Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q4 2021 Earnings Presentation
12 slides from Pangaea Logistics Solutions's earnings presentation, March 2022
Slide 1: Fourth Quarter 2021 Earnings Conference Call Presentation
FOURTH QUARTER 2021 EARNINGS CONFERENCE CALL PRESENTATION 1
Slide 2: Safe Harbor
SAFE HARBOR This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and manage
Slide 3: Business Highlights
BUSINESS HIGHLIGHTS Q4-2021 Results •Adjusted EBITDA of $38.0 million Consistent •Net income of $15.2 million •$56.2 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet • 24 drybulk ships and one barge in owned and controlled fleet at December 31, 2021 Operations Exten
Slide 4: Drivers of Performance
DRIVERS OF PERFORMANCE Customer Focus: Long-term, fixed contract employment and recurring business with new and longstanding customers Targeted Business: Specialty tonnage provides consistent returns through fluctuating market cycles – 16% premium over average market rates in Q4-21. Rate Environment
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 4th Quarter Highlights • Net income of $15.2 million, as compared to a net income of $7.6 million in the same period of 2020. o Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $24.9 million, as compared to $6.2 million for the same period of 2020
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands,may not foot due to rounding) Three months ended December 31, Three months ended December 31, 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 202,504 $ 98,237 $ 614,482 $ 349,738 Charter revenue 32,055 14,617
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) December 31, 2021 December 31, 2020 Current Assets Cash and cash equivalents $ 56,209 $ 46,897 Restricted cash - 1,500 Accounts receivable, net 54,259 29,152 Other current assets 73,495 33,792 Total current assets 183,964 111,342 Fixed assets, i
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,337 3,118 3,168 3,407 3,108 3,002 Days 3,000 3,296 1,977 2,000 1,000 1,968 2,081 1,573 1,623 1,566 1,461 1,615 1,372 - Q1-20 Q2-20 Q3-20 Q4 -20 Q1-21 Q2-21 Q3-21 Q4-21 Owned Days Charter-in Days Capital Efficiency: Leveraged owned fleet by chartering-in market
Slide 9: Pangaea Average TCE vs. Market Average TCE
PANGAEA AVERAGE TCE vs. MARKET AVERAGE TCE $35,000 $30,000 $25,000 $20,000 $28,770 $32,563 $32,033 $15,000 $28,104 $21,053$24,185 $10,000 $16,261 $10,508 $10,286 $14,640$10,326 $16,524 $5,000 $13,316 $5,920 $10,733$5,548 $- Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Pangaea Aver
Slide 10: Financial Performance Q1-2020 Through Q4-2021
FINANCIAL PERFORMANCE Q1-2020 THROUGH Q4-2021 ADJUSTED EBITDA(1) TCE(2) 40,000 $35,000 35,000 $30,000 30,000 $25,000 25,000 $20,000 20,000 $15,000 15,000 $10,000 10,000 5,000 $5,000 - $- Q1-20 Q2-20 Q3-20 Q4 -20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-20 Q2-20 Q3-20 Q4 -20 Q1-21 Q2-21 Q3-21 Q4-21 1) Adjusted EBI
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.56 for Q4-2021 Historical Adjusted EPS (1) $0.42 $0.33 $1.42 0.60 0.56 0.50 0.48 0.40 0.30 0.29 0.20 0.20 0.19 0.10 0.14 0.09 0.10 0.09 0.09 0.03 - Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4 -20 Q1-21 Q2-21 Q3-21 Q4-21 (0.09) (0.10) (1) A
Slide 12: TCE Outlook
TCE OUTLOOK $35,000 $32,563 6,000 $30,000 $26,512 * 5,000 $28,770 $25,000 4,000 $20,000 $16,524 $21,053 $15,915 3,000 $15,172 $14,640 $14,360 $15,000 $12,933 $13,316 $12,029 $10,508 $10,733 2,000 $10,000 1,000 $5,000 $- - Q4 - 2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2
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