Unifi, Inc. New · NYSE:UFI
Unifi, Inc. New — Q1 2024 Earnings Presentation
11 slides from Unifi, Inc. New's earnings presentation, Nov 2, 2023
Slide 1: Conference Call Presentation: First Quarter Ended October 1, 2023
Exhibit 99.2 CONFERENCE CALL PRESENTATION First Quarter Ended October 1, 2023 (Unaudited Results) 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements Certain statements included herein contain “forward-looking statements” within the meaning of federal securities laws about the financial condition and results of operations of the Company that are based on management’s beliefs, assumptions, and expec
Slide 3: Q1 Fiscal 2024 Overview
Q1 FISCAL 2024 OVERVIEW (compared to Q4 Fiscal 2023) Continued demand weakness driven by inventory destocking impacting revenue and profitability in near-term • Inventory destocking nearing end; expect normalization to start in CY2024 Revenue Adjusted EPS(1) $138.8M ($0.73) Diligence around operatin
Slide 4: REPREVE Fiber Sales
REPREVE® FIBER SALES as a % of Net Sales and Millions of $s QUARTERLY ANNUAL 40% 37% 36% 37% 36% 31% 30% 31% 31% 32% 31% 25% 29% 27% $180 $186 $246 $293 $186 2019 2020 2021 2022 2023 Fiscal Year $71.9 $81.5 $71.9 $67.7 $49.2 $42.9 $49.6 $44.5 $42.5 NOTE • REPREVE Fiber represents UNIFI’s collection
Slide 5: Net Sales Overview (Year-Over-Year)
NET SALES OVERVIEW Year-Over-Year, $s in Millions CONSOLIDATED AMERICAS BRAZIL ASIA $179.5 $107.6 $138.8 $81.6 $38.9 $29.9 $33.0 $27.3 ↓22.7% ↓24.2% ↓23.1% ↓17.1% Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Volume (2.9%) Volume (4.0%) Volume (9.5%) Volume (5.2%) Price/Mix (18.2%)
Slide 6: Gross Profit Overview (Year-Over-Year)
GROSS PROFIT OVERVIEW Year-Over-Year, $s in Millions CONSOLIDATED AMERICAS BRAZIL ASIA 15.0% $6.6 13.0% 11.0% $6.8 9.0% -$4.9 7.0% $4.7 $4.6 5.0% 3.0% -4.5% 17.5% 17.0% 3.7% -$0.6 1.0% -$7.4 $2.2 14.1% 7.2% -1.0% -0.4% -9.0% -3.0% Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Gross
Slide 7: Net Sales Overview (Quarter-Over-Quarter)
NET SALES OVERVIEW Quarter-Over-Quarter, $s in Millions CONSOLIDATED AMERICAS BRAZIL ASIA $151.1 $94.8 $138.8 $81.6 $27.1 $29.9 $29.1 $27.3 ↓8.1% ↓14.0% ↑10.3% ↓6.0% Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Volume (0.4%) Volume (10.2%) Volume 15.0% Volume 2.4% Price/Mix (7.4%)
Slide 8: Gross Profit Overview (Quarter-Over-Quarter)
GROSS PROFIT OVERVIEW Quarter-Over-Quarter, $s in Millions CONSOLIDATED AMERICAS BRAZIL ASIA $0.1 15.0% 13.0% $6.0 11.0% 0.1% 9.0% $2.2 7.0% $4.6 5.0% -$7.4 $1.7 $4.2 3.0% 17.0% 4.0% 14.5% -$0.6 1.0% -9.0% 7.2% -1.0% -0.4% 6.1% -3.0% Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Q4 FY23 Q1 FY24 Gr
Slide 9: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY $s in Millions FREE CASH FLOW CAPEX Highlights • Reset capital expenditures levels to align $40 with economic circumstances for improved $36 free cash flow $4 • Implemented cost control and working capital measures to improve underlying cash flow -$7 -$7 -$8 $3 • Reduced Ne
Slide 10: Fiscal 2024 Initiatives
FISCAL 2024 INITIATIVES • Diversifying Americas Segment portfolio with Flake and Chip revenue • Transforming the pricing and execution components of the sales process • Aggressively pursuing new yarn sales opportunities beyond our traditional performance apparel markets • Increasing leverage of eAFK
Slide 11: Q2 Fiscal 2024 Financial Outlook
Q2 FISCAL 2024 FINANCIAL OUTLOOK $s in Millions Key Financial Q1 FY24 Results Q2 FY24 Outlook Metrics Net Sales $138.8 Generally consistent Adjusted EBITDA(1) ($4.8) Generally consistent Effective Tax Rate 3.4% Continued Volatility Capital Expenditures $2.9 Generally consistent Remain Focused on Lon