Veritiv Corporation (NYSE:VRTV) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET
Company Representatives
Sal Abbate - Chief Executive Officer
Steve Smith - Chief Financial Officer
Scott Palfreeman - Vice President of Finance, Investor Relations
Conference Call Participants
John Babcock - Bank of America
George Staphos - Bank of America
Operator
Good morning, and welcome to Veritiv Corporation’s Second Quarter 2022 Financial Results Conference Call. As a reminder, today's call is being recorded. We will begin with open remarks and introductions.
At this time, I would like to turn the call over to Scott Palfreeman, Vice President of Finance and Investor Relations. Mr. Palfreeman, you may begin.
Scott Palfreeman
Thank you, Julie, and good morning everyone. I'm joined on today's call by our CEO, Sal Abbate; and our CFO, Steve Smith. After my remarks Sal will share an update on second quarter business performance followed by Steve, who will provide more details on our financials. After Steve's comments, Sal will conclude by providing an update on our revised outlook. We will then open the call for your questions.
Before we begin, please note that some of the statements made in today's presentation regarding the intentions, beliefs, expectations and/or predictions of the future are forward-looking. Actual results could differ in a material manner. Additional information on factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings.
This includes the risks and other factors described in our 2021 Form 10-K and the company's other publicly available reports and exhibits filed with the SEC. Today's call and presentation slides will contain non-GAAP financial measures. The reconciliation of these non-GAAP measures to comparable U.S. GAAP measures are included at the end of the presentation slides and can also be found in the Investor Relations section of our website.
At this time, I will turn the call over to Sal.
Sal Abbate
Thank you, Scott. Good morning everyone and thank you for joining us. Today we are proud to report another quarter of strong financial performance, highlighted by double digit organic revenue growth and the highest levels of adjusted-EBITDA and net income for any quarter in the company's history. Adjusted EBITDA in the second quarter was a record $136 million representing an 85% increase compared to the prior year.
The second quarter marked the 8th consecutive quarter of year-over-year adjusted EBITDA dollar growth. Second quarter adjusted EBITDA margin was 7.5%, which was more than a 300 basis point improvement compared to the prior year. For the first half of 2022 adjusted EBITDA was $256 million, a 92% increase compared to the first half of 2021.