Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q3 2024 Earnings Presentation
29 slides from Pyxus International's earnings presentation, Feb 14, 2024
Slide 1: 3rd Quarter Fiscal Year 2024 Results
3 Quarter rd Fiscal Year 2024 Results February 14, 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: Broad-based Improvements in Key Financial Metrics
Broad-based Improvements in Key Financial Metrics Revenue & margin Third consecutive Working capital Strong financial Strengthening gains on improved quarter of positive efficiency gains & policy driving credit profile mix, strong Net Income & faster seasonal improved business evident in customer de
Slide 5: Selected YTD Income Statement Data
Selected YTD Income Statement Data 5
Slide 6: Net Interest Expense Steady on Increased Capital Deployment
Net Interest Expense Steady on Increased Capital Deployment 6
Slide 7: Making Strides Toward Achieving our ESG Targets
Making Strides Toward Achieving our ESG Targets Reduced 19% 55% 41% Managed waste responsibly Upheld human rights our water and labor standards in our supply chain withdrawal by ~13% * reduction of waste sent to landfills consumer packaging reusable, recyclable or compostable waste recycled, reused
Slide 8: Revenue - YTD
Revenue -YTD Pyxus Q3 2024 YTD at a Glance - Revenue Revenue improved by $123.5 million year-over-year primarily due to larger crop volumes in Africa, the timing of shipments in South America, and higher average price per kilo from increased tobacco prices. 8
Slide 9: YTD Margin Per Kilo Up 28.3%, Up 40% vs. FY 2022
YTD Margin Per Kilo Up 28.3%, Up 40% vs. FY 2022 $0.79 $0.51 $0.56 $5.27 $4.48 $3.19 9
Slide 10: Adj EBITDA - YTD
Adj EBITDA - YTD Pyxus Q3 2024 YTD at a Glance – Adjusted EBITDA Adjusted EBITDA improved by $44.9 million year-over-year primarily due to more favorable customer and regional mix. 10
Slide 11: Improving Credit Profile
Improving Credit Profile Net Debt to LTM Adj. EBITDA* LTM Interest Coverage* 10 1.8 9 8.25 1.7 1.57 IMPROVING PYXUS’ CREDIT 8 1.6 PROFILE 7 5.33 1.5 1.40 6 1.4 4.80 • Consistently improved net-debt- 5 1.3 to-LTM adjusted EBITDA to 4.8X 4 1.2 3 1.1 1.00 • Grew LTM interest coverage for 2 1 third stra
Slide 12: Increasing full-year Adjusted EBITDA guidance
Increasing full-year Adjusted EBITDA guidance Full-year Revenue guidance tightened to $2.0 billion to $2.1 billion • Continuation of generally underserved market • Tightened to high end of original range of $1.9 billion to $2.0 billion • New range exceeds FY23 from 7.1% to 9.7% Full-year Adjusted EB
Slide 13: Q&A
Q&A Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 13
Slide 14: Appendix
APPENDIX
Slide 15: Selected Q3 Income Statement Data
Selected Q3 Income Statement Data 15
Slide 16: Selected Balance Sheet Data
Selected Balance Sheet Data 16
Slide 17: Q3 Margin Per Kilo Up 29.7%, Up 51% vs. Q3 FY 2022
Q3 Margin Per Kilo Up 29.7%, Up 51% vs. Q3 FY 2022 Regional Volume Increases/Decreases Africa $0.79 Asia $0.51 $0.56 Europe $5.27 $4.48 North America $3.19 South America 17
Slide 18: Pyxus Q3 2024 at a Glance
Pyxus Q3 2024 at a Glance Revenue Adj EBITDA Margin 18
Slide 19: Appendix – Q3 Adjusted EBITDA
Appendix – Q3 Adjusted EBITDA 19
Slide 20: Appendix – Q3 YTD Adjusted EBITDA
Appendix – Q3 YTD Adjusted EBITDA * Combined (Non-GAAP) for the five months ended August 31, 2020 (Predecessor Period) and for the four months ended December 31, 2020 (Successor Period), which periods were presented separately in light of the resolution of the Chapter 11 Cases (the “Chapter 11 Cases
Slide 21: Appendix – Q3 Adjusted EBITDA Footnotes
Appendix – Q3 Adjusted EBITDA Footnotes (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") are not measures of results of operations under generally accepted accounting principles
Slide 22: Appendix – Q3 Adjusted EBITDA Footnotes (continued)
Appendix – Q3 Adjusted EBITDA Footnotes (continued) (6) Includes the following items: (i) the addition of amortization of basis difference related to a former Brazilian subsidiary that is now deconsolidated following the completion of a joint venture in March 2014, (ii) the subtraction of the Adjust
Slide 23: Appendix – Q3 LTM Adjusted EBITDA
Appendix – Q3 LTM Adjusted EBITDA * Items for the twelve months ended December 31, 2023 and 2022 are derived by adding the items for the nine months ended December 31, 2023 and 2022 and the fiscal year ended March 31, 2023 and 2022 and subtracting the items for the nine months ended December 30, 202
Slide 24: Appendix – Q3 LTM Adjusted EBITDA Footnotes
Appendix – Q3 LTM Adjusted EBITDA Footnotes (1) EBITDA and Adjusted EBITDA are not measures of results of operations under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EBITDA and Adjusted EBITDA to adjust for the items identified above b
Slide 25: Appendix – Adjusted EBITDA – Fiscal Year
Appendix – Adjusted EBITDA – Fiscal Year * Combined (Non-GAAP) for the five months ended August 31, 2020 (Predecessor period) and the seven months ended March 31, 2021 (Successor period), which periods were presented separately in light of the resolution of the Chapter 11 Cases. A presentation of th
Slide 26: Appendix – Adjusted EBITDA Fiscal Year Footnotes
Appendix – Adjusted EBITDA Fiscal Year Footnotes (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
Slide 27: Appendix – Net Debt to Adjusted EBITDA and Interest Coverage
Appendix – Net Debt to Adjusted EBITDA and Interest Coverage (1) Adjusted EBITDA and Net Debt are not measures of results of operations or indebtedness under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented Adjusted EBITDA and Net Debt to ad
Slide 28: Appendix – Adjusted Free Cash Flow
Appendix – Adjusted Free Cash Flow (1) Represents cash receipts from the beneficial interests in sold receivables under the Company's accounts receivable securitization programs and were classified as investing activities within the condensed consolidated statements of cash flows. (2) Adjusted Free
Slide 29: Slide 29