Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — FY2024 Earnings Presentation
20 slides from Pyxus International's earnings presentation, Jun 6, 2024
Slide 1: Fiscal Year 2024 Results
Fiscal Year 2024 Results June 6, 2024
Slide 2: Our Presenters
Our Presenters Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 2
Slide 3: Forward-looking Statements & Other Matters
Forward-looking Statements & 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 stat
Slide 4: Demonstrated Excellent Operating & Financial Performance in FY24
Demonstrated Excellent Operating & Financial Performance in FY24 Grew full year sales by 6.1% to $2.0 billion; second consecutive year of profitable expansion • Price-driven growth partially offset by modest pressure on volume • Demand ensured persistent record low levels of uncommitted inventory Dr
Slide 5: Ongoing Enhancements to Global Operational Capabilities
Ongoing Enhancements to Global Operational Capabilities • New, streamlined organizational structure and talented new senior management in key regions • Focus on improving footprint utilization to serve customer demand and create efficiencies • Increasing investment and focus to embrace Africa’s crop
Slide 6: Liquidity Gains Enabled Pursuit of Operational & Strategic Goals
Liquidity Gains Enabled Pursuit of Operational & Strategic Goals Disciplined working capital management enhanced liquidity, enabling the simultaneous pursuit and achievement of a full range of operational and strategic initiatives • Mitigated El Niño risk with accelerated inventory purchases in Braz
Slide 7: Delivering Value through Sustainable, Transparent Action
Delivering Value through Sustainable, Transparent Action Our commitment to excellence across the sustainability landscape is a clear competitive advantage • Compliance required for continued relationship and growth with blue-chip customers • Performance on varying measures often a gating factor to s
Slide 8: Financial Gains Reflect Solid Execution & Discipline
Financial Gains Reflect Solid Execution & Discipline Full Service Average Sales Price and Margin per Kilo $6.00 • Healthy demand drove 10.5% price increase, partially offset by slightly $5.00 $0.78 lower volume $0.61 $4.00 $0.53 • Margin gains reflect generally $3.00 improved mix of revenues $4.38 $
Slide 9: Selected Full Year Income Statement Data
Selected Full Year Income Statement Data Change Year Ended Year Ended (in millions) March 31, 2024 March 31, 2023 $ % Sales and other operating revenues $ 2,032.5 $ 1,914.9 $ 117.6 6.1 % Cost of goods and services sold 1,720.2 1,653.9 66.3 4.0 Gross profit 312.3 261.0 51.3 19.7 Selling, general, and
Slide 10: Continued Credit Profile Improvements
Continued Credit Profile Improvements • Reduced debt and associated interest expense accelerates improvement measured by key credit ratios • Improving credit profile enables pursuit of reduced borrowing costs across our lending portfolio LTM Interest Coverage Net Debt to Adj. EBITDA 1.6 Net Debt Net
Slide 11: Guidance for Fiscal 2025
Guidance for Fiscal 2025 Expect Revenues between $2.1 billion and $2.3 billion • Growth expected both from price and volume • Expect continued healthy demand for leaf and value-added services Expect Adjusted EBITDA between $165 million and $185 million • Mix of global volumes and margins expected to
Slide 12: New Peak Revenue & Adjusted EBITDA
New Peak Revenue & Adjusted EBITDA Total Sales $250.0 Adj EBITDA1 and Leverage 13.00 11.00 $2,500.0 $200.0 9.00 $2,000.0 6.85 $150.0 5.44 7.00 $1,500.0 4.77 5.00 $100.0 $1,000.0 3.00 $50.0 $500.0 1.00 $1,639.9 $1,914.9 $2,032.6 $126.7 $158.8 $193.9 $‐ $‐ (1.00) 2022 2023 2024 2022 2023 2024 Adjusted
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Slide 14: Appendix
APPENDIX
Slide 15: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) March 31, 2024 March 31, 2023 $ % Assets Current assets Cash and cash equivalents $ 92.6 $ 136.7 $ (44.2) -32.3% Restricted cash 7.2 2.2 5.0 232.0% Trade receivables, net 168.8 185.4 (16.6) -8.9% Other receivables 18.7 17.4 1.3 7.6% Inventories, net 9
Slide 16: Appendix – YTD Q4 Adjusted EBITDA
Appendix – YTD Q4 Adjusted EBITDA Fiscal Year Ended (in thousands) 3/31/2024 3/31/2023 3/31/2022 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: Depreciation a
Slide 17: Appendix – Adjusted EBITDA Footnotes
Appendix – 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 principles
Slide 18: Appendix – Net Debt to Adjusted EBITDA & Interest Coverage
Appendix – Net Debt to Adjusted EBITDA & Interest Coverage Fiscal Year Ended (in thousands) 3/31/2024 3/31/2023 3/31/2022 Total debt $ 1,017,340 $ 1,001,049 $ 1,066,945 Less: Cash 92,569 136,733 198,777 (1) Net debt $ 924,771 $ 864,316 $ 868,168 (1) Net debt / Adjusted EBITDA 4.77x 5.44x 6.85x (1) A
Slide 19: Appendix – Adjusted Cash Flow from Operations
Appendix – Adjusted Cash Flow from Operations Fiscal Year Ended (in thousands) 3/31/2024 3/31/2023 3/31/2022 Net cash used in operating activities $ (214,970) $ (137,822) $ (198,765) Capital expenditures (21,043) (16,307) (14,827) (1) Collections from beneficial interests in securitized trade receiv
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