Suncoke Energy, Inc. · NYSE:SXC
Suncoke Energy — Q1 2021 Earnings Presentation
18 slides from Suncoke Energy's earnings presentation, Apr 28, 2021
Slide 1: SunCoke Energy, Inc. Q1 2021 Earnings Conference Call
SunCoke Energy, Inc. Q1 2021 Earnings Conference Call
Slide 2: Forward-Looking Statements
Forward‐Looking Statements 2 This slide presentation should be reviewed in conjunction with the First Quarter 2021 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on April 28, 2021 at 10:30 a.m. ET. This presentation call contains “forward‐looking statements” (as defined
Slide 3: Q1 2021 Highlights
Q1 2021 Highlights 3 Strong operating performance across coke and logistics while continuing to navigate the COVID‐19 pandemic Excellent safety performance, zero recordable injuries during the first quarter, a record for SunCoke Delivered Q1 ‘21 Adjusted EBITDA of $70.6M; representing record f
Slide 4: Q1 2021 Financial Performance
Q1 2021 Financial Performance 4 Q1 2021 Earnings Review Q1 ‘21 EPS of $0.20 per share, up $0.14 per ($/share) ($ in millions) Diluted EPS Adj. EBITDA (1) share from the prior year quarter (1) Adjusted EBITDA of $70.6M, up $8.5M from the prior year quarter $0.20 $70.6 • Coke operations up $0.5M, cont
Slide 5: Adjusted EBITDA – Q1 '20 to Q1 '21
Adjusted EBITDA(1) – Q1 ‘20 to Q1 ‘21 5 Q1 ’21 performance mainly driven by higher volumes at CMT and continued strong performance by coke operations ($ in millions) $7.6 $0.4 $70.6 $62.1 $0.5 • Higher volumes Q1 2020 Domestic & Brazil Coke Logistics Corporate and Other Q1 2021 (1) (1) Adj. EBITDA A
Slide 6: Domestic Coke Business Summary
Domestic Coke Business Summary 6 Continued strong cokemaking performance supports FY 2021 outlook; foundry and export volumes replaced some of the contract coke volumes in Q1 Domestic Coke Performance Delivered Adj. EBITDA/ton(1) of (Coke Production, Kt) $63/ton $60/ton $61/ton ~$61 vs. ~$60 in Q1 ‘
Slide 7: Logistics Business Summary
Logistics Business Summary 7 Robust logistics performance driven by higher volumes, new business, and lower operating cost Logistics Performance Logistics segment contributed $10.9M (Tons Handled, Kt) to Q1 ’21 Adj. EBITDA $10.9M • Global demand and strong API2 index $6.7M driving coal exports $3.3M
Slide 8: Q1 2021 Liquidity
Q1 2021 Liquidity 8 Maintained strong liquidity position of ~$386M; Continued objective to strengthen the balance sheet (Consolidated) Q1 ’21 Revolver Total Debt $658M Availability: Gross Leverage (1) 3.07x $331.9M (1) Net Leverage 2.82x ($ in millions) ($20.1) $64.8 ($33.0) ($5.1) ($1.0) $54.0 $48.
Slide 9: 2021 Key Initiatives
2021 Key Initiatives 9 Deliver Operational Excellence and Optimize Asset Base • Continue strong operational and safety performance while optimizing asset utilization • Successfully execute on capital plan Support Full Capacity Utilization via Export and Foundry Sales • Further develop foundry custom
Slide 10: Appendix
APPENDIX )
Slide 11: Definitions
Definitions 11 Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments and gain on extinguishment of debt. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating incom
Slide 12: Balance Sheet & Debt Metrics
Balance Sheet & Debt Metrics 12 As of 3/31/2021 As of 12/31/2020 Cash $ 54 $ 48 Available Revolver Capacity $ 332 $ 300 Total Liquidity $ 386 $ 348 Gross Debt (Long and Short‐term) $ 658 $ 691 Net Debt (Total Debt less Cash) $ 604 $ 642 LTM Adj. EBITDA $ 214 $ 206 Gross Debt / LTM Adj. EBITDA 3.07x
Slide 13: 2021 Guidance Summary
2021 Guidance Summary 13 Expect to deliver at the top end of 2021 Adjusted EBITDA guidance range of $215M ‐ $230M 2021 Metric Guidance Adjusted EBITDA Consolidated(1) $215M ‐ $230M Domestic Coke EBITDA $219M ‐ $224M Logistics EBITDA $20M ‐ $25M Domestic Coke Production (2) ~4.1M tons Dom. Coke Adj.
Slide 14: 2021 Guidance Reconciliation
2021 Guidance Reconciliation 14 ($ in millions) Low High Net Income $15 $35 Depreciation and amortization expense 137 133 Interest expense, net 55 50 Income tax expense 8 12 Adjusted EBITDA (Consolidated) $215 $230 Adjusted EBITDA attributable to noncontrolling interest (1) (9) (9) Adjusted EBITDA a
Slide 15: SXC FCF/Share Reconciliation
SXC FCF/Share Reconciliation 15 2021E ($ in millions except per share amounts) Low End High End Net Income $15 $35 Depreciation and amortization expense 137 133 Interest expense, net 55 50 Income tax benefit 8 12 Adjusted EBITDA $215 $230 Cash interest (50) (45) Cash taxes (5) (10) Total capex (80)
Slide 16: Reconciliation to Adjusted EBITDA and Adjusted EBITDA attributable to SXC
Reconciliation to Adjusted EBITDA and Adjusted EBITDA 16 attributable to SXC Q1 '20 Q2 '20 Q3 '20 Q4 '20 FY '20 Q1 '21 ($ in millions) Net income (loss) attributable to SunCoke Energy, Inc. $ 4.9 $ 6.5 $ (2.7) $ (5.0) $ 3.7 $ 16.5 Net income (loss) attributable to noncontrolling interests 1.0 1.3 1.
Slide 17: Adjusted EBITDA and Adjusted EBITDA per ton
Adjusted EBITDA and Adjusted EBITDA per ton 17 Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton Domestic Corporate ($ in millions, except per ton data) Coke Brazil Coke Logistics and Other(1) Consolidated Q1 2021 Adjusted EBITDA $63.5 $4.5 $10.9 ($8.3) $70.6 Sales Volume (thousa
Slide 18: SunCoke Energy
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