PYXUS INTERNATIONAL INC

For the period ended Mar 31, 2024. Filed Jun 6, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Jun 6, 2024

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Contents

Consolidated Statements of Cash Flows

	Years Ended March 31,
(in thousands)	2024	2023	2022
Operating activities:
Net income (loss)	$3,184	$(38,237)	$(82,054)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	19,250	19,137	16,676
Debt amortization/interest	8,559	18,466	22,639
(Gain) loss on debt retirement	(15,914)	—	1,512
Loss on foreign currency transactions	4,009	6,028	2,885
Asset impairment charges	2,990	4,035	37,925
Loss on deconsolidation/disposition of subsidiaries	—	648	10,701
Loss on pension settlement	12,008	2,588	—
Bad debt expenses	640	426	4,404
Income from unconsolidated affiliates, net of dividends	(506)	(5,835)	4
Changes in operating assets and liabilities, net:
Trade and other receivables	(167,600)	(111,932)	(261,908)
Inventories and advances to tobacco suppliers	(136,010)	(21,110)	(31,461)
Deferred items	3,240	(14,758)	(10,929)
Recoverable income taxes	(2,689)	2,353	(2,603)
Payables and accrued expenses	17,531	5,147	59,324
Advances from customers	55,302	(10,693)	41,168
Prepaid expenses	(4,506)	4,761	4,710
Income taxes	(8,207)	13,116	(2,799)
Other operating assets and liabilities	3,474	5,698	1,661
Other, net	(9,725)	(17,660)	(10,620)
Net cash used in operating activities	$(214,970)	$(137,822)	$(198,765)
Investing activities:
Purchases of property, plant, and equipment	$(21,043)	$(16,307)	$(14,827)
Proceeds from sale of property, plant, and equipment	4,312	3,060	4,084
Collections from beneficial interests in securitized trade receivables	175,911	165,262	189,440
Loan to deconsolidated subsidiary	—	—	(5,229)
Collection of loan from deconsolidated subsidiary	—	—	10,996
Proceeds from settlement of debt claims from deconsolidated subsidiaries	—	2,011	—
Other, net	269	919	(3,223)
Net cash provided by investing activities	$159,449	$154,945	$181,241
Financing activities:
Net proceeds from short-term borrowings	$122,483	$5,234	$9,208
Proceeds from DDTL facility	—	—	117,600
Repayment of DDTL facility	—	(110,250)	(15,375)
Proceeds from term loan facility	—	100,000	—
Proceeds from revolving loan facilities	331,000	170,000	115,394
Repayment of revolving loan facilities	(356,000)	(235,000)	(93,500)
Proceeds from long-term borrowings	—	578,439	151
Repayment of long-term borrowings	(60,342)	(578,162)	(1,636)
Debt issuance costs	(11,751)	(7,686)	(8,097)
Fees paid to refinance the DDTL facility	—	(4,000)	—
Fees paid to retire or exchange debt	(269)	(1,575)	—
Other, net	440	—	(485)
Net cash provided by (used in) financing activities	$25,561	$(83,000)	$123,260
Effect of exchange rate changes on cash	(9,156)	3,472	(2,135)
(Decrease) increase in cash, cash equivalents, and restricted cash	(39,116)	(62,405)	103,601
Cash and cash equivalents at beginning of period	136,733	198,777	92,705
Restricted cash at beginning of period	2,176	2,537	5,008
Cash, cash equivalents, and restricted cash at end of period	$99,793	$138,909	$201,314
Other information:
Cash paid for income taxes, net	$22,501	$18,696	$24,576
Cash paid for income taxes related to debt exchange	12,543	—	—
Cash paid for interest, net	109,518	93,425	86,852
Noncash investing activities:
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction	160,041	164,404	205,515
See "Notes to Consolidated Financial Statements"

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