PYXUS INTERNATIONAL INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
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Condensed Consolidated Statements of Cash Flows
| Pyxus International, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (Unaudited) | ||
|---|---|---|
| Six Months Ended | ||
| September 30, | ||
| (in thousands) | 2024 | 2023 |
| Operating Activities: | ||
| Net income | $1,679 | $8,666 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation and amortization | 10,192 | 9,319 |
| Debt amortization/interest | 5,755 | 5,118 |
| Gain on debt retirement | (8,178) | — |
| Loss on foreign currency transactions | 2,514 | 4,551 |
| Equity-based compensation | 3,632 | — |
| (Income) loss from unconsolidated affiliates, net of dividends | (3,148) | 13,707 |
| Changes in operating assets and liabilities, net | ||
| Trade and other receivables | (150,636) | (143,199) |
| Inventories and advances to tobacco suppliers | (100,688) | (128,596) |
| Deferred items | (7,287) | (4,902) |
| Recoverable income taxes | 448 | (95) |
| Payables and accrued expenses | (20,317) | (10,251) |
| Advances from customers | (14,072) | 3,559 |
| Prepaid expenses | 9,246 | (712) |
| Income taxes | 5,111 | (5,341) |
| Other operating assets and liabilities | (6,764) | 1,840 |
| Other, net | (7,756) | (9,084) |
| Net cash used in operating activities | $(280,269) | $(255,420) |
| Investing Activities: | ||
| Purchases of property, plant, and equipment | $(9,784) | $(9,225) |
| Collections from beneficial interests in securitized trade receivables | 101,597 | 79,296 |
| Other, net | 1,703 | 3,072 |
| Net cash provided by investing activities | $93,516 | $73,143 |
| Financing Activities: | ||
| Net proceeds from short-term borrowings | $244,223 | $192,186 |
| Proceeds from revolving loan facilities | 165,000 | 105,000 |
| Repayment of revolving loan facilities | (130,000) | (130,000) |
| Debt issuance costs | (2,808) | (3,851) |
| Repayment of long-term borrowings | (55,822) | — |
| Other, net | (563) | (67) |
| Net cash provided by financing activities | $220,030 | $163,268 |
| Effect of exchange rate changes on cash | (2,138) | (2,230) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 31,139 | (21,239) |
| Cash and cash equivalents at beginning of period | 92,569 | 136,733 |
| Restricted cash at beginning of period | 7,224 | 2,176 |
| Cash, cash equivalents, and restricted cash at end of period | $130,932 | $117,670 |
| Other information: | ||
| Cash paid for income taxes, net | $14,236 | $6,604 |
| Cash paid for income taxes related to debt exchange | — | 12,543 |
| Cash paid for interest, net | 51,966 | 43,881 |
| Noncash investing activities: | ||
| Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction | 116,911 | 83,278 |
| See "Notes to Condensed Consolidated Financial Statements" | ||
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