Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — Q3 2019 Earnings Presentation
11 slides from Pangaea Logistics Solutions's earnings presentation, Nov 7, 2019
Slide 1: Third Quarter 2019 Earnings Conference Call Presentation
THIRD QUARTER 2019 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 Q3-2019 Results •Adjusted EBITDA of $17.7 million Consistent •Net income of $8.3 million •$36.7 million cash, restricted cash and cash Performance equivalents Fleet Working Fleet •22 drybulk ships and one barge in owned and controlled fleet Operations Extensive and varied •Operat
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 superior returns – 16% premium over average market rates in Q3 – 2019 Rate Environment: The Baltic Dry Index average in
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Net income attributable to Pangaea Logistics Solutions Ltd. of approximately $8.3 million for the three months ended September 30, 2019 was in line with the same period last year. • Diluted earnings per share were $0.19 for both three months ended September 30, 2019 and 2018.
Slide 6: Selected Income Statement Data
SELECTED INCOME STATEMENT DATA (in thousands) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Voyage revenue $ 103,806 $ 81,813 $ 247,088 $ 233,979 Charter revenue 15,079 13,532 34,632 37,162 118,885 95,34
Slide 7: Selected Balance Sheet & Cash Flow Data
SELECTED BALANCE SHEET & CASH FLOW DATA (in thousands) September 30, 2019 December 31, 2018 Current Assets Cash and cash equivalents $ 34,171 $ 53,615 Accounts receivable, net 29,221 28,482 Other current assets 45,000 31,410 Total current assets 108,393 113,506 Restricted cash 2,500 2,500 Fixed asse
Slide 8: Total Shipping Days
TOTAL SHIPPING DAYS 6,000 5,000 4,000 3,461 2,750 3,000 2,645 2,537 2,556 Days 2,220 1,742 1,904 2,000 1,000 1,820 1,886 1,575 1,620 1,638 1,703 1,731 1,718 - Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Owned Days Charter-in Days Capital Efficiency: Leveraged owned fleet by chartering-in market
Slide 9: Pangaea TCE v. Average Market TCE
PANGAEA TCE v. AVERAGE MARKET TCE $18,000 16% $16,000 24% 30% 32% 21% $2,187 $14,000 49% 15% $2,801 $2,440 68% $12,000 $3,187 $3,355 $1,605 $4,268 $10,000 $4,869 $8,000 $13,728 $6,000 $11,395 $11,559 $10,905 $10,662 $10,373 $4,000 $8,665 $7,160 $2,000 $- Q4 - 2017 Q1 - 2018 Q2 - 2018 Q3 - 2018 Q4 -
Slide 10: Financial Performance Q4-2017 through Q3-2019
FINANCIAL PERFORMANCE Q4-2017 THROUGH Q3-2019 ADJUSTED EBITDA(1) TCE (2) 20,000,000 $18,000 18,000,000 $16,000 16,000,000 $14,000 14,000,000 $12,000 12,000,000 $10,000 10,000,000 $8,000 8,000,000 $6,000 6,000,000 4,000,000 $4,000 2,000,000 $2,000 - $- Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19
Slide 11: Adjusted Earnings per Common Share
ADJUSTED EARNINGS PER COMMON SHARE Adjusted EPS total of $0.67 since Q3 2018 Adjusted EPS (1) 0.25 0.20 0.15 0.10 0.05 - Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 (1) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseb
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