease obligations
|
|
$
|
451.6
|
|
|
|
|
||
Weighted-average remaining lease term in years
|
|
6.6
|
|
|
Weighted-average discount rate
|
|
4.5
|
%
|
|
|
|
|
||
Finance Leases:
|
|
|
||
Finance lease right-of-use assets
|
Property and equipment
|
$
|
63.5
|
|
|
|
|
||
Finance lease obligations - current
|
Current maturities of long-term debt
|
$
|
8.5
|
|
Finance lease obligations - non-current
|
Long-term debt, net of current maturities
|
58.6
|
|
|
Total finance lease obligations
|
|
$
|
67.1
|
|
|
|
|
||
Weighted-average remaining lease term in years
|
|
8.9
|
|
|
Weighted-average discount rate
|
|
3.1
|
%
|
(in millions)
|
|
Three Months Ended March 31, 2019
|
||
Lease Classification
|
Financial Statement Classification
|
|||
Operating Leases:
|
|
|
||
Operating cash flows from operating leases
|
Operating activities
|
$
|
26.5
|
|
|
|
|
||
Finance Leases:
|
|
|
||
Operating cash flows from finance leases
|
Operating activities
|
$
|
0.5
|
|
Financing cash flows from finance leases
|
Financing activities
|
2.1
|
|
|
Finance Leases
|
|
Operating Leases
|
||||||||||||
(in millions)
|
|
Lease Obligations
|
|
Sublease Income
|
|
Total
|
|||||||||
2019 (excluding the three months ended March 31, 2019)
|
$
|
8.0
|
|
|
$
|
79.1
|
|
|
$
|
(0.4
|
)
|
|
$
|
78.7
|
|
2020
|
10.3
|
|
|
96.5
|
|
|
(0.1
|
)
|
|
96.4
|
|
||||
2021
|
9.7
|
|
|
80.6
|
|
|
—
|
|
|
80.6
|
|
||||
2022
|
9.2
|
|
|
67.8
|
|
|
—
|
|
|
67.8
|
|
||||
2023
|
8.0
|
|
|
48.0
|
|
|
—
|
|
|
48.0
|
|
||||
2024
|
6.7
|
|
|
38.9
|
|
|
—
|
|
|
38.9
|
|
||||
Thereafter
|
25.8
|
|
|
115.4
|
|
|
—
|
|
|
115.4
|
|
||||
Total future minimum lease payments
|
77.7
|
|
|
526.3
|
|
|
(0.5
|
)
|
|
525.8
|
|
||||
Amount representing interest
|
(10.6
|
)
|
|
(74.7
|
)
|
|
—
|
|
|
(74.7
|
)
|
||||
Total future minimum lease payments, net of interest
|
$
|
67.1
|
|
|
$
|
451.6
|
|
|
$
|
(0.5
|
)
|
|
$
|
451.1
|
|
|
Financing Obligation and Equipment Capital Leases
|
|
Operating Leases
|
||||||||||||
(in millions)
|
|
Lease Obligations
|
|
Sublease Income
|
|
Total
|
|||||||||
2019
|
$
|
9.3
|
|
|
$
|
108.3
|
|
|
$
|
(0.3
|
)
|
|
$
|
108.0
|
|
2020
|
9.0
|
|
|
98.3
|
|
|
(0.1
|
)
|
|
98.2
|
|
||||
2021
|
8.3
|
|
|
82.2
|
|
|
—
|
|
|
82.2
|
|
||||
2022
|
7.9
|
|
|
69.3
|
|
|
—
|
|
|
69.3
|
|
||||
2023
|
6.8
|
|
|
49.4
|
|
|
—
|
|
|
49.4
|
|
||||
Thereafter
|
23.0
|
|
|
173.4
|
|
|
—
|
|
|
173.4
|
|
||||
|
64.3
|
|
|
580.9
|
|
|
(0.4
|
)
|
|
580.5
|
|
||||
Amount representing interest
|
(11.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total future minimum lease payments
|
$
|
52.7
|
|
|
$
|
580.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
580.5
|
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Integration management
|
$
|
2.7
|
|
|
$
|
4.4
|
|
Information technology conversion costs
|
0.8
|
|
|
2.1
|
|
||
Legal, consulting and other professional fees
|
—
|
|
|
0.2
|
|
||
Other
|
0.6
|
|
|
0.6
|
|
||
All American Containers ("AAC") integration and acquisition
|
0.2
|
|
|
1.0
|
|
||
Total integration and acquisition expenses
|
$
|
4.3
|
|
|
$
|
8.3
|
|
(in millions)
|
Severance and Related Costs
|
|
Other Direct Costs
|
|
(Gain) Loss on Sale of Assets and Other (non-cash portion)
|
|
Total
|
||||||||
2019 (year-to-date)
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
(0.2
|
)
|
|
$
|
2.4
|
|
2018
|
3.3
|
|
|
22.3
|
|
|
(15.0
|
)
|
|
10.6
|
|
||||
Prior years
|
20.0
|
|
|
47.9
|
|
|
(22.4
|
)
|
|
45.5
|
|
||||
Cumulative
|
$
|
24.6
|
|
|
$
|
71.5
|
|
|
$
|
(37.6
|
)
|
|
$
|
58.5
|
|
(in millions)
|
Severance and Related Costs
|
|
Other Direct Costs
|
|
Total
|
||||||
Balance at December 31, 2018
|
$
|
4.7
|
|
|
$
|
25.1
|
|
|
$
|
29.8
|
|
Costs incurred
|
1.3
|
|
|
1.3
|
|
|
2.6
|
|
|||
Payments
|
(1.0
|
)
|
|
(3.1
|
)
|
|
(4.1
|
)
|
|||
Balance at March 31, 2019
|
$
|
5.0
|
|
|
$
|
23.3
|
|
|
$
|
28.3
|
|
(in millions)
|
Severance and Related Costs
|
|
Other Direct Costs
|
|
Total
|
||||||
Balance at December 31, 2017
|
$
|
4.4
|
|
|
$
|
25.2
|
|
|
$
|
29.6
|
|
Costs incurred
|
0.2
|
|
|
2.0
|
|
|
2.2
|
|
|||
Payments
|
(1.0
|
)
|
|
(1.7
|
)
|
|
(2.7
|
)
|
|||
Balance at March 31, 2018
|
$
|
3.6
|
|
|
$
|
25.5
|
|
|
$
|
29.1
|
|
(in millions)
|
Severance and Related Costs
|
|
Other Direct Costs
|
|
Total
|
||||||
Balance at December 31, 2017
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Costs incurred
|
9.2
|
|
|
0.1
|
|
|
9.3
|
|
|||
Payments
|
(0.7
|
)
|
|
0.0
|
|
|
(0.7
|
)
|
|||
Balance at March 31, 2018
|
$
|
8.5
|
|
|
$
|
0.1
|
|
|
$
|
8.6
|
|
(in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Asset-Based Lending Facility (the "ABL Facility")
|
$
|
885.6
|
|
|
$
|
932.1
|
|
Finance and capital leases, respectively
|
67.1
|
|
|
38.2
|
|
||
Total debt
|
952.7
|
|
|
970.3
|
|
||
Less: current maturities of long-term debt
|
(8.5
|
)
|
|
(6.7
|
)
|
||
Long-term debt, net of current maturities
|
$
|
944.2
|
|
|
$
|
963.6
|
|
(in millions)
|
December 31, 2018
|
||
Obligations - other financing
|
$
|
24.2
|
|
Less: current portion of financing obligations
|
(0.6
|
)
|
|
Financing obligations, less current portion
|
$
|
23.6
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
2019
|
|
2018
|
||||
Loss before income taxes
|
$
|
(33.5
|
)
|
|
$
|
(17.7
|
)
|
Income tax benefit
|
(6.8
|
)
|
|
(1.9
|
)
|
||
Effective tax rate
|
20.3
|
%
|
|
10.7
|
%
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Sales to Georgia-Pacific, reflected in net sales
|
|
$
|
6.4
|
|
|
$
|
6.9
|
|
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold
|
|
24.8
|
|
|
42.1
|
|
(in millions)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheet
|
|
$
|
15.3
|
|
|
$
|
17.3
|
|
Related party payable to Georgia-Pacific
|
|
4.7
|
|
|
9.3
|
|
||
Related party receivable from Georgia-Pacific
|
|
2.7
|
|
|
3.2
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||
(in millions)
|
U.S.
|
|
Canada
|
|
U.S.
|
|
Canada
|
||||||||
Components of net periodic benefit cost (credit):
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
$
|
0.6
|
|
|
$
|
0.7
|
|
|
$
|
0.6
|
|
|
$
|
0.7
|
|
Expected return on plan assets
|
(0.9
|
)
|
|
(0.9
|
)
|
|
(1.4
|
)
|
|
(1.0
|
)
|
||||
Amortization of net loss
|
0.1
|
|
|
0.0
|
|
|
0.0
|
|
|
0.1
|
|
||||
Total other components
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(0.2
|
)
|
Net periodic benefit cost (credit)
|
$
|
0.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
|
(in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||
ABL Facility
|
|
$
|
885.6
|
|
|
|
|
$
|
885.6
|
|
|
|
|
TRA contingent liability
|
|
32.0
|
|
|
|
|
|
|
32.0
|
|
|||
AAC contingent consideration
|
|
14.8
|
|
|
|
|
|
|
14.8
|
|
(in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||
ABL Facility
|
|
$
|
932.1
|
|
|
|
|
$
|
932.1
|
|
|
|
|
TRA contingent liability
|
|
38.9
|
|
|
|
|
|
|
38.9
|
|
|||
AAC contingent consideration
|
|
9.4
|
|
|
|
|
|
|
9.4
|
|
(in millions)
|
|
TRA Contingent Liability
|
||
Balance at December 31, 2018
|
|
$
|
38.9
|
|
Change in fair value adjustment recorded in other (income) expense, net
|
|
0.9
|
|
|
Principal payment
|
|
(7.8
|
)
|
|
Balance at March 31, 2019
|
|
$
|
32.0
|
|
(in millions)
|
|
TRA Contingent Liability
|
||
Balance at December 31, 2017
|
|
$
|
50.0
|
|
Change in fair value adjustment recorded in other (income) expense, net
|
|
(0.2
|
)
|
|
Principal payment
|
|
(9.9
|
)
|
|
Balance at March 31, 2018
|
|
$
|
39.9
|
|
(in millions)
|
|
AAC Contingent Liability
|
||
Balance at December 31, 2018
|
|
$
|
9.4
|
|
Change in fair value adjustment recorded in other (income) expense, net
|
|
5.4
|
|
|
Balance at March 31, 2019
|
|
$
|
14.8
|
|
(in millions)
|
|
AAC Contingent Liability
|
||
Balance at December 31, 2017
|
|
$
|
24.2
|
|
Change in fair value adjustment recorded in other (income) expense, net
|
|
(8.3
|
)
|
|
Balance at March 31, 2018
|
|
$
|
15.9
|
|
|
Three Months Ended
March 31, |
||||||
(in millions, except per share data)
|
2019
|
|
2018
|
||||
Numerator:
|
|
|
|
||||
Net loss
|
$
|
(26.7
|
)
|
|
$
|
(15.8
|
)
|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Weighted-average number of shares outstanding – basic and diluted
|
15.94
|
|
|
15.76
|
|
||
|
|
|
|
||||
Loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(1.68
|
)
|
|
$
|
(1.00
|
)
|
|
|
|
|
||||
Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS")
|
1.32
|
|
|
1.19
|
|
||
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met
|
0.59
|
|
|
0.58
|
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Retirement liabilities
|
|
Interest rate swap
|
|
AOCL
|
||||||||
Balance at December 31, 2018
|
|
$
|
(30.3
|
)
|
|
$
|
(10.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(40.7
|
)
|
Unrealized net gains (losses) arising during the period
|
|
2.4
|
|
|
0.0
|
|
|
0.0
|
|
|
2.4
|
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||
Net current period other comprehensive income (loss)
|
|
2.4
|
|
|
0.0
|
|
|
0.1
|
|
|
2.5
|
|
||||
Balance at March 31, 2019
|
|
$
|
(27.9
|
)
|
|
$
|
(10.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(38.2
|
)
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Retirement liabilities
|
|
Interest rate swap
|
|
AOCL
|
||||||||
Balance at December 31, 2017
|
|
$
|
(23.5
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(33.5
|
)
|
Unrealized net gains (losses) arising during the period
|
|
(0.2
|
)
|
|
—
|
|
|
0.0
|
|
|
(0.2
|
)
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
(0.6
|
)
|
|
0.0
|
|
|
(0.6
|
)
|
||||
Net current period other comprehensive income (loss)
|
|
(0.2
|
)
|
|
(0.6
|
)
|
|
0.0
|
|
|
(0.8
|
)
|
||||
Balance at March 31, 2018
|
|
$
|
(23.7
|
)
|
|
$
|
(9.9
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(34.3
|
)
|
(in millions)
|
Packaging
|
|
Facility Solutions
|
|
Print
|
|
Publishing
|
|
Total Reportable Segments
|
|
Corporate & Other
|
|
Total
|
||||||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net sales
|
$
|
845.4
|
|
|
$
|
298.5
|
|
|
$
|
553.9
|
|
|
$
|
210.1
|
|
|
$
|
1,907.9
|
|
|
$
|
33.6
|
|
|
$
|
1,941.5
|
|
Adjusted EBITDA
|
48.2
|
|
|
4.2
|
|
|
7.2
|
|
|
4.8
|
|
|
64.4
|
|
|
(44.0
|
)
|
|
|
|
|||||||
Depreciation and amortization
|
4.5
|
|
|
1.7
|
|
|
2.1
|
|
|
0.2
|
|
|
8.5
|
|
|
4.3
|
|
|
12.8
|
|
|||||||
Restructuring charges, net
|
0.3
|
|
|
0.2
|
|
|
0.5
|
|
|
0.3
|
|
|
1.3
|
|
|
1.1
|
|
|
2.4
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net sales
|
$
|
845.2
|
|
|
$
|
320.6
|
|
|
$
|
660.8
|
|
|
$
|
238.1
|
|
|
$
|
2,064.7
|
|
|
$
|
36.3
|
|
|
$
|
2,101.0
|
|
Adjusted EBITDA
|
53.6
|
|
|
4.1
|
|
|
13.7
|
|
|
6.8
|
|
|
78.2
|
|
|
(48.5
|
)
|
|
|
|
|||||||
Depreciation and amortization
|
5.3
|
|
|
1.8
|
|
|
2.5
|
|
|
0.2
|
|
|
9.8
|
|
|
4.6
|
|
|
14.4
|
|
|||||||
Restructuring charges, net
|
0.9
|
|
|
0.4
|
|
|
10.4
|
|
|
0.0
|
|
|
11.7
|
|
|
0.2
|
|
|
11.9
|
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Loss before income taxes
|
$
|
(33.5
|
)
|
|
$
|
(17.7
|
)
|
Interest expense, net
|
11.4
|
|
|
9.3
|
|
||
Depreciation and amortization
|
12.8
|
|
|
14.4
|
|
||
Restructuring charges, net
|
2.4
|
|
|
11.9
|
|
||
Stock-based compensation
|
4.7
|
|
|
5.6
|
|
||
LIFO reserve increase
|
3.4
|
|
|
5.7
|
|
||
Non-restructuring severance charges
|
1.3
|
|
|
1.3
|
|
||
Non-restructuring pension charges, net
|
0.0
|
|
|
(0.7
|
)
|
||
Integration and acquisition expenses
|
4.3
|
|
|
8.3
|
|
||
Fair value adjustment on TRA contingent liability
|
0.9
|
|
|
(0.2
|
)
|
||
Fair value adjustment on contingent consideration liability
|
5.4
|
|
|
(8.3
|
)
|
||
Escheat audit contingent liability
|
7.0
|
|
|
—
|
|
||
Other
|
0.3
|
|
|
0.1
|
|
||
Adjustment for Corporate & Other
|
44.0
|
|
|
48.5
|
|
||
Adjusted EBITDA for reportable segments
|
$
|
64.4
|
|
|
$
|
78.2
|
|
•
|
Packaging
– The Packaging segment provides standard as well as custom and comprehensive packaging solutions for customers based in North America and in key global markets. The business is strategically focused on higher growth industries including light industrial/general manufacturing, food processing, fulfillment and internet retail, as well as niche verticals based on geographical and functional expertise. Veritiv’s packaging professionals create customer value through supply chain solutions, structural and graphic packaging design and engineering, automation, workflow and equipment services and kitting and fulfillment.
|
•
|
Facility Solutions
– The Facility Solutions segment sources and sells cleaning, break-room and other supplies such as towels, tissues, wipers and dispensers, can liners, commercial cleaning chemicals, soaps and sanitizers, sanitary maintenance supplies and equipment, safety and hazard supplies, and shampoos and amenities primarily in the U.S., Canada and Mexico. Veritiv is a leading distributor in the Facility Solutions segment. Through this segment, Veritiv manages a world class network of leading suppliers in most facilities solutions categories. Additionally, the Company offers total cost of ownership solutions with re-merchandising, budgeting and compliance reporting, inventory management and a sales-force trained to bring leading vertical expertise to the major North American geographies.
|
•
|
Print
– The Print segment sells and distributes commercial printing, writing, copying, digital, paper-based wide format and specialty products, graphics consumables and graphics equipment primarily in the U.S., Canada and Mexico. This segment also includes customized paper conversion services of commercial printing paper for distribution to document centers and form printers. Veritiv's broad geographic platform of operations coupled with the breadth of paper and graphics products, including exclusive private brand offerings, provides a foundation to service national, regional and local customers across North America.
|
•
|
Publishing
– The Publishing segment sells and distributes coated and uncoated commercial printing papers to publishers, retailers, converters, printers and specialty businesses for use in magazines, catalogs, books, directories, gaming, couponing, retail inserts and direct mail. This segment also provides print management, procurement and supply chain management solutions to simplify paper and print procurement processes for Veritiv's customers.
|
|
Three Months Ended
March 31, |
|
Increase (Decrease)
|
|||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
1,941.5
|
|
|
$
|
2,101.0
|
|
|
$
|
(159.5
|
)
|
|
(7.6
|
)%
|
Cost of products sold (exclusive of depreciation and amortization shown separately below)
|
1,591.4
|
|
|
1,729.5
|
|
|
(138.1
|
)
|
|
(8.0
|
)%
|
|||
Distribution expenses
|
130.4
|
|
|
133.1
|
|
|
(2.7
|
)
|
|
(2.0
|
)%
|
|||
Selling and administrative expenses
|
216.1
|
|
|
222.7
|
|
|
(6.6
|
)
|
|
(3.0
|
)%
|
|||
Depreciation and amortization
|
12.8
|
|
|
14.4
|
|
|
(1.6
|
)
|
|
(11.1
|
)%
|
|||
Integration and acquisition expenses
|
4.3
|
|
|
8.3
|
|
|
(4.0
|
)
|
|
(48.2
|
)%
|
|||
Restructuring charges, net
|
2.4
|
|
|
11.9
|
|
|
(9.5
|
)
|
|
(79.8
|
)%
|
|||
Operating loss
|
(15.9
|
)
|
|
(18.9
|
)
|
|
3.0
|
|
|
(15.9
|
)%
|
|||
Interest expense, net
|
11.4
|
|
|
9.3
|
|
|
2.1
|
|
|
22.6
|
%
|
|||
Other (income) expense, net
|
6.2
|
|
|
(10.5
|
)
|
|
16.7
|
|
|
159.0
|
%
|
|||
Loss before income taxes
|
(33.5
|
)
|
|
(17.7
|
)
|
|
(15.8
|
)
|
|
89.3
|
%
|
|||
Income tax benefit
|
(6.8
|
)
|
|
(1.9
|
)
|
|
(4.9
|
)
|
|
257.9
|
%
|
|||
Net loss
|
$
|
(26.7
|
)
|
|
$
|
(15.8
|
)
|
|
$
|
(10.9
|
)
|
|
69.0
|
%
|
•
|
Does not reflect the Company’s income tax expenses or the cash requirements to pay its taxes; and
|
•
|
Although depreciation and amortization charges are non-cash charges, it does not reflect that the assets being depreciated and amortized will often have to be replaced in the future and the foregoing metric does not reflect any cash requirements for such replacements.
|
(in millions)
|
Packaging
|
|
Facility Solutions
|
|
Print
|
|
Publishing
|
|
Corporate & Other
|
||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
845.4
|
|
|
$
|
298.5
|
|
|
$
|
553.9
|
|
|
$
|
210.1
|
|
|
$
|
33.6
|
|
Adjusted EBITDA
|
48.2
|
|
|
4.2
|
|
|
7.2
|
|
|
4.8
|
|
|
(44.0
|
)
|
|||||
Adjusted EBITDA as a % of net sales
|
5.7
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|
2.3
|
%
|
|
*
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
845.2
|
|
|
$
|
320.6
|
|
|
$
|
660.8
|
|
|
$
|
238.1
|
|
|
$
|
36.3
|
|
Adjusted EBITDA
|
53.6
|
|
|
4.1
|
|
|
13.7
|
|
|
6.8
|
|
|
(48.5
|
)
|
|||||
Adjusted EBITDA as a % of net sales
|
6.3
|
%
|
|
1.3
|
%
|
|
2.1
|
%
|
|
2.9
|
%
|
|
*
|
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Net sales
|
$
|
845.4
|
|
|
$
|
845.2
|
|
|
$
|
0.2
|
|
0.0
|
%
|
Adjusted EBITDA
|
48.2
|
|
|
53.6
|
|
|
(5.4
|
)
|
(10.1
|
)%
|
|||
Adjusted EBITDA as a % of net sales
|
5.7
|
%
|
|
6.3
|
%
|
|
|
|
|
Increase (Decrease)
|
||
|
Three Months Ended
March 31, |
||
(in millions)
|
2019 vs. 2018
|
||
Volume
|
$
|
2.0
|
|
Foreign currency
|
(3.7
|
)
|
|
Price/Mix
|
1.9
|
|
|
Total change
|
$
|
0.2
|
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Net sales
|
$
|
298.5
|
|
|
$
|
320.6
|
|
|
$
|
(22.1
|
)
|
(6.9
|
)%
|
Adjusted EBITDA
|
4.2
|
|
|
4.1
|
|
|
0.1
|
|
2.4
|
%
|
|||
Adjusted EBITDA as a % of net sales
|
1.4
|
%
|
|
1.3
|
%
|
|
|
|
|
Increase (Decrease)
|
||
|
Three Months Ended
March 31, |
||
(in millions)
|
2019 vs. 2018
|
||
Volume
|
$
|
(18.8
|
)
|
Foreign currency
|
(3.2
|
)
|
|
Price/Mix
|
(0.1
|
)
|
|
Total change
|
$
|
(22.1
|
)
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Net sales
|
$
|
553.9
|
|
|
$
|
660.8
|
|
|
$
|
(106.9
|
)
|
(16.2
|
)%
|
Adjusted EBITDA
|
7.2
|
|
|
13.7
|
|
|
(6.5
|
)
|
(47.4
|
)%
|
|||
Adjusted EBITDA as a % of net sales
|
1.3
|
%
|
|
2.1
|
%
|
|
|
|
|
Increase (Decrease)
|
||
|
Three Months Ended
March 31, |
||
(in millions)
|
2019 vs. 2018
|
||
Volume
|
$
|
(151.9
|
)
|
Foreign currency
|
(2.2
|
)
|
|
Price/Mix
|
47.2
|
|
|
Total change
|
$
|
(106.9
|
)
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Net sales
|
$
|
210.1
|
|
|
$
|
238.1
|
|
|
$
|
(28.0
|
)
|
(11.8
|
)%
|
Adjusted EBITDA
|
4.8
|
|
|
6.8
|
|
|
(2.0
|
)
|
(29.4
|
)%
|
|||
Adjusted EBITDA as a % of net sales
|
2.3
|
%
|
|
2.9
|
%
|
|
|
|
|
Increase (Decrease)
|
||
|
Three Months Ended
March 31, |
||
(in millions)
|
2019 vs. 2018
|
||
Volume
|
$
|
(51.2
|
)
|
Foreign currency
|
—
|
|
|
Price/Mix
|
23.2
|
|
|
Total change
|
$
|
(28.0
|
)
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Net sales
|
$
|
33.6
|
|
|
$
|
36.3
|
|
|
$
|
(2.7
|
)
|
(7.4
|
)%
|
Adjusted EBITDA
|
(44.0
|
)
|
|
(48.5
|
)
|
|
4.5
|
|
9.3
|
%
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
2019
|
|
2018
|
||||
Net cash provided by (used for):
|
|
|
|
||||
Operating activities
|
$
|
43.8
|
|
|
$
|
(21.7
|
)
|
Investing activities
|
(7.4
|
)
|
|
(9.6
|
)
|
||
Financing activities
|
(42.8
|
)
|
|
21.3
|
|
|
|
|
VERITIV CORPORATION
|
|
|
|
(Registrant)
|
|
|
|
|
Date:
|
May 9, 2019
|
|
By: /s/ Stephen J. Smith
|
|
|
|
Name: Stephen J. Smith
|
|
|
|
Title: Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date:
|
May 9, 2019
|
|
By: /s/ Andrew E. Magley
|
|
|
|
Name: Andrew E. Magley
|
|
|
|
Title: Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
1 Year Veritiv Chart |
1 Month Veritiv Chart |
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