Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q4 2023 Earnings Presentation
20 slides from Pyxus International's earnings presentation, Jun 6, 2023
Slide 1: Fourth Quarter and Fiscal Year 2023 Results
Fourth Quarter and Fiscal Year 2023 Results June 6, 2023
Slide 2: Forward-looking statements and other matters
Forward-looking statements and other matters Cautionary Statement Regarding Forward-Looking Statements. This presentation includes statements regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are "forward-looking st
Slide 3: Agenda
Agenda 2023 Overview and Key Achievements Financial Review 2024 Outlook Questions 3
Slide 4: Exceeded Guidance and Improved Credit Profile
Exceeded Guidance and Improved Credit Profile Exceeded most Sales and margin Cash flow and Improved credit Debt exchange recent adjusted growth driven by liquidity profile with lower completed, EBITDA guidance strong global enhanced by net- improving pricing, and improved demand working capital debt
Slide 5: Global Footprint Connecting Farmers and Customers
Global Footprint Connecting Farmers and Customers NORTH AMERICA EUROPE 150 USA Canada Macedonia Turkey 300K+ Year Legacy Guatemala Farmer Relationships ASIA 16 China 300 India Customers in Principle Sourcing Indonesia 90+ Locations Thailand Countries SOUTH AMERICA AFRICA Argentina Malawi 1K Brazil T
Slide 6: ESG, an Integral Part of Pyxus' Value and Future
ESG, an Integral Part of Pyxus’ Value and Future • Our R&D & agronomic expertise in tobacco positions us to support complementary crop production such as groundnuts • Complementary crops can help maximize farmer income & improve soil quality, which is key to increasing tobacco yields and quality • I
Slide 7: Stronger Volumes, Prices and Margins
Stronger Volumes, Prices and Margins Regional Volume Volume Increases/Decreases Average Sales Price per Kilo 400 $5.00 390 380 388 Africa $4.50 $0.61 381 $4.00 370 $0.54 360 Asia $3.50 $0.53 350 $3.00 340 330 Europe $2.50 320 $2.00 326 310 300 North America $1.50 $1.00 290 FY21 FY22 FY23 South Ameri
Slide 8: Improving our Credit Profile
Improving our Credit Profile Net-Debt-to-Adj. Interest Coverage IMPROVING PYXUS’ CREDIT EBITDA * 1.4 1.3 PROFILE 10 8.9 1.2 1.1 • Improved YoY net-debt-to- 8 6.85 1 0.9 adjusted EBITDA for three 6 5.44 0.8 consecutive years 4 0.6 0.4 • Grew interest coverage for third 2 0.2 straight year to 1.3X in
Slide 9: Adj. EBITDA
FY 2023 Sales and Adj. EBITDA (in millions) 253.9 6.3 27.5 SALES • Sales improved 16.8% or $275m year over year. SALES $1,914.9 • Inflationary increases driving average $1,639.9 sales prices higher in key markets as well as increased sales for full service. FY22 Change due to Volume Change due to Ma
Slide 10: Cash Conversion Cycle and Free Cash Flow
Cash Conversion Cycle and Free Cash Flow Cash Conversion Cycle* Free Cash Flow** 189 days $11 Million 300 20 11 271 250 0 221 200 189 -20 -24 150 -40 100 -60 50 -80 -83 0 -100 FY21 FY22 FY23 FY21 FY22 FY23 *Cash Conversion Cycle is an internal measurement which uses RTM sales or COGS over average qu
Slide 11: Senior Debt Well Positioned Following Debt Exchange
Senior Debt Well Positioned Following Debt Exchange Long-Term Debt* EXTENDS MATURITY WALL (in millions) • New structure extends maturities to February and 800 688.3 December 2027 700 618.4 • Previous capital structure had maturities in December 2023, 600 553.3 August 2024 and February 2025 500 400 3
Slide 12: 2024 Expected to Build on 2023 Momentum
2024 Expected to Build on 2023 Momentum Sales and Adjusted EBITDA (in millions) FISCAL YEAR 2024 $2,500 $159 $167.5 $180 GUIDANCE $2,000 $160 $127 $140 • Sales between $1.9 billion and $94 $120 $2.1 billion (mid-point $2 $1,500 $100 billion) $1,000 $80 $60 • Adjusted EBITDA between $500 $40 $155 mil
Slide 13: Appendix
APPENDIX
Slide 14: Appendix – Adjusted EBITDA
Appendix – Adjusted EBITDA *Combined (Non-GAAP). See accompanying reconciliation for the twelve-month period ended March 31, 2021. (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"
Slide 15: Appendix – Adjusted EBITDA (continued)
Appendix – Adjusted EBITDA (continued) (2) Amounts incurred during the twelve months ended March 31, 2023 included employee separation and asset impairment charges primarily related to the restructuring of certain non-leaf agriculture operations and related inventory write-offs classified within cos
Slide 16: Appendix – Net Debt to Adjusted EBITDA and Interest Coverage
Appendix – Net Debt to Adjusted EBITDA and Interest Coverage *Combined (Non-GAAP). See accompanying reconciliation for the twelve-month period ended March 31, 2021. (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation a
Slide 17: Appendix – Free Cash Flow
Appendix – Free Cash Flow *Combined (Non-GAAP). See accompanying reconciliation for the twelve-month period ended March 31, 2021. (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")
Slide 18: Reconciliation of Items for the Combined Periods
Reconciliation of Items for the Combined Periods Pyxus International, Inc. (the “Company,” “we” or “us”) applied Financial Accounting Standards Board (“FASB”) ASC Topic 852 – Reorganizations (“ASC 852”) in preparing our condensed consolidated financial statements. For periods subsequent to the comme
Slide 19: FY2021 – Combined Results
TaN FY2021 - Combined Results Successor Predecessor Combined (Non-GAAP) (in thousands) Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended March 31, 2021 Sales and other operating revenues $ 884,328 |$ 447,600 $ 1,331,928 Cost of goods and services sold 767,855 402,594 1,1
Slide 20: TM
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