Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q3 2025 Earnings Presentation
25 slides from Pyxus International's earnings presentation, Feb 12, 2025
Slide 1: Third Quarter Results Fiscal Year 2025
Third Quarter Results Fiscal Year 2025 February 12, 2025
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: Guidance Increased on Strong Third Quarter Results for Revenues and Profitability
Guidance Increased on Strong Third Quarter Results for Revenues and Profitability Mitigated El Niño-related impacts by focusing on market and customer opportunities and leveraging our global footprint Our third quarter and nine-month results highlight the effectiveness of our strategy • Third quarte
Slide 5: Continued Undersupply Conditions in Global Tobacco Market
Continued Undersupply Conditions in Global Tobacco Market Numerous market factors contributed to ongoing undersupply conditions • Demand remains healthy and anticipated fourth quarter sales will be largely from committed inventory • Short crop in South America and competition for volume in Africa an
Slide 6: Third Quarter Average Gross Margin per Kilo Improves
Third Quarter Average Gross Margin per Kilo Improves Average Sales Price & Margin per Kilo $7.00 $6.02 $6.00 $4.83 $5.01 $0.91 • Third quarter average prices rose faster $5.00 than margin due to the inclusion of lower- $0.83 $0.64 $4.00 quality/lower-margin El Niño product from South America $3.00 •
Slide 7: Year-to-Date Average Gross Margin per Kilo Improves
Year-to-Date Average Gross Margin per Kilo Improves Average Sales Price & Margin per Kilo $8.00 $6.06 $7.00 $5.17 $0.86 • Average prices for the nine months rose $6.00 $4.70 $0.77 faster than margin due to the inclusion of $5.00 $0.60 lower-quality/lower-margin El Niño product from South America $4.
Slide 8: Inventory Conversion Drives Q3 FY25 Free Cash Flow
Inventory Conversion Drives Q3 FY25 Free Cash Flow* Cash Conversion Cycle 185 181 180 175 175 • Accelerated operating cycle by 20 170 days compared to the prior year, 165 generating $144 million of 161 adjusted free cash flow* 160 155 150 Q3 FY23 Q3 FY24 Q3 FY25 Operating Cycle Days * Non-GAAP measu
Slide 9: Improving Credit Profile
Improving Credit Profile Net Debt to Adj. EBITDA * LTM Interest Coverage Net Debt Net Debt (w/ out Seasonal Debt) 1.7 6 5.3 1.6 1.6 1.5 5 4.8 4.6 1.5 1.4 1.4 4 1.3 3 1.2 2.5 2.3 1.1 2 1.7 1 1 0.9 0.8 0 Q3 FY23 Q3 FY24 Q3 FY25 Q3 FY23 Q3 FY24 Q3 FY25 * Non-GAAP measure. See Appendix for a reconciliat
Slide 10: Full-Year Guidance Increased
Full-Year Guidance Increased With strong third quarter performance and good visibility into near-term business, the Company increased its guidance for fiscal 2025 • Expected range for full-year revenues increased to between $2.40 billion and $2.55 billion compared to a prior range of $2.15 billion t
Slide 11: Q&A
Q&A Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 11
Slide 12: Appendix
APPENDIX
Slide 13: Selected Third Quarter Income Statement Data
Selected Third Quarter Income Statement Data Three Months Ended December 31, Change (in millions) 2024 2023 $ % Sales and other operating revenues $ 778.3 $ 529.8 $ 248.5 46.9 Cost of goods and services sold 661.9 437.3 224.6 51.4 Gross profit* 116.5 92.6 23.9 25.8 Selling, general, and administrati
Slide 14: Selected YTD Q3 Income Statement Data
Selected YTD Q3 Income Statement Data Nine Months Ended December 31, Change (in millions) 2024 2023 $ % Sales and other operating revenues $ 1,979.5 $ 1,631.2 $ 348.3 21.4 Cost of goods and services sold 1,703.8 1,376.8 327.0 23.8 Gross profit* 275.8 254.4 21.4 8.4 Selling, general, and administrati
Slide 15: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) December 31, 2024 December 31, 2023 $ % Assets Current assets Cash and cash equivalents $ 103.3 $ 90.2 $ 13.1 14.5 % Restricted cash 6.4 4.4 2.0 45.5 % Trade receivables, net 326.6 227.5 99.1 43.6 % Other receivables 17.5 12.0 5.5 45.8 % Inventories,
Slide 16: Appendix – Q4 Adjusted EBITDA
Appendix – Q4 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 Plus: Dep
Slide 17: Appendix – Q4 Adjusted EBITDA Footnotes
Appendix – Q4 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 accounting princip
Slide 18: Appendix – Q3 Adjusted EBITDA
Appendix – Q3 Adjusted EBITDA Three Months Ended (in thousands) December 31, 2024 December 31, 2023 December 31, 2022 Net income (loss) attributable to Pyxus International, Inc. $ 18,898 $ 3,835 $ (2,333) Plus: Interest expense 34,027 34,379 32,053 Plus: Income tax expense 18,088 6,156 17,887 Plus:
Slide 19: Appendix – Q3 Adjusted EBITDA Footnotes
Appendix – Q3 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 accounting princip
Slide 20: Appendix – YTD Q3 Adjusted EBITDA
Appendix – YTD Q3 Adjusted EBITDA Nine Months Ended (in thousands) December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Net income (loss) attributable to Pyxus International, Inc. $ 20,313 $ 12,734 $ (18,533) $ (51,289) Plus: Interest expense 105,682 100,779 89,805 84,376 Plus: In
Slide 21: Appendix – YTD Q3 Adjusted EBITDA Footnotes
Appendix – YTD Q3 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 accounting pri
Slide 22: Net Debt to Adjusted EBITDA & Interest Coverage
Net Debt to Adjusted EBITDA & Interest Coverage Last Twelve Months (2) (in thousands) December 31, 2024 December 31, 2023 December 31, 2022 Total debt $ 1,063,340 $ 1,067,300 $ 1,086,244 Less: Cash and cash equivalents 103,342 90,245 216,449 Net Debt (1) $ 959,998 $ 977,055 $ 869,795 Net Debt /Adjus
Slide 23: Appendix – Adjusted Free Cash Flow from Operations
Appendix – Adjusted Free Cash Flow from Operations Three Months Ended (in thousands) December 31, 2024 December 31, 2023 December 31, 2022 Net cash provided by operating activities $ 108,581 $ 38,586 $ 176,069 Capital expenditures (5,335) (5,126) (4,505) Collections from beneficial interests in secu
Slide 24: Appendix – Adjusted Free Cash Flow from Operations
Appendix – Adjusted Free Cash Flow from Operations Last Twelve Months (in thousands) December 31, 2024 December 31, 2023 December 31, 2022 Net cash used in operating activities $ (169,824) $ (244,057) $ (124,533) Capital expenditures (21,811) (20,727) (12,557) Collections from beneficial interests i
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