Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q2 2025 Earnings Presentation
22 slides from Pyxus International's earnings presentation, Nov 12, 2024
Slide 1: Second Quarter Results Fiscal Year 2025
Second Quarter Results Fiscal Year 2025 November 12, 2024
Slide 2: Our Presenters
Our Presenters Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 2
Slide 3: 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 4: Q2 Cements Strong First Half as Momentum Builds
Q2 Cements Strong First Half as Momentum Builds Second quarter results reinforce strong first half performance as business momentum continues Increased revenue and adj. EBITDA guidance • Full-year revenue forecast up $50 million to new range of $2.15 billion to $2.35 billion • Full-year adjusted EBI
Slide 5: Q2 Results Driven by Timing and Mix
Q2 Results Driven by Timing and Mix Sales and other operating revenues were $566.3 million compared to $624.3 last year mainly due to timing of shipments • Q2 average sales price improved by 14.5% driven by increased tobacco prices, partially offset by decrease in volume Gross margin of 13.3% compar
Slide 6: Market Demand Remains Healthy
Market Demand Remains Healthy Average Sales Price & Margin per Kilo $7.00 • Second quarter prices rose slightly faster than margin, but this includes a mix with lower- $6.00 quality/lower-margin El-Niño product $0.80 $5.00 $0.70 • Prices per kilo reflect competition for volume $0.62 $4.00 on short c
Slide 7: Liquidity Ratios
Liquidity Ratios LTM Interest Coverage Net Debt to Adj. EBITDA 1.7 8 7.45 1.6 1.58 7 1.5 6 5.77 1.40 1.4 5.24 1.29 5 1.3 4 1.2 3 1.1 1 2 0.9 1 0.8 0 2Q23 2Q24 2Q25 2Q23 2Q24 2Q25 * Non-GAAP measure. See Appendix for a reconciliation to the most comparable GAAP measure. 7
Slide 8: Strong First Half Performance Supports Increase in Guidance
Strong First Half Performance Supports Increase in Guidance Revenues now expected between $2.15 billion and $2.35 billion • $100 million first half growth with accelerating trend into the third and fourth quarters • Lift to top and bottom of the prior range of $50 million, variability on shipment ti
Slide 9: Q&A
Q&A Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 9
Slide 10: Appendix
APPENDIX
Slide 11: Selected Second Quarter Income Statement Data
Selected Second Quarter Income Statement Data Three Months Ended September 30, Change (in millions) 2024 2023 $ % Sales and other operating revenues $ 566.3 $ 624.3 $ (58.0) (9.3) Cost of goods and services sold 490.9 535.5 (44.6) (8.3) Gross profit 75.4 88.7 (13.3) (15.0) Selling, general, and admi
Slide 12: Selected First Half Income Statement Data
Selected First Half Income Statement Data Six Months Ended September 30, Change (in millions) 2024 2023 $ % Sales and other operating revenues $ 1,201.2 $ 1,101.4 $ 99.8 9.1 Cost of goods and services sold 1,041.9 939.5 102.4 10.9 Gross profit 159.3 161.8 (2.5) (1.5) Selling, general, and administra
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) September 30, 2024 September 30, 2023 $ % Assets Current assets Cash and cash equivalents $ 123.5 $ 112.1 $ 11.4 10.2 % Restricted cash 7.4 5.6 1.8 32.1 % Trade receivables, net 226.4 233.7 (7.3) (3.1) % Other receivables 11.1 27.7 (16.6) (59.9) % Inv
Slide 14: Appendix – Fiscal Year Adjusted EBITDA
Appendix – Fiscal Year Adjusted EBITDA Fiscal Year Ended (in thousands) March 31, 2024 March 31, 2023 March 31, 2022 Net income (loss) attributable to Pyxus International, Inc. $ 2,663 $ (39,141) $ (82,119) Plus: Interest expense 132,174 118,458 111,043 Plus: Income tax expense 27,281 34,127 12,640
Slide 15: Appendix – Fiscal Year Adjusted EBITDA Footnotes
Appendix – Fiscal Year Adjusted EBITDA Footnotes (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") are not measures of results of operations under generally accepted accountin
Slide 16: Appendix – Q2 Adjusted EBITDA
Appendix – Q2 Adjusted EBITDA Three Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2022 September 30, 2021 Net (loss) income attributable to Pyxus International, Inc. $ (3,227) $ 8,095 $ (1,537) $ (9,681) Plus: Interest expense 37,180 34,034 30,224 29,130 Plus: Incom
Slide 17: Appendix – Q2 Adjusted EBITDA Footnotes
Appendix – Q2 Adjusted EBITDA Footnotes (1) EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt are not measures of results of operations, cash flows from operations or indebtedness under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EB
Slide 18: Appendix – First Half Adjusted EBITDA
Appendix – First Half Adjusted EBITDA Six Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2022 September 30, 2021 Net income (loss) attributable to Pyxus International, Inc. $ 1,415 $ 8,899 $ (16,200) $ (21,189) Plus: Interest expense 71,655 66,400 57,752 56,557 Plus:
Slide 19: Appendix – First Half Adjusted EBITDA Footnotes
Appendix – First Half Adjusted EBITDA Footnotes (1) EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt are not measures of results of operations, cash flows from operations or indebtedness under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have pres
Slide 20: Net Debt to Adjusted EBITDA & Interest Coverage
Net Debt to Adjusted EBITDA & Interest Coverage Last Twelve Months (2) (in thousands) September 30, 2024 September 30, 2023 September 30, 2022 Total debt $ 1,234,338 $ 1,164,227 $ 1,194,755 Less: Cash and cash equivalents 123,486 112,098 114,082 Net Debt (1) $ 1,110,852 $ 1,052,129 $ 1,080,673 Net D
Slide 21: Appendix – Adjusted Cash Flow from Operations
Appendix – Adjusted Cash Flow from Operations Six Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2022 Net cash used in operating activities $ (280,269) $ (255,420) $ (286,668) Capital expenditures (9,784) (9,225) (5,426) Collections from beneficial interests in secur
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