PYXUS INTERNATIONAL, INC.
For the period ended Mar 31, 2025. Filed Jun 10, 2025.
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FY2025 · Filed Jun 10, 2025
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Consolidated Statements of Cash Flows
| Years Ended March 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Operating activities: | |||
| Net income (loss) | $16,533 | $3,184 | $(38,237) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
| Depreciation and amortization | 20,334 | 19,250 | 19,137 |
| Debt amortization/interest | 11,235 | 8,559 | 18,466 |
| Gain on debt retirement | (8,178) | (15,914) | — |
| Loss on foreign currency transactions | 4,922 | 4,009 | 6,028 |
| Loss on pension settlement | — | 12,008 | 2,588 |
| Equity-based compensation | 4,110 | — | — |
| Income from unconsolidated affiliates, net of dividends | 4,317 | (506) | (5,835) |
| Changes in operating assets and liabilities, net: | |||
| Trade and other receivables | (208,374) | (167,600) | (111,932) |
| Inventories and advances to suppliers | 156,309 | (136,010) | (21,110) |
| Deferred items | 1,052 | 3,240 | (14,758) |
| Payables and accrued expenses | (49,190) | 17,531 | 5,147 |
| Advances from customers | 45,937 | 55,302 | (10,693) |
| Prepaid expenses | 8,943 | (4,506) | 4,761 |
| Income taxes payable | 2,719 | (8,207) | 13,116 |
| Other operating assets and liabilities | (13,140) | 1,425 | 8,477 |
| Other, net | (10,915) | (6,735) | (12,977) |
| Net cash used in operating activities | $(13,386) | $(214,970) | $(137,822) |
| Investing activities: | |||
| Purchases of property, plant, and equipment | $(23,028) | $(21,043) | $(16,307) |
| Proceeds from sale of property, plant, and equipment | 3,770 | 4,312 | 3,060 |
| Collections from beneficial interests in securitized trade receivables | 188,312 | 175,911 | 165,262 |
| Other, net | 1,584 | 269 | 2,930 |
| Net cash provided by investing activities | $170,638 | $159,449 | $154,945 |
| Financing activities: | |||
| Net (repayments) proceeds from short-term borrowings | $(102,550) | $122,483 | $5,234 |
| Repayment of DDTL facility | — | — | (110,250) |
| Proceeds from term loan facility | — | — | 100,000 |
| Proceeds from revolving loan facilities | 363,000 | 331,000 | 170,000 |
| Repayment of revolving loan facilities | (363,000) | (356,000) | (235,000) |
| Proceeds from long-term borrowings | — | — | 578,439 |
| Repayment of long-term borrowings | (55,822) | (60,342) | (578,162) |
| Debt issuance costs | (9,106) | (11,751) | (7,686) |
| Other, net | 217 | 171 | (5,575) |
| Net cash (used in) provided by financing activities | $(167,261) | $25,561 | $(83,000) |
| Effect of exchange rate changes on cash | (4,240) | (9,156) | 3,472 |
| Decrease in cash, cash equivalents, and restricted cash | (14,249) | (39,116) | (62,405) |
| Cash and cash equivalents at beginning of period | 92,569 | 136,733 | 198,777 |
| Restricted cash at beginning of period | 7,224 | 2,176 | 2,537 |
| Cash, cash equivalents, and restricted cash at end of period | $85,544 | $99,793 | $138,909 |
| Other information: | |||
| Cash paid for income taxes, net | $31,101 | $22,501 | $18,696 |
| Cash paid for income taxes related to debt exchange | — | 12,543 | — |
| Cash paid for interest, net | 115,009 | 109,518 | 93,425 |
| Noncash investing activities: | |||
| Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction | 241,069 | 160,041 | 164,404 |
| See "Notes to Consolidated Financial Statements" | |||
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