Pyxus International Inc

OTC Pink - Current Information:PYYXUnited States

Nov 12, 2024

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• Pyxus International, Inc. Reports Strong Second Quarter Fiscal 2025 Results, from 7:05AM ET on Tuesday Nov 12, 2024 by PR Newswire

  7:05AM ET on Tuesday Nov 12, 2024 by PR Newswire
  Companies Mentioned: PYYX

  Strong first half results and solid forward visibility support increased full-year guidance -

  Well-implemented strategies continuing to offset El Niño margin pressures -

  Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus," the "Company," "we," or "our"), a global value-added agricultural company, today announced results for its fiscal quarter ended September30, 2024.

• Pyxus International, Inc. Reports Strong Second Quarter Fiscal 2025 Results, from 7:05AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:05AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: PYYX
  ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- EBITDA (1) 47,059 54,400 31,832 97,422 94,822 181,368 132,581 183,968 177,644 Plus: (Recoveries) reserves for doubtful customer receivables (35) 116 839 122 251 640 426 511 667 Plus: Non-cash employee stock based compensation 601 -- -- 3,632 -- -- -- 3,632 -- Plus: Other expense, net 3,292 1,089 1,151 5,922 3,713 9,439 11,023 11,648 14,670 Plus: Restructuring and asset impairment charges (2) 224 1,254 5,310 327 1,294 4,799 6,160 3,832 1,844 Less: Gain on debt retirement 6,855 -- -- 8,178 -- 15,914 -- 24,092 -- Plus: Debt restructuring (3) -- 35 650 -- 175 330 5,496 155 5,021 Plus: Pension retirement expense (4) -- -- 2,724 -- -- 12,008 2,724 12,008 -- Plus: Other adjustments (5) 6 219 363 15 511 1,247 397 751 826 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Adjusted EBITDA (1) $ 44,292 $ 57,113 $ 42,869 $ 99,262 $ 100,766 $ 193,917 $ 158,807 $ 192,413 $ 200,672 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total debt $ 1,017,340 $ 1,001,049 $ 1,234,338 $ 1,164,227 Less: Cash and cash equivalents 92,569 136,733 123,486 112,098 ----------- ----------- ----------- ----------- Net Debt (1) $ 924,771 $ 864,316 $ 1,110,852 $ 1,052,129 =========== =========== =========== =========== Net Debt /Adjusted EBITDA (1) 4.77x 5.44x 5.77x 5.24x Adjusted EBITDA (1) $ 193,917 $ 158,807 $ 192,413 $ 200,672 Interest expense 132,174 118,458 137,429 127,106 Interest coverage 1.47x 1.34x 1.40x 1.58x Net cash (used in) provided by operating activities $ (28,093) $ 30,254 $ (44,178) $ (280,269) $ (255,420) $ (214,970) $ (137,822) $ (239,819) $ (106,574) Capital expenditures (4,687) (5,564) (3,216) (9,784) (9,225) (21,043) (16,307) (21,602) (20,106) Collections from beneficial interests in securitized trade receivables (6) 69,856 48,877 30,741 101,597 79,296 175,911 165,262 198,212 168,349 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Free Cash Flow (1) $ 37,076 $ 73,567 $ (16,653) $ (188,456) $ (185,349) $ (60,102) $ 11,133 $ (63,209) $ 41,669 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- (1) Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Free Cash Flow, and Net Debt are not measures of results of operations, cash flows from operations or indebtedness under generally accepted accounting principles in the United States ("U.S. GAAP") and should not be considered as an alternative to other U.S. GAAP measurements. We have presented EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt to adjust for the items identified above because we believe that it would be helpful to the readers of our financial information to understand the impact of these items on our reported amounts. This presentation enables readers to better compare our results to similar companies that may not incur the impact of various items identified above. Management acknowledges that there are many items that impact a company's reported results or operating cash flows and these lists are not intended to present all items that may have impacted these items. EBITDA, Adjusted EBITDA, Free Cash Flow, Net Debt, and any ratios calculated based on these measures are not necessarily comparable to similarly-titled measures used by other companies or appearing in our debt obligations or agreements. EBITDA, Adjusted EBITDA and Free Cash Flow as presented may not equal column or row totals due to rounding. (2) Amounts incurred during the fiscal year ended March 31, 2024 included employee separation charges primarily related to changes in the corporate organizational structure and the continued restructuring of certain leaf operations and asset impairment charges primarily related to continued restructuring of certain non-leaf agriculture operations. Amounts incurred during the fiscal year ended March 31, 2023 included employee separation and asset impairment charges primarily related to the restructuring of certain non-leaf operations and related inventory write-offs classified within cost of goods and services sold in the Company's condensed consolidated statements of operations. (3) Amounts incurred during the fiscal year ended March 31, 2023 included legal and professional fees incurred in connection with debt exchange transactions completed by the Company in February 2023 and with the amendment and extension of the Company's former delayed-draw term loan. (4) During the fiscal year ended March 31, 2024, the Company terminated one of its defined benefit pension plans in the U.K. ("U.K. Pension Plan"). The Company recorded a noncash pension settlement charge which included the disposition of the U.K. Pension Plan assets and reclassification of unrecognized net pension losses within accumulated other comprehensive income (loss) into the Company's condensed consolidated statements of operations. During the fiscal year ended March 31, 2023, the Company settled benefits with vested participants in the U.S. defined benefit pension plan ("U.S. Pension Plan") that elected a lump sum payout and made a cash contribution to fully fund the U.S. Pension Plan's liabilities in preparation to purchase a group annuity contract to administer future payments to the remaining U.S. Pension Plan participants. This adjustment includes pension settlement charges incurred during the fiscal year ended March 31, 2023 and were classified as loss on pension settlement expense and selling, general, and administration expenses in the Company's condensed consolidated statements of operations. (5) Includes the following items: (i) the addition of amortization of basis difference related to a former Brazilian subsidiary that is now deconsolidated following the completion of a joint venture in March 2014, (ii) the subtraction of the Adjusted EBITDA of the Company's former green leaf sourcing operation in Kenya, which is calculated on the same basis as Adjusted EBITDA presented in this table (in fiscal year 2016 the Company decided to exit green leaf sourcing in the Kenyan market as part of our restructuring program), (iii) the subtraction of a one-time interest receipt related to a legal settlement in South America during the three months ended June 30, 2022, (iv) the subtraction of the Adjusted EBITDA of the industrial hemp operations, which is calculated on the same basis as Adjusted EBITDA presented in this table, and (v) the subtraction of the loss incurred on the deconsolidation or disposition of certain non-leaf tobacco businesses. (6) Represents cash receipts from the beneficial interests on sold receivables under the Company's accounts receivable securitization programs and are classified as investing activities within the condensed consolidated statements of cash flows. (7) Items for the twelve months ended September 30, 2024 are derived by adding the items for the six months ended September 30, 2024 as presented in the table and the fiscal year ended March 31, 2024 and subtracting the items for the six months ended September 30, 2023. Items for the twelve months ended September 30, 2023 are derived by adding the items for the six months ended September 30, 2023 and the fiscal year ended March 31, 2023 and subtracting the items for the six months ended September 30, 2022.
  

• *DJ Pyxus International 2Q Loss/Shr 12c >PYYX, from 7:05AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:05AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: PYYX