Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance
Phibro Animal Health Corporation (Nasdaq: PAHC) reported strong Q4 and full-year results for fiscal year 2021, with net sales of $220 million in Q4, up 19% year-over-year, and $833 million for the year, an increase of 4%. Net income surged to $17 million in Q4, reflecting a 203% increase, and $54 million for the year, a 62% rise. Diluted EPS also rose to $0.42 for Q4 and $1.34 for the full year. Guidance for FY 2022 projects net sales of $840-$870 million and net income of $45-$47 million.
- Q4 net sales increased 19% year-over-year to $220 million.
- Net income for Q4 rose to $17 million, up 203%.
- Diluted EPS in Q4 increased to $0.42, a 200% rise.
- Full-year net sales grew to $833 million, up 4%.
- Projected FY 2022 net sales guidance of $840-$870 million.
- Gross margin decreased by 90 basis points to 31.7% in Q4.
- SG&A expenses rose 19% in Q4, potentially limiting future profitability.
- Guidance assumes continued challenges from the COVID-19 pandemic.
-
Highlights for the three months ended
June 30, 2021 (compared to the three months endedJune 30, 2020 )-
Net sales of
$220 million $34 million 19% -
Net income of
$17 million $12 million 203% -
Diluted EPS of
$0.42 $0.28 200% -
Adjusted EBITDA of
$27 million $3 million 13% -
Adjusted Net Income of
$13 million $6 million 89% -
Adjusted diluted EPS of
$0.32 $0.15 88%
-
Net sales of
-
Highlights for the year ended
June 30, 2021 (compared to the year endedJune 30, 2020 )-
Net sales of
$833 million $33 million 4% -
Net income of
$54 million $21 million 62% -
Diluted EPS of
$1.34 $0.51 61% -
Adjusted EBITDA of
$108 million $6 million 6% -
Adjusted Net Income of
$51 million $8 million 17% -
Adjusted diluted EPS of
$1.27 $0.19 18%
-
Net sales of
-
Financial guidance for the year ending
June 30, 2022 , of$840 $870 million $45 $47 million $110 $114 million
COMMENTARY
“We ended our fiscal year strong, posting our fourth consecutive quarter of net sales growth and ahead of our fourth quarter projections. Strong net sales and one-off tax benefits drove diluted EPS of
QUARTERLY RESULTS
Net sales
Net sales of
Net sales of
Mineral Nutrition
Net sales of
Performance Products
Net sales of
Gross profit
Gross profit of
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of
Animal Health SG&A increased
Interest expense, net
Interest expense, net of
Foreign currency gains, net
Foreign currency gains, net were
Provision for income taxes
The benefit for income taxes was
Net income
Net income of
Adjusted EBITDA
Adjusted EBITDA of
Adjusted provision for income taxes
The adjusted effective income tax rates for the three months ended
Adjusted Net Income
Adjusted net income of
Adjusted diluted EPS
Adjusted diluted EPS was
FULL-YEAR RESULTS
Net sales
Net sales of
Net sales of
Mineral Nutrition
Net sales of
Performance Products
Net sales of
Gross profit
Gross profit of
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of
Animal Health SG&A increased
Interest expense, net
Interest expense, net of
Foreign currency (gains) losses, net
Foreign currency gains, net for the year ended
Provision for income taxes
The provision for income taxes was
Net income
Net income of
Adjusted EBITDA
Adjusted EBITDA of
Adjusted provision for income taxes
The adjusted effective income tax rates for the year ended
Adjusted Net Income
Adjusted net income of
Adjusted diluted EPS
Adjusted diluted EPS was
BALANCE SHEET AND CASH FLOWS
-
3.6x leverage ratio as of
June 30, 2021 -
$393 million -
$108 million June 30, 2021
-
-
$93 million $152 million June 30, 2021 -
$4 million June 30, 2021 -
$30 million June 30, 2021
FINANCIAL GUIDANCE
Our projected financial results for the year ending
-
Net sales of approximately
$840.0 $870.0 million -
Net income of approximately
$45.0 $47.0 million -
Diluted EPS of approximately
$1.11 $1.16 -
Adjusted EBITDA of approximately
$110.0 $114.0 million -
Adjusted Net Income of approximately
$50.7 $53.3 million -
Adjusted diluted EPS of approximately
$1.25 $1.32 -
Adjusted effective tax rate of approximately
29% -31%
This financial guidance assumes incremental operating expenses of approximately
Projected net sales and Adjusted EBITDA reflect year on year growth of 1
Due to seasonality, and consistent with historical trends prior to COVID-19, we expect a decline in fiscal year 2022 first quarter top and bottom-line financial performance relative to the fourth quarter of the prior fiscal year.
Although we are encouraged by the improving trends in our business and are providing full year guidance, the COVID-19 global pandemic continues to present challenges to the animal health industry, including but not limited to demand disruption and production impacts. Our guidance assumes that the current situation domestically and abroad will stabilize as we progress through our next fiscal year, but we will continue to monitor the impact the pandemic is having on our business and adjust guidance, if necessary.
WEBCAST & CONFERENCE CALL DETAILS
Date: |
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Time: |
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Location: |
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+1 (833) 968-1955 |
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International Toll: |
+1 (647) 689-6656 |
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Conference ID: |
4134939 |
NOTE: To join this conference call, all participants will be required to provide the Conference ID number.
A replay of the webcast will be archived and made available on Phibro’s website.
DISCLOSURE NOTICES
Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro.
Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us.
| Consolidated Results of Operations | |||||||||||||||||||||||||||
| Three Months | Twelve Months | ||||||||||||||||||||||||||
| For the Periods Ended |
|
2021 |
|
|
2020 |
|
Change |
|
2021 |
|
|
2020 |
|
Change |
|||||||||||||
| (in millions, except per share amounts and percentages) | |||||||||||||||||||||||||||
| Net sales | $ |
220.3 |
|
$ |
185.9 |
|
$ |
34.4 |
|
19 |
% |
$ |
833.4 |
|
$ |
800.4 |
|
$ |
33.0 |
|
4 |
% |
|||||
| Cost of goods sold |
|
150.5 |
|
|
125.3 |
|
|
25.1 |
|
20 |
% |
|
562.0 |
|
|
543.5 |
|
|
18.5 |
|
3 |
% |
|||||
| Gross profit |
|
69.8 |
|
|
60.6 |
|
|
9.3 |
|
15 |
% |
|
271.4 |
|
|
256.9 |
|
|
14.5 |
|
6 |
% |
|||||
| Selling, general and administrative |
|
50.7 |
|
|
42.4 |
|
|
8.2 |
|
19 |
% |
|
196.5 |
|
|
187.7 |
|
|
8.8 |
|
5 |
% |
|||||
| Operating income |
|
19.2 |
|
|
18.1 |
|
|
1.0 |
|
6 |
% |
|
74.9 |
|
|
69.2 |
|
|
5.7 |
|
8 |
% |
|||||
| Interest expense, net |
|
3.9 |
|
|
2.8 |
|
|
1.1 |
|
40 |
% |
|
12.9 |
|
|
12.9 |
|
|
0.0 |
|
0 |
% |
|||||
| Foreign currency (gains) losses, net |
|
(0.9 |
) |
|
(1.1 |
) |
|
0.2 |
|
* |
|
(4.5 |
) |
|
0.8 |
|
|
(5.3 |
) |
* | |||||||
| Income before income taxes |
|
16.1 |
|
|
16.4 |
|
|
(0.3 |
) |
(2 |
)% |
|
66.5 |
|
|
55.5 |
|
|
11.0 |
|
20 |
% |
|||||
| Provision for income taxes |
|
(1.0 |
) |
|
10.7 |
|
|
(11.7 |
) |
* |
|
12.1 |
|
|
22.0 |
|
|
(9.9 |
) |
(45 |
)% |
||||||
| Net income | $ |
17.1 |
|
$ |
5.6 |
|
$ |
11.5 |
|
203 |
% |
$ |
54.4 |
|
$ |
33.6 |
|
$ |
20.8 |
|
62 |
% |
|||||
| Net income per share | |||||||||||||||||||||||||||
| basic | $ |
0.42 |
|
$ |
0.14 |
|
$ |
0.28 |
|
200 |
% |
$ |
1.34 |
|
$ |
0.83 |
|
$ |
0.51 |
|
61 |
% |
|||||
| diluted | $ |
0.42 |
|
$ |
0.14 |
|
$ |
0.28 |
|
200 |
% |
$ |
1.34 |
|
$ |
0.83 |
|
$ |
0.51 |
|
61 |
% |
|||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||
| basic |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|||||||||||||||
| diluted |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|||||||||||||||
| Gross profit |
|
31.7 |
% |
|
32.6 |
% |
|
32.6 |
% |
|
32.1 |
% |
|||||||||||||||
| Selling, general and administrative |
|
23.0 |
% |
|
22.8 |
% |
|
23.6 |
% |
|
23.5 |
% |
|||||||||||||||
| Operating income |
|
8.7 |
% |
|
9.7 |
% |
|
9.0 |
% |
|
8.6 |
% |
|||||||||||||||
| Income before income taxes |
|
7.3 |
% |
|
8.8 |
% |
|
8.0 |
% |
|
6.9 |
% |
|||||||||||||||
| Net income |
|
7.8 |
% |
|
3.0 |
% |
|
6.5 |
% |
|
4.2 |
% |
|||||||||||||||
| Effective tax rate |
|
(6.2 |
)% |
|
65.6 |
% |
|
18.2 |
% |
|
39.6 |
% |
|||||||||||||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||
| * Calculation not meaningful | |||||||||||||||||||||||||||
| Segment |
|||||||||||||||||||||||||||
| Three Months | Twelve Months | ||||||||||||||||||||||||||
| For the Periods Ended |
|
2021 |
|
|
2020 |
|
Change |
|
2021 |
|
|
2020 |
|
Change |
|||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| MFAs and other | $ |
91.2 |
|
$ |
72.6 |
|
$ |
18.6 |
|
26 |
% |
$ |
330.0 |
|
$ |
322.3 |
|
$ |
7.7 |
|
2 |
% |
|||||
| Nutritional specialties |
|
36.8 |
|
|
31.1 |
|
|
5.7 |
|
18 |
% |
|
142.8 |
|
|
129.3 |
|
|
13.5 |
|
10 |
% |
|||||
| Vaccines |
|
18.7 |
|
|
18.6 |
|
|
0.1 |
|
1 |
% |
|
72.9 |
|
|
75.3 |
|
|
(2.4 |
) |
(3 |
)% |
|||||
|
146.7 |
|
|
122.4 |
|
|
24.3 |
|
20 |
% |
|
545.7 |
|
|
526.9 |
|
|
18.8 |
|
4 |
% |
||||||
| Mineral Nutrition |
|
56.8 |
|
|
49.9 |
|
|
6.9 |
|
14 |
% |
|
220.6 |
|
|
214.4 |
|
|
6.1 |
|
3 |
% |
|||||
| Performance Products |
|
16.7 |
|
|
13.6 |
|
|
3.1 |
|
23 |
% |
|
67.1 |
|
|
59.0 |
|
|
8.0 |
|
14 |
% |
|||||
| Total | $ |
220.3 |
|
$ |
185.9 |
|
$ |
34.4 |
|
19 |
% |
$ |
833.4 |
|
$ |
800.4 |
|
$ |
33.0 |
|
4 |
% |
|||||
| Adjusted EBITDA | |||||||||||||||||||||||||||
$ |
29.5 |
|
$ |
29.6 |
|
$ |
(0.0 |
) |
(0 |
)% |
$ |
124.0 |
|
$ |
123.1 |
|
$ |
0.8 |
|
1 |
% |
||||||
| Mineral Nutrition |
|
4.7 |
|
|
3.5 |
|
|
1.2 |
|
34 |
% |
|
17.1 |
|
|
14.7 |
|
|
2.4 |
|
17 |
% |
|||||
| Performance Products |
|
2.3 |
|
|
0.7 |
|
|
1.6 |
|
216 |
% |
|
9.4 |
|
|
4.5 |
|
|
4.9 |
|
108 |
% |
|||||
| Corporate |
|
(9.5 |
) |
|
(9.9 |
) |
|
0.4 |
|
(4 |
)% |
|
(42.6 |
) |
|
(40.2 |
) |
|
(2.4 |
) |
6 |
% |
|||||
| Total | $ |
27.0 |
|
$ |
23.9 |
|
$ |
3.1 |
|
13 |
% |
$ |
107.9 |
|
$ |
102.1 |
|
$ |
5.7 |
|
6 |
% |
|||||
|
20.1 |
% |
|
24.2 |
% |
|
22.7 |
% |
|
23.4 |
% |
||||||||||||||||
| Mineral Nutrition |
|
8.2 |
% |
|
6.9 |
% |
|
7.8 |
% |
|
6.8 |
% |
|||||||||||||||
| Performance Products |
|
13.6 |
% |
|
5.3 |
% |
|
14.1 |
% |
|
7.7 |
% |
|||||||||||||||
| Corporate (1) |
|
(4.3 |
)% |
|
(5.3 |
)% |
|
(5.1 |
)% |
|
(5.0 |
)% |
|||||||||||||||
| Total (1) |
|
12.3 |
% |
|
12.8 |
% |
|
12.9 |
% |
|
12.8 |
% |
|||||||||||||||
| (1)reflects ratio to total net sales | |||||||||||||||||||||||||||
| Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||||||||||
| Net income | $ |
17.1 |
|
$ |
5.6 |
|
$ |
11.5 |
|
203 |
% |
$ |
54.4 |
|
$ |
33.6 |
|
$ |
20.8 |
|
62 |
% |
|||||
| Interest expense, net |
|
3.9 |
|
|
2.8 |
|
|
1.1 |
|
40 |
% |
|
12.9 |
|
|
12.9 |
|
|
0.0 |
|
0 |
% |
|||||
| Provision for income taxes |
|
(1.0 |
) |
|
10.7 |
|
|
(11.7 |
) |
* |
|
12.1 |
|
|
22.0 |
|
|
(9.9 |
) |
(45 |
)% |
||||||
| Depreciation and amortization |
|
7.8 |
|
|
8.2 |
|
|
(0.3 |
) |
(4 |
)% |
|
31.9 |
|
|
32.3 |
|
|
(0.5 |
) |
(1 |
)% |
|||||
| EBITDA |
|
27.9 |
|
|
27.4 |
|
|
0.5 |
|
2 |
% |
|
111.2 |
|
|
100.7 |
|
|
10.5 |
|
10 |
% |
|||||
| Stock-based compensation |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
* |
|
1.1 |
|
|
2.3 |
|
|
(1.1 |
) |
(50 |
)% |
||||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.4 |
|
|
(0.4 |
) |
* | |||||||
| Acquisition-related cost of goods sold |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.3 |
|
|
(0.3 |
) |
* | |||||||
| Acquisition-related transaction costs |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.5 |
|
|
(0.5 |
) |
* | |||||||
| Acquisition-related other, net |
|
- |
|
|
(3.0 |
) |
|
3.0 |
|
* |
|
- |
|
|
(2.8 |
) |
|
2.8 |
|
* | |||||||
| Foreign currency (gains) losses, net |
|
(0.9 |
) |
|
(1.1 |
) |
|
0.2 |
|
* |
|
(4.5 |
) |
|
0.8 |
|
|
(5.3 |
) |
* | |||||||
| Adjusted EBITDA | $ |
27.0 |
|
$ |
23.9 |
|
$ |
3.1 |
|
13 |
% |
$ |
107.9 |
|
$ |
102.1 |
|
$ |
5.7 |
|
6 |
% |
|||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||
| * Calculation not meaningful | |||||||||||||||||||||||||||
| Adjusted Net Income | ||||||||||||||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||||||||||||||
| For the Periods Ended |
|
2021 |
|
|
2020 |
|
Change |
|
2021 |
|
|
2020 |
|
Change |
||||||||||||||
| (in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||
| Adjusted cost of goods sold | $ |
149.0 |
|
$ |
123.8 |
|
$ |
25.2 |
|
20 |
% |
$ |
555.9 |
|
$ |
536.9 |
|
$ |
19.1 |
|
4 |
% |
||||||
| Adjusted gross profit |
|
71.3 |
|
|
62.1 |
|
|
9.2 |
|
15 |
% |
|
277.4 |
|
|
263.5 |
|
|
13.9 |
|
5 |
% |
||||||
| Adjusted selling, general and administrative |
|
50.0 |
|
|
44.2 |
|
|
5.8 |
|
13 |
% |
|
192.7 |
|
|
184.8 |
|
|
7.9 |
|
4 |
% |
||||||
| Adjusted interest expense, net |
|
2.9 |
|
|
2.7 |
|
|
0.2 |
|
6 |
% |
|
11.9 |
|
|
12.6 |
|
|
(0.7 |
) |
(6 |
)% |
||||||
| Adjusted income before income taxes |
|
18.4 |
|
|
15.2 |
|
|
3.2 |
|
21 |
% |
|
72.9 |
|
|
66.1 |
|
|
6.8 |
|
10 |
% |
||||||
| Adjusted provision for income taxes |
|
5.6 |
|
|
8.4 |
|
|
(2.8 |
) |
(33 |
)% |
|
21.5 |
|
|
22.3 |
|
|
(0.8 |
) |
(4 |
)% |
||||||
| Adjusted net income | $ |
12.8 |
|
$ |
6.8 |
|
$ |
6.0 |
|
89 |
% |
$ |
51.3 |
|
$ |
43.8 |
|
$ |
7.5 |
|
17 |
% |
||||||
| Adjusted net income per share | ||||||||||||||||||||||||||||
| diluted | $ |
0.32 |
|
$ |
0.17 |
|
$ |
0.15 |
|
88 |
% |
$ |
1.27 |
|
$ |
1.08 |
|
$ |
0.19 |
|
18 |
% |
||||||
| Weighted average common shares outstanding | ||||||||||||||||||||||||||||
| diluted |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
||||||||||||||||
| Adjusted gross profit |
|
32.4 |
% |
|
33.4 |
% |
|
33.3 |
% |
|
32.9 |
% |
||||||||||||||||
| Adjusted selling, general and administrative |
|
22.7 |
% |
|
23.8 |
% |
|
23.1 |
% |
|
23.1 |
% |
||||||||||||||||
| Adjusted income before income taxes |
|
8.4 |
% |
|
8.2 |
% |
|
8.7 |
% |
|
8.3 |
% |
||||||||||||||||
| Adjusted net income |
|
5.8 |
% |
|
3.6 |
% |
|
6.2 |
% |
|
5.5 |
% |
||||||||||||||||
| Adjusted effective tax rate |
|
30.5 |
% |
|
55.4 |
% |
|
29.5 |
% |
|
33.7 |
% |
||||||||||||||||
| Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||||||||||||
| Net income | $ |
17.1 |
|
$ |
5.6 |
|
$ |
11.5 |
|
203 |
% |
$ |
54.4 |
|
$ |
33.6 |
|
$ |
20.8 |
|
62 |
% |
||||||
| Acquisition-related intangible amortization(1) |
|
1.5 |
|
|
1.5 |
|
|
(0.1 |
) |
(4 |
)% |
|
6.0 |
|
|
6.3 |
|
|
(0.3 |
) |
(5 |
)% |
||||||
| Acquisition-related intangible amortization(2) |
|
0.7 |
|
|
0.7 |
|
|
0.0 |
|
0 |
% |
|
2.7 |
|
|
2.5 |
|
|
0.2 |
|
6 |
% |
||||||
| Stock-based compensation (2) |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
* |
|
1.1 |
|
|
2.3 |
|
|
(1.1 |
) |
(50 |
)% |
|||||||
| Restructuring costs (2) |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.4 |
|
|
(0.4 |
) |
* | ||||||||
| Acquisition-related cost of goods sold |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.3 |
|
|
(0.3 |
) |
* | ||||||||
| Acquisition-related transaction costs(2) |
|
- |
|
|
- |
|
|
- |
|
* |
|
- |
|
|
0.5 |
|
|
(0.5 |
) |
* | ||||||||
| Acquisition-related other, net (2) |
|
- |
|
|
(3.0 |
) |
|
3.0 |
|
* |
|
- |
|
|
(2.8 |
) |
|
2.8 |
|
* | ||||||||
| Acquisition-related accrued interest |
|
- |
|
|
0.1 |
|
|
(0.1 |
) |
* |
|
- |
|
|
0.3 |
|
|
(0.3 |
) |
* | ||||||||
| Refinancing expense |
|
1.0 |
|
|
- |
|
|
1.0 |
|
* |
|
1.0 |
|
|
- |
|
|
1.0 |
|
* | ||||||||
| Foreign currency (gains) losses, net(3) |
|
(0.9 |
) |
|
(1.1 |
) |
|
0.2 |
|
* |
|
(4.5 |
) |
|
0.8 |
|
|
(5.3 |
) |
* | ||||||||
| Adjustments to income taxes(4) |
|
(6.6 |
) |
|
2.3 |
|
|
(8.9 |
) |
* |
|
(9.4 |
) |
|
(0.3 |
) |
|
(9.1 |
) |
* | ||||||||
| Adjusted net income | $ |
12.8 |
|
$ |
6.8 |
|
$ |
6.0 |
|
89 |
% |
$ |
51.3 |
|
$ |
43.8 |
|
$ |
7.5 |
|
17 |
% |
||||||
| Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||
| * Calculation not meaningful | ||||||||||||||||||||||||||||
| (1)Included in cost of goods sold | ||||||||||||||||||||||||||||
| (2)Included in selling, general and administrative | ||||||||||||||||||||||||||||
| (3)Primarily related to intercompany balances | ||||||||||||||||||||||||||||
| (4)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||||||||||||
| Operating and Investing Cash Flows | |||||||||||||||||||||||
| Three Months | Twelve Months | ||||||||||||||||||||||
| For the Periods Ended |
|
2021 |
|
|
2020 |
|
Change |
|
2021 |
|
|
2020 |
|
Change |
|||||||||
| (in millions) | |||||||||||||||||||||||
| EBITDA | $ |
27.9 |
|
$ |
27.4 |
|
$ |
0.5 |
|
$ |
111.2 |
|
$ |
100.7 |
|
$ |
10.5 |
|
|||||
| Adjustments | |||||||||||||||||||||||
| Stock-based compensation |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
|
1.1 |
|
|
2.3 |
|
|
(1.1 |
) |
|||||
| Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.4 |
|
|
(0.4 |
) |
|||||
| Acquisition-related cost of goods sold |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.3 |
|
|
(0.3 |
) |
|||||
| Acquisition-related transaction costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.5 |
|
|
(0.5 |
) |
|||||
| Acquisition-related other, net |
|
- |
|
|
(3.0 |
) |
|
3.0 |
|
|
- |
|
|
(2.8 |
) |
|
2.8 |
|
|||||
| Foreign currency (gains) losses, net |
|
(0.9 |
) |
|
(1.1 |
) |
|
0.2 |
|
|
(4.5 |
) |
|
0.8 |
|
|
(5.3 |
) |
|||||
| Interest paid, net |
|
(2.7 |
) |
|
(2.4 |
) |
|
(0.3 |
) |
|
(10.8 |
) |
|
(11.6 |
) |
|
0.8 |
|
|||||
| Income taxes paid |
|
(5.1 |
) |
|
(5.8 |
) |
|
0.8 |
|
|
(19.4 |
) |
|
(20.9 |
) |
|
1.5 |
|
|||||
| Changes in operating assets and liabilities and other items |
|
(16.2 |
) |
|
(11.7 |
) |
|
(4.4 |
) |
|
(29.4 |
) |
|
(10.3 |
) |
|
(19.0 |
) |
|||||
| Net cash provided (used) by operating activities | $ |
3.1 |
|
$ |
3.9 |
|
$ |
(0.8 |
) |
$ |
48.3 |
|
$ |
59.3 |
|
$ |
(11.0 |
) |
|||||
| Short-term investments, net | $ |
1.0 |
|
$ |
- |
|
$ |
1.0 |
|
$ |
12.0 |
|
$ |
(31.0 |
) |
$ |
43.0 |
|
|||||
| Capital expenditures |
|
(7.1 |
) |
|
(10.0 |
) |
|
2.9 |
|
|
(29.3 |
) |
|
(34.0 |
) |
|
4.7 |
|
|||||
| Business acquisitions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(54.5 |
) |
|
54.5 |
|
|||||
| Other investing, net |
|
(1.1 |
) |
|
0.5 |
|
|
(1.6 |
) |
|
(1.3 |
) |
|
(0.8 |
) |
|
(0.5 |
) |
|||||
| Net cash provided (used) by investing activities | $ |
(7.2 |
) |
$ |
(9.5 |
) |
$ |
2.3 |
|
$ |
(18.6 |
) |
$ |
(120.3 |
) |
$ |
101.7 |
|
|||||
| Net cash flow before financing activities | $ |
(4.1 |
) |
$ |
(5.6 |
) |
$ |
1.5 |
|
$ |
29.7 |
|
$ |
(61.0 |
) |
$ |
90.7 |
|
|||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005647/en/
Chief Financial Officer
+1-201-329-7300
Or
investor.relations@pahc.com
Source:
FAQ
What were Phibro Animal Health's net sales for Q4 2021?
How did Phibro Animal Health's net income change in Q4 2021?
What is the diluted EPS for Phibro Animal Health in Q4 2021?
What is Phibro Animal Health's financial guidance for FY 2022?
How did SG&A expenses impact Phibro Animal Health's earnings in Q4 2021?
