Company Quick10K Filing
Alliance One
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 9 $146
10-Q 2020-02-10 Quarter: 2019-12-31
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-K 2019-06-14 Annual: 2019-03-31
10-Q 2019-02-11 Quarter: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-K 2018-06-07 Annual: 2018-03-31
10-Q 2018-02-08 Quarter: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-K 2017-06-14 Annual: 2017-03-31
10-Q 2017-02-06 Quarter: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-K 2016-07-12 Annual: 2016-03-31
10-Q 2016-05-25 Quarter: 2015-12-31
10-Q 2016-05-25 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-K 2015-06-08 Annual: 2015-03-31
10-Q 2015-02-09 Quarter: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-K 2014-06-05 Annual: 2014-03-31
10-Q 2014-02-04 Quarter: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-K 2013-06-17 Annual: 2013-03-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-K 2012-06-13 Annual: 2012-03-31
10-Q 2012-02-09 Quarter: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-K 2011-06-10 Annual: 2011-03-31
10-Q 2011-02-04 Quarter: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-K 2010-06-14 Annual: 2010-03-31
10-Q 2010-02-08 Quarter: 2009-12-31
8-K 2020-02-18 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2020-02-10 Earnings, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-09 Exit Costs, Regulation FD, Exhibits
8-K 2019-08-15 Officers, Shareholder Vote, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-14 Earnings, Exhibits
8-K 2019-05-16 Regulation FD, Exhibits
8-K 2019-02-12 Officers, Amend Bylaw, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2018-11-15 Officers
8-K 2018-11-14 Officers, Amend Bylaw, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-11-05 Exit Costs
8-K 2018-09-12 Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2018-08-16 Shareholder Vote
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-20 Officers, Amend Bylaw, Exhibits
8-K 2018-06-07 Earnings, Exhibits
8-K 2018-02-08 Earnings, Regulation FD, Exhibits
AOI 2019-12-31
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.01 pyx-2019x12x31xex31x01.htm
EX-31.02 pyx-2019x12x31xex31x02.htm
EX-32 pyx-2019x12x31xex32.htm

Alliance One Earnings 2019-12-31

AOI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DWCH 152 62 35 42 0 -9 -7 146 0% -21.0 -15%
MJNE 147 6 1 0 0 -2 -2 145 -59.6 -41%
NTRB 146 2 1 1 -0 -2 -2 146 -9% -74.9 -86%
NWBO 146 15 68 1 0 -14 -8 156 0% -18.5 -94%
FKYS 146 1,004 878 0 0 10 22 182 8.2 1%
AOI 146 1,966 1,835 1,787 249 -131 123 878 14% 7.1 -7%
KTYB 144 1,083 967 0 0 12 23 116 5.0 1%
APLT 142 47 7 0 0 -17 -17 101 -5.9 -37%
TRVI 141 75 7 0 0 -12 -12 70 -5.8 -16%
FNRN 141 1,232 1,107 0 0 14 21 17 0.8 1%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED December 31, 2019.

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______.

001-13684  
(Commission File Number)
pyx-20191231_g1.jpg
Pyxus International, Inc.
(Exact name of registrant as specified in its charter)
Virginia54-1746567  
(State or other jurisdiction of incorporation)
(I.R.S. Employer
Identification No.)
 8001 Aerial Center Parkway
Morrisville,North Carolina27560  
(Address of principal executive offices)(Zip Code)
(919) 379-4300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Exchange On Which Registered
Common Stock (no par value)PYXNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company' in Rule 12b-2 of the Exchange Act.   

Large Accelerated Filer       Accelerated Filer       Non-Accelerated filer   
Smaller Reporting Company       Emerging Growth Company   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes No

As of January 31, 2020, the registrant had 9,177,268 shares outstanding of Common Stock (no par value) excluding 785,313 shares owned by a wholly owned subsidiary.
-1-


pyx-20191231_g2.jpg
Pyxus International, Inc. and Subsidiaries
Table of Contents
Page No.
Forward-Looking Statements3
Part I.
Item 1.
Financial Statements (Unaudited)
Three and Nine Months Ended December 31, 2019 and 2018
Three and Nine Months Ended December 31, 2019 and 2018
December 31, 2019 and 2018 and March 31, 2019
Three and Nine Months Ended December 31, 2019 and 2018
Nine Months Ended December 31, 2019 and 2018
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 6.

-2-


Forward-Looking Statements
Readers are cautioned that the statements contained in this report regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which are based on current expectations of future events, may be identified by the use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets,” and other words of similar meaning. These statements also may be identified by the fact that they do not relate strictly to historical or current facts. If underlying assumptions prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. Some of these risks and uncertainties include changes in the timing of anticipated shipments, changes in anticipated geographic product sourcing, changes in relevant capital markets affecting the terms and availability of financing, political instability, currency and interest rate fluctuations, shifts in the global supply and demand position for tobacco products, changes in tax laws and regulations or the interpretation of tax laws and regulations, resolution of tax matters, adverse weather conditions, the impact of disasters or other unusual events affecting international commerce, including impacts from the strain of coronavirus reported to have recently surfaced in Wuhan, China, changes in costs incurred in supplying products and related services, uncertainties with respect to the impact of regulation associated with new business lines, including the risk of obtaining anticipated regulatory approvals in Canada and for nicotine e-liquids products in the United States, uncertainties regarding the regulation of the production and distribution of hemp products and continued compliance with applicable regulatory requirements, uncertainties with respect to the development of the industries and markets of the new business lines, consumer acceptance of products offered by the new business lines, uncertainties with respect to the timing and extent of retail and product-line expansion, the impact of increasing competition in the new business lines, uncertainties regarding obtaining financing to fund planned facilities expansions, the possibility of delays in the completion of facilities expansions and uncertainties regarding the potential production yields of new or expanded facilities, as well as the progress of legalization of cannabis for medicinal and adult recreational uses in other jurisdictions. A further list and description of these risks, uncertainties, and other factors can be found in the “Risk Factors” section of our annual report on Form 10-K for the fiscal year ended March 31, 2019, in Part II, Item 1A "Risk Factors" in the Company's Quarterly Reports on Form 10-Q for the periods ended June 30, 2019 and September 30, 2019, and in Part II, Item 1A of this report, and in our other filings with the Securities and Exchange Commission. We do not undertake to update any forward-looking statements that we may make from time to time.
-3-


Part I. Financial Information

Item 1. Financial Statements


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
(in thousands, except per share data)2019201820192018
Sales and other operating revenues$363,260  $524,487  $1,022,911  $1,210,351  
Cost of goods and services sold308,133  449,776  867,852  1,045,042  
Gross profit55,127  74,711  155,059  165,309  
Selling, general, and administrative expenses45,911  41,680  142,551  118,759  
Other (expense) income, net(401) 7,991  4,061  13,473  
Restructuring and asset impairment charges672  1,667  892  3,390  
Operating income8,143  39,355  15,677  56,633  
Debt retirement benefit  (1,281)   (1,754) 
Interest expense (includes debt amortization of $2,559 and $2,325 for the three months and $7,478 and $7,020 for the nine months in 2019 and 2018, respectively)
32,200  33,947  101,346  102,182  
Interest income442  962  2,966  2,587  
(Loss) income before income taxes and other items(23,615) 7,651  (82,703) (41,208) 
Income tax (benefit) expense(914) 17,354  25,238  26,900  
Income from unconsolidated affiliates255  4,701  6,728  6,852  
Net loss(22,446) (5,002) (101,213) (61,256) 
Net (loss) income attributable to noncontrolling interests(453) 93  (905) (769) 
Net loss attributable to Pyxus International, Inc.$(21,993) $(5,095) $(100,308) $(60,487) 
Loss per share:
Basic$(2.40) $(0.56) $(10.98) $(6.69) 
Diluted$(2.40) $(0.56) $(10.98) $(6.69) 
Weighted average number of shares outstanding:
Basic9,166  9,068  9,137  9,048  
Diluted9,166  9,068  9,137  9,048  
See "Notes to Condensed Consolidated Financial Statements"



-4-


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
(in thousands)2019201820192018
Net loss$(22,446) $(5,002) $(101,213) $(61,256) 
Other comprehensive income (loss), net of tax:
Currency translation adjustment1,871  (2,310) (474) (7,628) 
Defined benefit pension amounts reclassified to income312  285  934  853  
Change in pension liability for settlements799  (1,162) (1,213) (391) 
Change in the fair value of derivatives designated as cash flow hedges  (3,752) (147) (3,752) 
Amounts reclassified to income for derivatives576  2,161  2,520  1,445  
Total other comprehensive income (loss), net of tax3,558  (4,778) 1,620  (9,473) 
Total comprehensive loss(18,888) (9,780) (99,593) (70,729) 
Comprehensive loss attributable to noncontrolling interests(405) (430) (846) (1,216) 
Comprehensive loss attributable to Pyxus International, Inc.$(18,483) $(9,350) $(98,747) $(69,513) 
See "Notes to Condensed Consolidated Financial Statements"



-5-


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)December 31, 2019December 31, 2018March 31, 2019
Assets
Current assets
Cash and cash equivalents$72,230  $209,160  $192,043  
Restricted cash2,359  6,335  5,378  
Trade receivables, net180,404  268,747  290,097  
Other receivables12,257  21,305  20,900  
Accounts receivable, related parties6,418  5,077  5,633  
Notes receivable, related parties406    150  
Inventories871,850  827,782  668,171  
Advances to tobacco suppliers61,536  51,135  19,754  
Recoverable income taxes9,751  8,538  5,421  
Prepaid expenses22,447  17,325  15,934  
Other current assets14,345  16,212  15,027  
Total current assets1,254,003  1,431,616  1,238,508  
Restricted cash389  389  389  
Long-term notes receivable, related parties7,466  742  545  
Investments in unconsolidated affiliates69,368  68,351  69,459  
Goodwill34,570  34,109  34,336  
Other intangible assets, net67,404  70,074  71,781  
Deferred income taxes, net115,947  106,610  116,451  
Long-term recoverable income taxes2,618  898  3,067  
Other deferred charges1,421  2,634  2,175  
Other noncurrent assets48,533  43,514  46,168  
Right-of-use assets43,372      
Property, plant, and equipment, net303,956  264,782  276,396  
Total assets$1,949,047  $2,023,719  $1,859,275  
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable to banks$580,346  $583,407  $428,961  
Accounts payable61,076  49,373  87,049  
Accounts payable, related parties11,077  18,372  19,054  
Advances from customers19,227  45,900  16,436  
Accrued expenses and other current liabilities103,351  98,233  91,282  
Income taxes payable15,444  6,513  3,728  
Operating leases payable14,033      
Current portion of long-term debt325  165  332  
Total current liabilities804,879  801,963  646,842  
Long-term taxes payable8,523  10,718  10,718  
Long-term debt902,461  897,195  898,386  
Deferred income taxes30,396  12,437  26,813  
Liability for unrecognized tax benefits12,233  11,026  11,189  
Long-term leases28,206      
Pension, postretirement, and other long-term liabilities70,315  72,013  73,308  
Total liabilities1,857,013  1,805,352  1,667,256  
Commitments and contingencies
Stockholders’ equityDecember 31, 2019December 31, 2018March 31, 2019
Common Stock—no par value:
Authorized shares250,000  250,000  250,000  
Issued shares9,963  9,866  9,881  469,450  474,603  468,936  
Retained deficit(324,192) (213,905) (223,884) 
Accumulated other comprehensive loss(59,781) (57,218) (61,342) 
Total stockholders’ equity of Pyxus International, Inc.85,477  203,480  183,710  
Noncontrolling interests6,557  14,887  8,309  
Total stockholders’ equity92,034  218,367  192,019  
Total liabilities and stockholders’ equity$1,949,047  $2,023,719  $1,859,275  
See "Notes to Condensed Consolidated Financial Statements"

-6-


Pyxus International, Inc. and Subsidiaries
Condensed Statements of Consolidated Stockholders' Equity
(Unaudited)
Attributable to Pyxus International, Inc.
Accumulated Other Comprehensive Loss
(in thousands)Common
Stock
Retained
Deficit
Currency Translation AdjustmentPensions,
Net of Tax
Loss on Derivatives, Net of Tax Noncontrolling
Interests
Total Stockholders' Equity
Balance, March 31, 2019$468,936  $(223,884) $(21,979) $(36,749) $(2,614) $8,309  $192,019  
Net loss attributable to Pyxus International, Inc.—  (61,797) —  —  —  (366) (62,163) 
Stock-based compensation429  —  —  —  —  —  429  
Other comprehensive (loss) income, net of tax—  —  (430) 311  369  30  280  
Balance, June 30, 2019469,365  (285,681) (22,409) (36,438) (2,245) 7,973  130,565  
Net loss attributable to Pyxus International, Inc.—  (16,518) —  —  —  (86) (16,604) 
Restricted stock surrender(12) —  —  —  —  —  (12) 
Stock-based compensation383  —  —  —  —  —  383  
Dividends paid—  —  —  —  —  (480) (480) 
Other comprehensive (loss) income, net of tax—  —  (1,925) (1,701) 1,428  (19) (2,217) 
Balance, September 30, 2019469,736  (302,199) (24,334) (38,139) (817) 7,388  111,635  
Net loss attributable to Pyxus International, Inc.—  (21,993) —  —  —  (453) (22,446) 
Stock-based compensation242  —  —  —  —  —  242  
Purchase of noncontrolling interests in a subsidiary(528) —  33  —  —  (426) (921) 
Other comprehensive income, net of tax—  —  1,789  1,111  576  48  3,524  
Balance, December 31, 2019$469,450  $(324,192) $(22,512) $(37,028) $(241) $6,557  $92,034  


-7-


Pyxus International, Inc. and Subsidiaries
Condensed Statements of Consolidated Stockholders' Equity
(Unaudited)
Attributable to Pyxus International, Inc.
Accumulated Other Comprehensive Loss
(in thousands)Common
Stock
Retained
Deficit
Currency Translation AdjustmentPensions,
Net of Tax
Loss on Derivatives, Net of Tax Noncontrolling
Interests
Total Stockholders' Equity
Balance, March 31, 2018$473,476  $(156,348) $(12,682) $(32,580) $  $10,962  $282,828  
Net loss attributable to Pyxus International, Inc.—  (759) —  —  —  (654) (1,413) 
Stock-based compensation295  —  —  —  —  —  295  
Purchase of investment in subsidiary—  —  —  —  —  5,531  5,531  
Other comprehensive (loss) income, net of tax—  —  (5,136) 366  (1,496) (175) (6,441) 
Balance, June 30, 2018473,771  (157,107) (17,818) (32,214) (1,496) 15,664  280,800  
Net loss attributable to Pyxus International, Inc.—  (54,634) —  —  —  (208) (54,842) 
Restricted stock surrender(8) —  —  —  —  —  (8) 
Stock-based compensation458  —  —  —  —  —  458  
Other comprehensive (loss) income, net of tax—  —  (257) 973  780  251  1,747  
Balance, September 30, 2018474,221  (211,741) (18,075) (31,241) (716) 15,707  228,155  
Net (loss) income attributable to Pyxus International, Inc.—  (5,095) —  —  —  93  (5,002) 
Restricted stock surrender(20) —  —  —  —  —  (20) 
Stock-based compensation402  —  —  —  —  —  402  
Dividends paid—  —  —  —  —  (390) (390) 
Impact of adoption of ASU 2018-02—  2,931  —  (2,931) —  —  —  
Other comprehensive loss, net of tax—  —  (1,787) (877) (1,591) (523) (4,778) 
Balance, December 31, 2018$474,603  $(213,905) $(19,862) $(35,049) $(2,307) $14,887  $218,367  
*Amounts may not equal column totals due to rounding
See "Notes to Condensed Consolidated Financial Statements"





-8-


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended December 31,
(in thousands)20192018
Operating Activities:
Net loss$(101,213) $(61,256) 
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization26,003  26,887  
Debt amortization/interest9,356  8,739  
Debt retirement benefit  (1,754) 
Gain on foreign currency transactions(3,921) (1,220) 
Asset impairment charges260  891  
Gain on sale of property, plant, and equipment(168) (2,155) 
Gain on insurance proceeds received for destroyed buildings  (6,460) 
Income from unconsolidated affiliates, net of dividends(128) (1,486) 
Bad debt expense  2,136  
Stock-based compensation1,054  1,155  
Changes in operating assets and liabilities, net(323,681) (315,113) 
Other, net5,220  11,143  
Net cash used by operating activities(387,218) (338,493) 
Investing Activities:
Purchases of property, plant, and equipment(51,479) (35,327) 
Proceeds from sale of property, plant, and equipment1,844  5,179  
Collections on beneficial interests on securitized trade receivables 174,741  171,565  
Loans to unconsolidated affiliates(5,250)   
Insurance proceeds received for destroyed buildings  6,460  
Payments to acquire controlling interests, net of cash acquired  (8,692) 
Other, net(240) (886) 
Net cash provided by investing activities119,616  138,299  
Financing Activities:
Net proceeds from short-term borrowings156,784  173,548  
Repayment of long-term borrowings(91) (25,132) 
Debt issuance cost(5,245) (5,072) 
Purchase of noncontrolling interests in a subsidiary(921)   
Other, net(480) (459) 
Net cash provided by financing activities150,047  142,885  
Effect of exchange rate changes on cash(5,277) 5,160  
Decrease in cash, cash equivalents, and restricted cash(122,832) (52,149) 
Cash and cash equivalents at beginning of period192,043  264,660  
Restricted cash at beginning of period