Pyxus International, Inc. · OTC:PYYX
Pyxus International — Pyxus Intl Inc New — Q1 2025 Earnings Presentation
20 slides from Pyxus International's earnings presentation, Aug 7, 2024
Slide 1: First Quarter Results Fiscal Year 2025
First Quarter Results Fiscal Year 2025 August 7, 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. Readers are cautioned that the statements contained in this report regarding expectations of our performance or other matters that may affect our business, results of operations, or financial cond
Slide 4: Strong First Quarter with Gains in Revenue and Profitability
Strong First Quarter with Gains in Revenue and Profitability Grew first quarter sales by 33.1% to $634.9 million driven by higher volumes and sales price • Significant shipment growth for the period; demand remained strong • Successfully navigated competitive market to secure volumes in South Americ
Slide 5: Continues Successful Reduction of Borrowing Costs
Continues Successful Reduction of Borrowing Costs Fully executed repurchase agreement of long-term debt • Repurchased $122.5 million of debt since March 2024 for total cost of $95.4 million Will retire additional $20.4 million of 10.0% senior secured notes upon maturity in August 2024 • Following th
Slide 6: Achieves Important Sustainability Milestone
Achieves Important Sustainability Milestone Earned Science-Based Targets initiative (SBTi) validation of near-term emissions reduction targets • 1 of only 5,800 companies worldwide to receive this prestigious, third-party endorsement • Further confirms Company’s greenhouse gas reduction strategy Pyx
Slide 7: Reiterates Guidance for Fiscal 2025
Reiterates Guidance for Fiscal 2025 Continues to estimate revenues will be between $2.1 billion and $2.3 billion • Consistent with first quarter, fiscal year growth expected from both average sales price and shipping volume Continues to expect Adj. EBITDA will be between $165 million and $185 millio
Slide 8: Financial Gains Reflect Solid Execution & Discipline
Financial Gains Reflect Solid Execution & Discipline Average Sales Price per Kilo $7.00 $6.00 • Strong demand drove 16.9% price per kilo $0.84 increase $5.00 $0.78 $4.00 $0.50 • 11.9% shipment volume increase due to strong inventory positon $3.00 $6.16 $5.27 $2.00 $4.48 • Gross profit per kilo gain
Slide 9: Selected First Quarter Income Statement Data
Selected First Quarter Income Statement Data Three Months Ended June 30, Change (in millions) 2024 2023 $ % Sales and other operating revenues 634.9 477.1 157.8 33.1 Cost of goods and services sold 551.0 404.0 147.0 36.4 Gross profit 83.9 73.1 10.8 14.8 Selling, general, and administrative expenses
Slide 10: Consistent, Ongoing Improvements in Key Liquidity Ratios
Consistent, Ongoing Improvements in Key Liquidity Ratios LTM Interest Coverage* Net Debt to Adj. EBITDA* 1.6 Net Debt 1.51 1.53 1.5 9 8.38 8 1.4 7 1.3 6.06 6 5.60 1.2 1.15 5 4 1.1 3 1 2 0.9 1 0.8 0 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY23 Q1 FY24 Q1 FY25 * Non-GAAP measure. See Appendix for a reconciliation
Slide 11: Q&A
Q&A Pieter Sikkel Flavia Landsberg President & CEO Chief Financial Officer 11
Slide 12: Appendix
APPENDIX
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data Change (in millions) June 30, 2024 June 30, 2023 $ % Assets Current assets Cash and cash equivalents $ 82.0 $ 100.0 $ (18.0) -18.0% Restricted cash 7.1 5.5 1.6 29.4% Trade receivables, net 209.1 185.5 23.6 12.7% Other receivables 17.0 19.0 (1.9) -10.2% Inventories, net 1,
Slide 14: 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 15: Appendix – YTD Q4 Adjusted EBITDA Footnotes
Appendix – YTD 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 pri
Slide 16: Appendix – Q1 Adjusted EBITDA
Appendix – Q1 Adjusted EBITDA 16
Slide 17: Appendix – Q1 Adjusted EBITDA Footnotes
Appendix – Q1 Adjusted EBITDA Footnotes (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), and Net Debt are not measures of results of operations, cash flows from operations or in
Slide 18: Appendix – Net Debt to Adjusted EBITDA & Interest Coverage
Appendix – Net Debt to Adjusted EBITDA & Interest Coverage (1) EBITDA, Adjusted EBITDA, and Net Debt are not measures of results of operations, cash flows from operations or indebtedness under U.S. GAAP and should not be considered as an alternative to other U.S. GAAP measurements. We have presented
Slide 19: Appendix – Adjusted Cash Flow from Operations
Appendix – Adjusted Cash Flow from Operations (1) Represents cash receipts from the beneficial interest on sold receivables under the Company’s accounts receivable securitization programs and are classified as investing activities within the condensed consolidated statements of cash flows. (2) Free
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