(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
PYXUS INTERNATIONAL, INC. | ||||||||
By: | /s/ William L. O’Quinn, Jr. | |||||||
William L. O’Quinn, Jr. | ||||||||
Senior Vice President – Chief Legal | ||||||||
Officer and Secretary |
Pyxus International, Inc. | Tel: 919 379 4300 | |||||||||||||
6001 Hospitality Court | Fax: 919 379 4346 | |||||||||||||
Suite 100 | www.pyxus.com | |||||||||||||
Morrisville, NC 27560-2009 | ||||||||||||||
USA |
NEWS RELEASE | Contact: | Tomas Grigera | ||||||||||||||||||||||||
(919) 379-4300 |
(in millions) | March 31, 2023 | March 31, 2022 | ||||||
Cash and cash equivalents | $ | 136.7 | $ | 198.8 | ||||
ABL Credit Facility (availability) | 75.0 | 10.0 | ||||||
Foreign seasonal lines of credit (availability) | 332.3 | 287.2 | ||||||
Other long-term debt | 0.1 | 0.4 | ||||||
Letters of credit | 6.9 | 4.5 | ||||||
Total | $ | 551.0 | $ | 500.9 |
(in thousands, except per share data) | Three months ended March 31, 2023 | Three months ended March 31, 2022 | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||||||
Sales and other operating revenues | $ | 407,145 | $ | 483,429 | $ | 1,914,881 | $ | 1,639,862 | ||||||
Cost of goods and services sold | 342,003 | 415,772 | 1,653,864 | 1,412,805 | ||||||||||
Gross profit | 65,142 | 67,657 | 261,017 | 227,057 | ||||||||||
Selling, general, and administrative expenses | 44,837 | 36,016 | 151,531 | 142,021 | ||||||||||
Other expense, net | 1,917 | 1,239 | 11,023 | 3,102 | ||||||||||
Restructuring and asset impairment charges | 305 | 379 | 4,685 | 8,031 | ||||||||||
Goodwill impairment | — | 32,186 | — | 32,186 | ||||||||||
Operating income (loss) | 18,083 | (2,163) | 93,778 | 41,717 | ||||||||||
Loss on deconsolidation/disposition of subsidiaries | — | 1,176 | 648 | 10,701 | ||||||||||
Loss on pension settlement | — | — | 2,588 | — | ||||||||||
Debt retirement expense | — | 1,997 | — | 1,997 | ||||||||||
Interest expense, net | 27,515 | 25,563 | 113,164 | 108,383 | ||||||||||
Loss before income taxes and other items | (9,432) | (30,899) | (22,622) | (79,364) | ||||||||||
Income tax expense | 18,317 | 3,398 | 34,127 | 12,640 | ||||||||||
Income from unconsolidated affiliates, net | 7,804 | 3,951 | 18,512 | 9,950 | ||||||||||
Net loss | (19,945) | (30,346) | (38,237) | (82,054) | ||||||||||
Net income attributable to noncontrolling interests | 663 | 484 | 904 | 65 | ||||||||||
Net loss attributable to Pyxus International, Inc. | $ | (20,608) | $ | (30,830) | $ | (39,141) | $ | (82,119) | ||||||
Loss per share: | ||||||||||||||
Basic and Diluted | $ | (0.83) | $ | (1.23) | $ | (1.57) | $ | (3.28) | ||||||
(in thousands) | March 31, 2023 | March 31, 2022 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 136,733 | $ | 198,777 | ||||
Restricted cash | 2,176 | 2,148 | ||||||
Trade receivables, net | 185,351 | 247,677 | ||||||
Other receivables | 17,387 | 12,511 | ||||||
Inventories, net | 775,071 | 749,427 | ||||||
Advances to suppliers, net | 42,305 | 48,932 | ||||||
Recoverable income taxes | 5,815 | 7,906 | ||||||
Prepaid expenses | 37,555 | 34,817 | ||||||
Other current assets | 18,172 | 25,452 | ||||||
Total current assets | 1,220,565 | 1,327,647 | ||||||
Restricted cash | — | 389 | ||||||
Investments in unconsolidated affiliates | 100,750 | 95,420 | ||||||
Other intangible assets, net | 38,572 | 45,061 | ||||||
Deferred income taxes, net | 6,662 | 6,498 | ||||||
Long-term recoverable income taxes | 2,863 | 4,588 | ||||||
Other noncurrent assets | 43,761 | 45,424 | ||||||
Right-of-use assets | 35,892 | 35,979 | ||||||
Property, plant, and equipment, net | 133,398 | 137,521 | ||||||
Total assets | $ | 1,582,463 | $ | 1,698,527 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Notes payable to banks | $ | 382,544 | $ | 378,612 | ||||
Accounts payable | 170,287 | 179,012 | ||||||
Advances from customers | 42,472 | 52,998 | ||||||
Accrued expenses and other current liabilities | 92,693 | 82,239 | ||||||
Income taxes payable | 18,264 | 5,592 | ||||||
Operating leases payable | 8,723 | 8,065 | ||||||
Current portion of long-term debt | 75 | 107,856 | ||||||
Total current liabilities | 715,058 | 814,374 | ||||||
Long-term taxes payable | 4,978 | 6,703 | ||||||
Long-term debt | 618,430 | 580,477 | ||||||
Deferred income taxes | 9,900 | 11,670 | ||||||
Liability for unrecognized tax benefits | 14,175 | 14,401 | ||||||
Long-term leases | 25,581 | 28,604 | ||||||
Pension, postretirement, and other long-term liabilities | 52,511 | 60,927 | ||||||
Total liabilities | 1,440,633 | 1,517,156 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Common stock—no par value: | ||||||||
250,000 authorized shares and 25,000 issued and outstanding for all periods | 390,290 | 390,290 | ||||||
Retained deficit | (257,954) | (218,813) | ||||||
Accumulated other comprehensive income | 5,515 | 3,804 | ||||||
Total stockholders’ equity of Pyxus International, Inc. | 137,851 | 175,281 | ||||||
Noncontrolling interests | 3,979 | 6,090 | ||||||
Total stockholders' equity | 141,830 | 181,371 | ||||||
Total liabilities and stockholders' equity | $ | 1,582,463 | $ | 1,698,527 | ||||
Year Ended March 31, 2023 | Year Ended March 31, 2022 | Change | ||||||||||||
(in thousands, except per kilo amounts) | $ | % | ||||||||||||
Leaf: | ||||||||||||||
Product revenues | $ | 1,812,170 | $ | 1,531,805 | 280,365 | 18.3 | ||||||||
Tobacco costs | 1,474,041 | 1,233,700 | 240,341 | 19.5 | ||||||||||
Transportation, storage, and other period costs | 98,890 | 92,200 | 6,690 | 7.3 | ||||||||||
Total cost of goods sold | 1,572,931 | 1,325,900 | 247,031 | 18.6 | ||||||||||
Product revenue gross profit | 239,239 | 205,900 | 33,339 | 16.2 | ||||||||||
Product revenue gross profit as a percent of sales | 13.2 | % | 13.4 | % | ||||||||||
Kilos sold | 387,824 | 381,000 | 6,824 | 1.8 | ||||||||||
Average price per kilo | $ | 4.67 | $ | 4.02 | 0.65 | 16.2 | ||||||||
Average cost per kilo | 4.06 | 3.48 | 0.58 | 16.7 | ||||||||||
Average gross profit per kilo | 0.61 | 0.54 | 0.07 | 13.0 | ||||||||||
Processing and other revenues | 88,388 | 95,433 | (7,045) | (7.4) | ||||||||||
Processing and other revenues costs of services sold | 64,001 | 65,900 | (1,899) | (2.9) | ||||||||||
Processing and other gross margin | 24,387 | 29,500 | (5,113) | (17.3) | ||||||||||
All Other: | ||||||||||||||
Sales and other operating revenues | $ | 14,323 | $ | 12,624 | 1,699 | 13.5 | ||||||||
Cost of goods and services sold | 16,932 | 21,000 | (4,068) | (19.4) | ||||||||||
Gross loss | (2,609) | (8,400) | 5,791 | (68.9) | ||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||||||
(in thousands) | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||
Net loss attributable to Pyxus International, Inc. | $ | (20,608) | $ | (30,830) | $ | (39,141) | $ | (82,119) | ||||||
Plus: Interest expense | 28,654 | 26,668 | 118,458 | 111,043 | ||||||||||
Plus: Income tax expense | 18,317 | 3,398 | 34,127 | 12,640 | ||||||||||
Plus: Depreciation and amortization expense | 4,459 | 4,693 | 19,137 | 16,676 | ||||||||||
EBITDA (1) | 30,822 | 3,929 | 132,581 | 58,240 | ||||||||||
Plus: Reserves for doubtful customer receivables | 555 | 1,136 | 426 | 4,404 | ||||||||||
Plus: Other expense, net | 1,917 | 1,858 | 11,023 | 3,349 | ||||||||||
Plus: Restructuring and asset impairment charges (2) | 305 | 379 | 6,160 | 8,031 | ||||||||||
Plus: Goodwill impairment | — | 31,814 | — | 32,186 | ||||||||||
Plus: Debt restructuring (3) | 4,783 | 264 | 5,496 | 3,550 | ||||||||||
Plus: Pension retirement expense (4) | — | — | 2,724 | — | ||||||||||
Plus: Development of and exit from non-leaf-tobacco businesses (5) | 16 | 1,283 | 713 | 13,589 | ||||||||||
Plus: Other adjustments (6) | 237 | 2,405 | (316) | 3,347 | ||||||||||
Adjusted EBITDA (1) | $ | 38,635 | $ | 43,068 | $ | 158,807 | $ | 126,696 | ||||||
Total debt | $ | 1,001,049 | $ | 1,066,945 | ||||||||||
Less: Cash | 136,733 | 198,777 | ||||||||||||
Net debt (1) | $ | 864,316 | $ | 868,168 | ||||||||||
Net debt /Adjusted EBITDA (1) | 5.44x | 6.85x | ||||||||||||
Adjusted EBITDA (1) | $ | 158,807 | $ | 126,696 | ||||||||||
Interest expense | 118,458 | 111,043 | ||||||||||||
Interest coverage | 1.34x | 1.14x | ||||||||||||
Net cash used in operating activities | (27,223) | (13,934) | (137,822) | (198,765) | ||||||||||
Capital expenditures | (6,376) | (2,626) | (16,307) | (14,827) | ||||||||||
Collections from beneficial interests in securitized trade receivables (7) | 42,624 | 34,214 | 165,262 | 189,440 | ||||||||||
Free Cash Flow (1) | $ | 9,025 | $ | 17,654 | $ | 11,133 | $ | (24,152) | ||||||
Plus: Interest expense | 28,654 | 26,668 | 118,458 | 111,043 | ||||||||||
Plus: Income tax expense | 18,317 | 3,398 | 34,127 | 12,640 | ||||||||||
Adjusted Free Cash Flow (1) | $ | 55,996 | $ | 47,720 | $ | 163,718 | $ | 99,531 |
J^+? RK;ZA:B_P!,C^59!DA5]G'3Z,*[SQ)) MJT6ASOHB*]Z,;0V"0.^ >"?8UQ$/Q(U!XAIMSH1EU)_W6TDJ&)XY0C/X4\,I MR@TDI1[?J&+E3C43
J^+? RK;ZA:B_P!,C^59!DA5]G'3Z,*[SQ)) MJT6ASOHB*]Z,;0V"0.^ >"?8UQ$/Q(U!XAIMSH1EU)_W6TDJ&)XY0C/X4\,I MR@TDI1[?J&+E3C43
Cover |
Jun. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 06, 2023 |
Entity Registrant Name | Pyxus International, Inc. |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 000-25734 |
Entity Tax Identification Number | 85-2386250 |
Entity Address, Address Line One | 6001 Hospitality Court, Suite 100 |
Entity Address, City or Town | Morrisville |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 27560-2009 |
City Area Code | 919 |
Local Phone Number | 379-4300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000939930 |
-8?2
M0$3;8T.P6BP^0"X99K>]9!:G
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
]_&Q !XW^P3,(Z)Y<7!//P.5\AJKLP3KK-"VE70UM4V5W9FP M?@3>EBL+H>]EHH/>J^WV+/N]SNVJ?W_SCEN#Q7L G[+/6?HSUO G 56>4H* M$.M0@ .(0$2%"USHDRC /F6866T.;G4TT##PO.?U_,;*&K#E!N$VOTU#07?6 M^HD%%H39;Q/6L-%]HW#;\*_9*JQQKW:SL*Z]?='J^;^G_*XM3P)?!6%@,@*/ M%EE]"(CK!T )A3PD(\_%C;<<*GL86A!XKN0L43H:IF-PMJ]HE8EL7MJRIJ>O M&E=39JS*797>=ZI[E2WV7@"K=*BJ$E;=L/-9O &.HU MNF_>!6"!2R26R&O\AF]]-T.3],X9LU '[R/U!+ P04 " !<.<96(-?6(@\& #= M*@ % '!Y>"TR,#(S,#8P-E]P &ULU9I;3]S($L??^11S9E]/,7VU MNU%@Q6&3([3L!B599;4OH[Y4#U8\]JAM GS[TS:P"8& YV-VNZG_] MIMQ5GE<_7V_+Q6>,35%7ATNZ3Y8+K%SMBVISN/SCPQM0RY^/]O9>_0O@S_^\ M.UO\4KO++5;MXB2B:=$OKHKV8O'18_-I$6*]77RLXZ?BLP$XZB>=U+N;6&PN MV@4CC'][-AX8DDL?- -."0>1T1QT< *"T5ZA489)_^_- 249"3KSX&U@("2C MH%QF(>-"!:>L\-+U%RV+ZM-!]V)-@XNTN*KIOQXN+]IV=[!:75U=[5_;6.[7 M<;-BA/#5_>CEW?#K1^.O>#^::JU7_=F_AS;%4P/39>GJS]_.WKL+W!HHJJ8U ME>L,-,5!TQ\\JYUI>\W_T:_%=T=TW^!^&'2'@'9*[E\W?GFTMUC KOJ1JQ.ZL1#\K6?V][L\'#9%-M=B??'+B*& MPV6:"5U,4V2RSN!/M_-67^SN(C8)E7Z=9^G W?3.R#-\P.L6*X^W"[LW4=;N MP:"RD[7^>V9I+);]T;7'8MU?]=@V;32N74L9C!2H()-&@K *P0J*(!7G5A!F MB!$/E]SYW"2G^R@TZ/8W]>=5NG"*!F/=ATX0UHOQR-RM,,_S^_Y']R&-73MB ME/:Y!'3IQR*DXV#1Y, P$.506\74*+>_MO;0ZZ\#>AS=HHX>8\H:]^9,=(^" M^Y#8NQ&KG8GI0N NBM+?S^[2QQ2Q:NL)E+L-2W)WN4BK#A@C^K/;J'QWUQS71: M3^>_T)Z (%J (5Z"1A6LIBY'B1. \7^=&,2)F#LGT^D\"VS>%"7^?KFU&- !%YP12RASVDW R!>+@X"0@4Z[[&XAN:'.!F'8!"A\Q_P@+K*Y A <^=SA M&*OIG, X21_?Q@_U5;7.F.5I^VR!>((@0HY@/.I.%"0NSU7F[718?#$\" KU M@T#Q3#WGA$2_+WH;SV/]N:@(; MZX/@T#\('&.4G1,AYW73FO*O8M=OFX6B1.NN3 ;B^KNQ*I60?M#,]2":V5 MM]W]+$\['F9 &9X'HH26?%SE^:3982#,N( TIGA9!0*CVT.XV#&/ "6@G6!@7*$*J\$ MD7:*)QU/&A\&R>P;F..%?6$^CA/AOJ/\36DVZQ!RZK,L!T'ZLLG0KFR2D%%# M:< @9#:N ?' W# &9MRO?+YXL\@*)\GS:,K3E-BN?\6;M?8T>6E"PC853"*W MZ2XH.0+W(O= .]NY.="_=_R&/ M]OX'4$L! A0#% @ 7#G&5C40'BJ/10 L "TR,#(S,#8P-BYH=&U02P$" M% ,4 " !<.<96JM>HCFD" !N!P $ @ &I60 <'EX M+3(P,C,P-C V+GAS9%!+ 0(4 Q0 ( %PYQE8L4%]S)0D .P) 3 M " 4!< !P>7@M,C R,S V,#9?9S$N:G!G4$L! A0#% @ M7#G&5I%OP&4Y"0 1U( !0 ( !EF4 '!Y>"TR,#(S,#8P M-E]L86(N>&UL4$L! A0#% @ 7#G&5B#7UB(/!@ W2H !0 M ( ! 6\ '!Y>"TR,#(S,#8P-E]P &UL4$L%!@ & 8 @P$ ' $)U $! end