Pyxus International Files 2024 10-K

TL;DR

Pyxus Intl (PYX) filed its 2024 10-K. Check financials for FY ending 3/31/24.

AI Summary

Pyxus International, Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, formerly known as Alliance One International, Inc. and Dimon Inc., is engaged in wholesale trade of farm product raw materials. The filing provides financial data and business operations details for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Pyxus International's financial performance and business activities for the fiscal year ended March 31, 2024.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing and does not inherently present new risks.

Key Players & Entities

• PYXUS INTERNATIONAL, INC. (company) — Filer
• ALLIANCE ONE INTERNATIONAL, INC. (company) — Former company name
• DIMON INC (company) — Former company name
• 20240331 (date) — Fiscal year end

FAQ

Filing Documents

• pyx-20240331.htm (10-K) — 2700KB
• pyx-20240331xex1020.htm (EX-10.20) — 75KB
• pyx-20240331xex21.htm (EX-21) — 18KB
• pyx-20240331xex231.htm (EX-23.1) — 2KB
• pyx-20240331xex3101.htm (EX-31.01) — 10KB
• pyx-20240331xex3102.htm (EX-31.02) — 10KB
• pyx-20240331xex32.htm (EX-32) — 5KB
• pyx-20240331_g1.jpg (GRAPHIC) — 256KB
• 0000939930-24-000081.txt ( ) — 16414KB
• pyx-20240331.xsd (EX-101.SCH) — 104KB
• pyx-20240331_cal.xml (EX-101.CAL) — 146KB
• pyx-20240331_def.xml (EX-101.DEF) — 577KB
• pyx-20240331_lab.xml (EX-101.LAB) — 1137KB
• pyx-20240331_pre.xml (EX-101.PRE) — 941KB
• pyx-20240331_htm.xml (XML) — 2746KB

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18

[Reserved]

Item 6. [Reserved] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 34

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 35

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 83

Controls and Procedures

Item 9A. Controls and Procedures 83

Other Information

Item 9B. Other Information 84

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 Part III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 84

Executive Compensation

Item 11. Executive Compensation 85

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 86

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 86 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86

Form 10-K Summary

Item 16. Form 10-K Summary 89

Signatures

Signatures 90 3 PART I

Business

Item 1. Business Company Overview This Annual Report on Form 10-K (this "Annual Report") is being filed by Pyxus International, Inc. (the "Company," "Pyxus," "we," or "us"). Pyxus is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to customers. The Company is a trusted provider of responsibly sourced, independently verified, sustainable, and traceable products and ingredients, principally leaf tobacco. The Company has one reportable segment for financial reporting purposes: Leaf. An All Other category is included for purposes of reconciliation of respective balances for the Leaf segment. All Other revenue is primarily composed of revenue from the sale of e-liquids and non-tobacco agriculture products. See " Note 1. Basis of Presentation and Summary of Significant Accounting Policies " to the "Notes to the Consolidated Financial Statements" for additional information. Leaf Tobacco Operations Our leaf tobacco revenues are principally comprised of sales of processed leaf tobacco and fees charged for processing and related services to manufacturers of tobacco products. Our leaf tobacco operations deal primarily in flue-cured, burley, and oriental tobaccos that are used in international cigarette brands. We purchase tobacco on five continents and ship to customers globally . We primarily purchase tobacco directly from suppliers. In those instances, we assume the risk of matching the quantities and grades required by our customers to the crop we must purchase under contract. Our arrangements with suppliers vary depending on our predictions of future supply and demand, local historical practice and availability of capital. In some locales, we purchase seeds, fertilizer, pesticides, and other products related to growing tobacco, which represent prepaid inventory, and issue them to suppliers with whom we have purchase contracts. The suppliers, who generally operate small farms, then

Risk Factors

Item 1A. Risk Factors The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report. Any of the following risks could materially adversely affect our business, our operating results, our financial condition, and the actual outcome of matters as to which forward-looking statements are made in this Annual Report. Risks Related to Our Leaf Tobacco Operations Our reliance on a small number of significant customers may adversely affect our financial results. The customers of our leaf tobacco business are manufacturers of cigarette and other tobacco products. Several of these customers individually may account for a significant portion of our sales in a normal year. For the year ended March 31, 2024, Philip Morris International Inc., China National Tobacco Corporation, and Japan Tobacco International each accounted for 10% or more of our total sales and other operating revenues. In addition, tobacco product manufacturers have experienced consolidation and further consolidation among our customers could decrease customer demand for our leaf tobacco or processing services. The loss of one or more of our significant customers could have a material adverse effect on our financial results. Vertical integration by our customers could materially adversely affect our financial performance. Demand for our leaf tobacco or processing services could be materially reduced if cigarette manufacturers make the decision to significantly vertically integrate their operations, through the acquisition of our competitors, establishing new operations, contracting directly with suppliers, or otherwise. In general, our results of operations have not been adversely affected by vertical integration initiatives, and some customers have reversed certain aspects of their previous vertical integration of operations. However, further vertical integration by our customers could have a material a

View Full Filing

View this 10-K filing on SEC EDGAR