The documents indicate that Amcor’s cash and cash equivalents rose from **$430 million in Q2 2024**  **[0001748790-24-000006_amcr-20231231.htm:5]**  to **$588 million in Q4 2024**.  **[0001748790-24-000022_amcr-20240630.htm:72]**  While the detailed discussion is focused on the change from the previous year’s Q4 (a decrease from **$689 million** to **$588 million**  **[0001748790-24-000020_amcor4q2024ex991-june302024.htm:18]** **[0001748790-24-000020_amcor4q2024ex991-june302024.htm:13]** **[0001748790-24-000022_amcr-20240630.htm:72]** ), the underlying factors mentioned can also help explain the Q4 jump. Specifically, Amcor experienced **robust operating cash flows**, generating **$1,321 million**—a boost partly driven by lower working capital outflows.  **[0001748790-24-000022_amcr-20240630.htm:55]**  This strong operating performance, along with moderated financing outflows due to reduced share buyback activity, contributed to the higher cash balance in Q4 even though increased investments offset some of the cash gains.

Because the documents focus on year‐over‐year changes rather than a direct quarter‐on‐quarter analysis, this explanation provides a partial answer using the available information.  **[0001748790-24-000006_amcr-20231231.htm:5]** **[0001748790-24-000022_amcr-20240630.htm:72]** **[0001748790-24-000020_amcor4q2024ex991-june302024.htm:18]** **[0001748790-24-000022_amcr-20240630.htm:55]** **[0001748790-24-000020_amcor4q2024ex991-june302024.htm:13]** 

Why did cash and cash equivalents jump in Q4 2024?

The increase in Total assets in Q1 2025 was driven by **several factors**. **Current assets** saw an increase due to higher **trade receivables, inventories, and prepaid expenses and other current assets**, despite a reduction in cash and cash equivalents. Additionally, **non-current assets** increased with modest gains in **property, plant, and equipment** as well as **other non-current assets**.  **[0001748790-24-000034_amcr-20240930.htm:5]** 

What drove the increase in Total assets in Q1 2025?

The jump in long-term debt in Q1 2025 was driven primarily by **higher leverage due to an increase in raw material inventories** and **foreign exchange impacts**. Amcor increased its raw material inventories to counter expected volume improvements and mitigate supply chain issues, which in turn heightened working capital needs. Additionally, a higher-than-anticipated euro spot rate negatively impacted the debt calculation, contributing further to the increase in long-term debt during the quarter.  **[0001748790-24-000034_amcr-20240930.htm:5]** **[0001748790-24-000034_amcr-20240930.htm:30]** **[AMCR_3405210_5]** **[AMCR_3405210_14]** 

What caused the jump in long-term debt in Q1 2025?

The sharp drop in **cash and cash equivalents** in Q1 2025 was mainly due to several factors. There was a **$134 million increase in net cash used in operating activities** driven by significantly higher working capital outflows. Additionally, the company saw a **$13 million increase in cash used in investing activities**, primarily from higher expenditures on property, plant, and equipment. Although there was a **$96 million boost in net cash provided by financing activities**—attributable to increased commercial paper drawdowns and the non-occurrence of previous share buyback activities—this was not enough to offset the cash outflows from operations and investing, leading to the overall sharp decline.  **[0001748790-24-000034_amcr-20240930.htm:35]** 

Why did cash and cash equivalents drop sharply in Q1 2025?

The marked decline in **Total assets** in Q2 2025 is mainly due to several factors: a decrease in **Cash and Cash Equivalents** (a reduction of **$143 million**), a decline in **Trade Receivables** (down by **$71 million**), a drop in **Property, Plant, and Equipment (Net)** (a reduction of **$134 million**), and a reduction in **Goodwill and Other Intangible Assets** (down by **$146 million**). These declines were partially offset by an increase in **Inventories** (up by **$95 million**), but overall, the net effect was a **$359 million** decline in total assets for Q2 2025.  **[0001748790-25-000010_amcr-20241231.htm:5]** **[0001748790-25-000005_exhibit991q22025.htm:14]** 

What explains the marked decline in Total assets in Q2 2025?

ad5e32dc8f859cc8a3e3797f6f05bd687790417a6a31debac37d519086e80289

Based on the available documents, while the nine‐month period ended March 31, 2024 saw an increase in operating cash flow due mainly to **lower working capital outflows** that were partly offset by **lower net income after non-cash adjustments**  **[0001748790-24-000016_amcr-20240331.htm:40]** **[0001748790-24-000016_amcr-20240331.htm:6]** , there is no specific information provided that explains why the **Q3 2024 operating cash flow** was lower (at **$150 million**) compared to Q3 2023 (at **$184 million**).  **[0001748790-23-000021_amcr-20230331.htm:6]** **[0001748790-24-000016_amcr-20240331.htm:6]** 

Why was Operating Cash Flow lower in Q3 2024?

The documents do not provide a specific explanation for the drop in free cash flow in Q3 2024. However, management discussion noted adjustments in capital expenditure priorities and cost management initiatives in response to challenging market conditions and inflationary pressures, which might have also affected free cash flow.  **[0001748790-24-000016_amcr-20240331.htm:27]** 

Why did Free Cash Flow drop in Q3 2024?

The documents do not explicitly discuss free cash flow drivers for FY 2024. However, one factor that could have contributed to higher free cash flow is the **lower capital expenditures**—reflected in the reduction in the purchase of property, plant, and equipment, and other intangible assets from **$526 million in FY 2023** to **$492 million in FY 2024**.  **[0001748790-23-000030_amcr-20230630.htm:69]** **[0001748790-24-000022_amcr-20240630.htm:73]**  This decrease in spending may have freed up cash, potentially contributing to the higher free cash flow, although the documents do not provide a definitive answer on this point.  **[0001748790-24-000020_amcor4q2024ex991-june302024.htm:12]** 

What drove the higher Free Cash Flow in FY 2024?

In **Q1 2025**, the **capital expenditures increased by $21 million** (from **$124 million** in Q1 2024 to **$145 million** in Q1 2025) primarily due to **higher outflows** to support important projects aimed at advancing the company's **sustainability, innovation, and growth agendas**.  **[0001748790-24-000034_amcr-20240930.htm:6]** **[0001748790-24-000034_amcr-20240930.htm:35]** **[AMCR_3405210_5]** 

Why did capital expenditures increase in Q1 2025?

According to the documents, **no specific factors** were provided that explain the lower capital expenditures in Q2 2025. The information states that the **Purchase of property, plant, and equipment, and other intangible assets** in Q2 2025 remained essentially **consistent** with the previous year's levels, and no significant changes—or explanations for any such changes—were identified.  **[0001748790-25-000010_amcr-20241231.htm:6]** 

What factors contributed to lower capital expenditures in Q2 2025?

599ef3666fc09257cc35a6f44ecb5c88bea5bd006011c83d5d00965a119a7e8c

The high **Restructuring Expense** in Q4 2022 was driven by significant costs related to the **Russia-Ukraine conflict**. Specifically, **Amcor incurred $138 million** in impairment charges, which included a **$90 million non-cash impairment charge** for assets held for sale in Russia and **$48 million** for other impairment charges in the region. Additionally, the company incurred **$62 million** in restructuring and related costs as part of its efforts to exit Russian operations and adjust its European footprint, which together contributed to the total of **$207 million** in expenses for the period.  **[0001748790-22-000024_amcr-20220630.htm:79]** **[0001748790-22-000024_amcr-20220630.htm:38]** **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:10]** **[0001748790-22-000024_amcr-20220630.htm:111]** 

Why was Restructuring Expense so high in Q4 2022?

The **EPS dropped so low in Q4 2022** primarily due to **significant charges related to the Russia-Ukraine conflict**, which amounted to about **$200 million** in total, including **$140 million in impairment charges** and **$60 million in restructuring expenses**. This, combined with a **notable increase in tax expenses** (rising from **$74 million** in Q4 2021 to **$103 million** in Q4 2022) and a **substantial decline in net income** (from **$255 million** in Q4 2021 to **$109 million** in Q4 2022), led to the EPS reduction. Additionally, despite share repurchases helping to reduce the number of outstanding shares, the overall impact of these unfavorable factors resulted in a lower EPS.  **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:13]** **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:12]** 

Why did EPS drop so low in Q4 2022?

The significant decline in net income in **Q4 2022** was primarily driven by a combination of increased costs and declining operating performance. Specifically, **Amcor incurred approximately $200 million in extra costs related to the Russia-Ukraine conflict**, which included impairment charges and restructuring expenses.  **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:13]** **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:12]**  Additionally, there was a marked rise in **restructuring, impairment, and related expenses, which jumped to $207 million in Q4 2022 from $72 million in Q4 2021**, alongside a higher tax expense that increased to **$104 million from $74 million** during the same period.  **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:10]**  These factors collectively led to a reduction in operating income and, ultimately, a significant drop in net income.  **[0001748790-22-000022_amcor4q2022ex991-june302022.htm:10]** 

What caused the significant decline in Net Income in Q4 2022?

The surge in **Operating Income** in Q1 2023 was driven by **organic sales growth**—with a **3%** increase and favorable **price/mix benefits of around 4%**—along with effective management of rising raw material and inflation costs, which helped the company recover about **$75 million** in general inflation expenses through pricing and mix strategies. Additionally, proactive **cost management and efficiency improvements** boosted adjusted EBIT by **9%** on a comparable constant currency basis, and strong performance in key segments—such as an **11%** increase in the Flexibles Segment and a **7%** increase in the Rigid Packaging Segment—contributed significantly despite some volume challenges and currency headwinds.  **[AMCR_1156048_1]** **[AMCR_1156048_0]** **[0001748790-22-000032_exhibit991q12023.htm:0]** 

What drove the surge in Operating Income in Q1 2023?

Amcor’s restructuring expense turned positive in Q1 2023 primarily because the company significantly reduced these expense charges as part of its ongoing cost‐management and operational streamlining initiatives. In this period, the company focused on winding down operations in **Ukraine** and transitioning certain business functions from **Russian plants** to other locations within its European network, while also rightsizing its business amid the impact of reduced earnings from its Russian operations. These strategic moves led to a much lower restructuring expense compared to the previous period, effectively flipping the expense amount to a positive figure.  **[AMCR_1156048_18]** **[AMCR_1156048_22]** **[0001748790-22-000034_amcr-20220930.htm:4]** 

Why did the Restructuring Expense flip to positive in Q1 2023?

bd70ee32dffbb9e32a4952a530af6dd774ad186c956f840561c3e76f648f34e0

Net Sales (USD, millions)

Cost of Sales (USD, millions)

Gross Profit (USD, millions)

Selling, General, and Administrative Expenses (USD, millions)

Research and Development Expenses (USD, millions)

Restructuring and Related Expenses, Net (USD, millions)

Other Income/(Expense), Net (USD, millions)

Operating Income (USD, millions)

Interest Income (USD, millions)

Interest Expense (USD, millions)

Other Non-Operating Income, Net (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Expense (USD, millions)

Net Income (USD, millions)

Net Income Attributable to Non-Controlling Interests (USD, millions)

Net Income Attributable to Amcor plc (USD, millions)

Basic Earnings per Share (USD)

Diluted Earnings per Share (USD)

bc0c5a2e015fb396f519782fc7972ba6d1064a3e77e22a04c14b6eb930b6510a

682fe31383882fcaba4c8dc58559f4fa1015e0d709f7f8e93f50079d38367f3b

349d30534e67bc561e93fe96f2d7c8ffddc22a14a4a64decaa1c882a46693eb6

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Operating Income (EBIT) (USD, millions)

Earnings Per Share (EPS) - Basic (USD/share)

Earnings Per Share (EPS) - Diluted (USD/share)

9fd331fe9149b42cfaa16b5a9bb757ec118292ffeff2b494171c05e5e5503d6d

2f9f45007f7cab2679d6c4ad4db01da5dfe5f57d32b28838466564afd4174864

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from Debt (USD, millions)

Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

8aa3ad719d2015d557d149c3f879af77bda51291669e00e62e438d5972115565

Outstanding commodity contracts volume for Aluminum (tons)

Outstanding commodity contracts volume for PET resin (lbs.)

03bdbe4f994826375d2a9f4af535d94a44161ac414b9cc7d543f0ec169c2761a

North America

Latin America

Europe

Asia Pacific

Total Revenue

dfd84146a72eee191b4e43f0ffcf75ddfaa189a163c6ba2c774e1faacf064d37

Flexibles

- Films and Other Flexible Products

- Specialty Flexible Folding Cartons

Rigid Packaging

- Containers, Preforms, and Closures

Other

2ca7d7b3d1805dde3a3b6e052381295ddf1e1f18ba74bdff1206bf3a18784e88

Amcor (AMCR)

Financials