Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance
Phibro Animal Health Corporation (Nasdaq: PAHC) reported its Q4 and fiscal year 2022 results, highlighting a 16% rise in net sales to $255.3 million but a 56% drop in net income to $7.5 million. The full year 2022 saw net sales grow by 13% to $942.3 million, yet net income fell 10% to $49.2 million. The company expects FY 2023 net sales between $960 million and $1 billion and diluted EPS of $1.11 to $1.21. Adjusted EBITDA rose 3% year-over-year to $111.1 million. Phibro plans strategic investments despite ongoing inflationary pressures.
- Net sales increased 16% to $255.3 million in Q4 2022.
- Adjusted EBITDA rose 17% to $31.5 million in Q4 2022.
- Full-year net sales increased 13% to $942.3 million.
- Adjusted diluted EPS grew 4% to $1.31 for fiscal year 2022.
- FY 2023 guidance predicts net sales of $960 million - $1 billion.
- Net income decreased 56% to $7.5 million in Q4 2022.
- Net income for the year fell 10% to $49.2 million.
- Gross margin decreased 230 basis points to 30.3% for the year.
-
Highlights for the three months ended
June 30, 2022 (compared to the three months endedJune 30, 2021 )-
Net sales of
$255.3 million $35.0 million 16% -
Net income of
$7.5 million $9.6 million 56% -
Diluted EPS of
$0.18 $0.24 56% -
Adjusted EBITDA of
$31.5 million $4.5 million 17% -
Adjusted Net Income of
$14.5 million $1.7 million 13% -
Adjusted diluted EPS of
$0.36 $0.04 13%
-
Net sales of
-
Highlights for the year ended
June 30, 2022 (compared to the year endedJune 30, 2021 )-
Net sales of
$942.3 million $108.9 million 13% -
Net income of
$49.2 million $5.2 million 10% -
Diluted EPS of
$1.21 $0.13 10% -
Adjusted EBITDA of
$111.1 million $3.2 million 3% -
Adjusted Net Income of
$53.2 million $1.8 million 4% -
Adjusted diluted EPS of
$1.31 $0.04 4%
-
Net sales of
-
We are providing full fiscal year 2023 guidance, which includes:
-
Net sales of
$960 million $1 billion -
Adjusted EBITDA of
$113 $118 million
-
Net sales of
This guidance reflects assumed foreign exchange rates applicable to fiscal year 2023. Additional details on guidance are included below and will be discussed on the Company’s upcoming conference call.
COMMENTARY
“Fourth quarter and full year performance reflected period-over-period growth in both net sales and adjusted EBITDA. We are also excited to add a gene-therapy opportunity to our growing pipeline of companion animal development projects.” said
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) losses, net
Foreign currency losses, net were
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 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
SG&A expenses 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 rate was
Adjusted Net Income
Adjusted net income of
Adjusted diluted EPS
Adjusted diluted EPS was
BALANCE SHEET AND CASH FLOWS
-
Free cash flow was
$(5) million June 30, 2022 -
3.9x gross leverage ratio as of
June 30, 2022 -
$434 million -
$111 million June 30, 2022
-
-
Liquidity of
$194 million $91 million $103 million June 30, 2022
FISCAL YEAR 2023 FINANCIAL GUIDANCE
Financial guidance for the year ending
-
Net sales of
$960 million $1 billion -
Net income of
$45 $49 million -
Diluted EPS of
$1.11 $1.21 -
Adjusted EBITDA of
$113 $118 million -
Adjusted Net Income of
$52 $56 million -
Adjusted diluted EPS of
$1.28 $1.38 -
Adjusted effective tax rate of
30%
-
Net income of
This financial guidance assumes planned strategic investments and capital improvements of
WEBCAST & CONFERENCE CALL DETAILS
Date: |
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Time: |
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Location: |
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+1 (888) 330-2022 |
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International Toll: |
+1 (365) 977-0051 |
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Conference ID: |
3927884 |
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, adjusted net income, adjusted diluted EPS and free cash flow 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.
We are not providing a reconciliation of forward-looking guidance of non-GAAP financial measures to the most directly comparable GAAP financial measures because of the uncertainty regarding, and the potential variability of, certain of the items required for a reconciliation; accordingly, a reconciliation of the non-GAAP financial measure to the corresponding GAAP financial measure is not available without unreasonable effort.
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.
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Three Months |
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Twelve Months |
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For the Periods Ended |
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2022 |
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2021 |
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Change |
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2022 |
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2021 |
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Change |
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(in millions, except per share amounts and percentages) |
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Net sales |
|
$ |
255.3 |
|
$ |
220.3 |
|
$ |
35.0 |
|
16 |
% |
$ |
942.3 |
|
$ |
833.4 |
|
$ |
108.9 |
|
13 |
% |
Cost of goods sold |
|
|
176.8 |
|
|
150.5 |
|
|
26.4 |
|
18 |
% |
|
656.9 |
|
|
562.0 |
|
|
94.9 |
|
17 |
% |
Gross profit |
|
|
78.4 |
|
|
69.8 |
|
|
8.6 |
|
12 |
% |
|
285.4 |
|
|
271.4 |
|
|
14.0 |
|
5 |
% |
Selling, general and administrative |
|
|
55.5 |
|
|
50.7 |
|
|
4.9 |
|
10 |
% |
|
206.4 |
|
|
196.5 |
|
|
9.9 |
|
5 |
% |
Operating income |
|
|
22.9 |
|
|
19.2 |
|
|
3.7 |
|
19 |
% |
|
79.0 |
|
|
74.9 |
|
|
4.1 |
|
6 |
% |
Interest expense, net |
|
|
3.1 |
|
|
3.9 |
|
|
(0.8) |
|
(21) |
% |
|
11.9 |
|
|
12.9 |
|
|
(1.0) |
|
(8) |
% |
Foreign currency (gains) losses, net |
|
|
7.4 |
|
|
(0.9) |
|
|
8.3 |
|
* |
|
|
(5.2) |
|
|
(4.5) |
|
|
(0.7) |
|
* |
|
Income before income taxes |
|
|
12.4 |
|
|
16.1 |
|
|
(3.8) |
|
(23) |
% |
|
72.3 |
|
|
66.5 |
|
|
5.9 |
|
9 |
% |
Provision (benefit) for income taxes |
|
|
4.9 |
|
|
(1.0) |
|
|
5.9 |
|
* |
|
23.2 |
|
|
12.1 |
|
|
11.1 |
|
* |
||
Net income |
|
$ |
7.5 |
|
$ |
17.1 |
|
$ |
(9.6) |
|
(56) |
% |
$ |
49.2 |
|
$ |
54.4 |
|
$ |
(5.2) |
|
(10) |
% |
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Net income per share |
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basic |
|
$ |
0.18 |
|
$ |
0.42 |
|
$ |
(0.24) |
|
(56) |
% |
$ |
1.21 |
|
$ |
1.34 |
|
$ |
(0.13) |
|
(10) |
% |
diluted |
|
$ |
0.18 |
|
$ |
0.42 |
|
$ |
(0.24) |
|
(56) |
% |
$ |
1.21 |
|
$ |
1.34 |
|
$ |
(0.13) |
|
(10) |
% |
|
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Weighted average common shares outstanding |
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basic |
|
|
40.5 |
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|
40.5 |
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|
|
40.5 |
|
|
40.5 |
|
|
|
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diluted |
|
|
40.5 |
|
|
40.5 |
|
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|
40.5 |
|
|
40.5 |
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Ratio to net sales |
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Gross profit |
|
|
30.7 |
% |
|
31.7 |
% |
|
|
|
|
|
|
30.3 |
% |
|
32.6 |
% |
|
|
|
|
|
Selling, general and administrative |
|
|
21.8 |
% |
|
23.0 |
% |
|
|
|
|
|
|
21.9 |
% |
|
23.6 |
% |
|
|
|
|
|
Operating income |
|
|
9.0 |
% |
|
8.7 |
% |
|
|
|
|
|
|
8.4 |
% |
|
9.0 |
% |
|
|
|
|
|
Income before income taxes |
|
|
4.8 |
% |
|
7.3 |
% |
|
|
|
|
|
|
7.7 |
% |
|
8.0 |
% |
|
|
|
|
|
Net income |
|
|
2.9 |
% |
|
7.8 |
% |
|
|
|
|
|
|
5.2 |
% |
|
6.5 |
% |
|
|
|
|
|
Effective tax rate |
|
|
39.5 |
% |
|
(6.2) |
% |
|
|
|
|
|
|
32.0 |
% |
|
18.2 |
% |
|
|
|
|
|
Amounts and percentages may reflect rounding adjustments
*Calculation not meaningful
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Three Months |
|
Twelve Months |
|
||||||||||||||||||
For the Periods Ended |
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
|
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|
|
(in millions, except percentages) |
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MFAs and other |
|
$ |
101.7 |
|
$ |
91.2 |
|
$ |
10.5 |
|
12 |
% |
$ |
361.5 |
|
$ |
330.0 |
|
$ |
31.5 |
|
10 |
% |
Nutritional specialties |
|
|
42.5 |
|
|
36.8 |
|
|
5.7 |
|
15 |
% |
|
157.2 |
|
|
142.8 |
|
|
14.4 |
|
10 |
% |
Vaccines |
|
|
22.3 |
|
|
18.7 |
|
|
3.6 |
|
19 |
% |
|
88.3 |
|
|
72.9 |
|
|
15.4 |
|
21 |
% |
|
|
|
166.5 |
|
|
146.7 |
|
|
19.8 |
|
13 |
% |
|
607.1 |
|
|
545.7 |
|
|
61.3 |
|
11 |
% |
Mineral Nutrition |
|
|
69.4 |
|
|
56.8 |
|
|
12.6 |
|
22 |
% |
|
259.5 |
|
|
220.6 |
|
|
39.0 |
|
18 |
% |
Performance Products |
|
|
19.3 |
|
|
16.7 |
|
|
2.6 |
|
16 |
% |
|
75.7 |
|
|
67.1 |
|
|
8.6 |
|
13 |
% |
Total |
|
$ |
255.3 |
|
$ |
220.3 |
|
$ |
35.0 |
|
16 |
% |
$ |
942.3 |
|
$ |
833.4 |
|
$ |
108.9 |
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
33.5 |
|
$ |
29.5 |
|
$ |
4.0 |
|
14 |
% |
$ |
124.1 |
|
$ |
124.0 |
|
$ |
0.2 |
|
0 |
% |
Mineral Nutrition |
|
|
6.7 |
|
|
4.7 |
|
|
2.0 |
|
44 |
% |
|
24.0 |
|
|
17.1 |
|
|
6.9 |
|
40 |
% |
Performance Products |
|
|
2.4 |
|
|
2.3 |
|
|
0.1 |
|
5 |
% |
|
8.7 |
|
|
9.4 |
|
|
(0.7) |
|
(8) |
% |
Corporate |
|
|
(11.1) |
|
|
(9.5) |
|
|
(1.6) |
|
17 |
% |
|
(45.8) |
|
|
(42.6) |
|
|
(3.1) |
|
7 |
% |
Total |
|
$ |
31.5 |
|
$ |
27.0 |
|
$ |
4.5 |
|
17 |
% |
$ |
111.1 |
|
$ |
107.9 |
|
$ |
3.2 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Ratio to segment net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.1 |
% |
|
20.1 |
% |
|
|
|
|
|
|
20.4 |
% |
|
22.7 |
% |
|
|
|
|
|
Mineral Nutrition |
|
|
9.6 |
% |
|
8.1 |
% |
|
|
|
|
|
|
9.3 |
% |
|
7.8 |
% |
|
|
|
|
|
Performance Products |
|
|
12.3 |
% |
|
13.4 |
% |
|
|
|
|
|
|
11.5 |
% |
|
14.2 |
% |
|
|
|
|
|
Corporate (1) |
|
|
(4.3) |
% |
|
(4.3) |
% |
|
|
|
|
|
|
(4.9) |
% |
|
(5.1) |
% |
|
|
|
|
|
Total (1) |
|
|
12.4 |
% |
|
12.3 |
% |
|
|
|
|
|
|
11.8 |
% |
|
12.9 |
% |
|
|
|
|
|
(1)reflects ratio to total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7.5 |
|
$ |
17.1 |
|
$ |
(9.6) |
|
(56) |
% |
$ |
49.2 |
|
$ |
54.4 |
|
$ |
(5.2) |
|
(10) |
% |
Interest expense, net |
|
|
3.1 |
|
|
3.9 |
|
|
(0.8) |
|
(21) |
% |
|
11.9 |
|
|
12.9 |
|
|
(1.0) |
|
(8) |
% |
Provision for income taxes |
|
|
4.9 |
|
|
(1.0) |
|
|
5.9 |
|
* |
|
23.2 |
|
|
12.1 |
|
|
11.1 |
|
92 |
% |
|
Depreciation and amortization |
|
|
8.4 |
|
|
7.8 |
|
|
0.6 |
|
7 |
% |
|
32.7 |
|
|
31.9 |
|
|
0.8 |
|
3 |
% |
EBITDA |
|
|
23.9 |
|
|
27.9 |
|
|
(4.0) |
|
(14) |
% |
|
116.9 |
|
|
111.2 |
|
|
5.7 |
|
5 |
% |
Acquisition-related cost of goods sold |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
* |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
* |
|
Acquisition-related transaction costs |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
* |
|
Gain on sale of investment |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
(1.2) |
|
|
— |
|
|
(1.2) |
|
* |
|
Stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
— |
|
|
1.1 |
|
|
(1.1) |
|
* |
|
Foreign currency (gains) losses, net |
|
|
7.4 |
|
|
(0.9) |
|
|
8.3 |
|
* |
|
|
(5.2) |
|
|
(4.5) |
|
|
(0.7) |
|
* |
|
Adjusted EBITDA |
|
$ |
31.5 |
|
$ |
27.0 |
|
$ |
4.5 |
|
17 |
% |
$ |
111.1 |
|
$ |
107.9 |
|
$ |
3.3 |
|
3 |
% |
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful
|
|||||||||||||||||||||||
|
|
Three Months |
|
Twelve Months |
|
||||||||||||||||||
For the Periods Ended |
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
|
||||||||||
|
|
(in millions, except per share amounts and percentages) |
|
||||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7.5 |
|
$ |
17.1 |
|
$ |
(9.6) |
|
(56) |
% |
$ |
49.2 |
|
$ |
54.4 |
|
$ |
(5.2) |
|
(10) |
% |
Acquisition-related intangible amortization(1) |
|
|
1.5 |
|
|
1.5 |
|
|
0.0 |
|
0 |
% |
|
5.9 |
|
|
6.0 |
|
|
(0.1) |
|
(1) |
% |
Acquisition-related intangible amortization(2) |
|
|
0.9 |
|
|
0.7 |
|
|
0.3 |
|
39 |
% |
|
3.0 |
|
|
2.7 |
|
|
0.3 |
|
11 |
% |
Acquisition-related cost of goods sold(1) |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
* |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
* |
|
Acquisition-related transaction costs(2) |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
* |
|
Gain on sale of investment(2) |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
(1.2) |
|
|
— |
|
|
(1.2) |
|
* |
|
Stock-based compensation (2) |
|
|
— |
|
|
— |
|
|
— |
|
* |
|
|
— |
|
|
1.1 |
|
|
(1.1) |
|
* |
|
Refinancing expense(3) |
|
|
— |
|
|
1.0 |
|
|
(1.0) |
|
* |
|
|
— |
|
|
1.0 |
|
|
(1.0) |
|
* |
|
Foreign currency (gains) losses, net(4) |
|
|
7.4 |
|
|
(0.9) |
|
|
8.3 |
|
* |
|
|
(5.2) |
|
|
(4.5) |
|
|
(0.7) |
|
* |
|
Adjustments to income taxes(5) |
|
|
(3.1) |
|
|
(6.6) |
|
|
3.5 |
|
* |
|
|
0.9 |
|
|
(9.4) |
|
|
10.3 |
|
* |
|
Adjusted net income |
|
$ |
14.5 |
|
$ |
12.8 |
|
$ |
1.7 |
|
13 |
% |
$ |
53.2 |
|
$ |
51.3 |
|
$ |
1.8 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted cost of goods sold(1) |
|
$ |
175.1 |
|
$ |
149.0 |
|
$ |
26.2 |
|
18 |
% |
$ |
650.6 |
|
$ |
555.9 |
|
$ |
94.7 |
|
17 |
% |
Adjusted gross profit |
|
|
80.1 |
|
|
71.3 |
|
|
8.8 |
|
12 |
% |
|
291.7 |
|
|
277.4 |
|
|
14.3 |
|
5 |
% |
Adjusted selling, general and administrative(2) |
|
|
54.6 |
|
|
50.0 |
|
|
4.6 |
|
9 |
% |
|
204.4 |
|
|
192.7 |
|
|
11.7 |
|
6 |
% |
Adjusted interest expense, net(3) |
|
|
3.1 |
|
|
2.9 |
|
|
0.2 |
|
7 |
% |
|
11.9 |
|
|
11.9 |
|
|
0.0 |
|
0 |
% |
Adjusted income before income taxes |
|
|
22.4 |
|
|
18.4 |
|
|
4.0 |
|
22 |
% |
|
75.4 |
|
|
72.9 |
|
|
2.6 |
|
4 |
% |
Adjusted provision for income taxes(5) |
|
|
8.0 |
|
|
5.6 |
|
|
2.4 |
|
42 |
% |
|
22.3 |
|
|
21.5 |
|
|
0.8 |
|
4 |
% |
Adjusted net income |
|
$ |
14.5 |
|
$ |
12.8 |
|
$ |
1.7 |
|
13 |
% |
$ |
53.2 |
|
$ |
51.3 |
|
$ |
1.8 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
diluted |
|
$ |
0.36 |
|
$ |
0.32 |
|
$ |
0.04 |
|
13 |
% |
$ |
1.31 |
|
$ |
1.27 |
|
$ |
0.04 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
diluted |
|
|
40.5 |
|
|
40.5 |
|
|
|
|
|
|
|
40.5 |
|
|
40.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio to net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit |
|
|
31.4 |
% |
|
32.4 |
% |
|
|
|
|
|
|
31.0 |
% |
|
33.3 |
% |
|
|
|
|
|
Adjusted selling, general and administrative |
|
|
21.4 |
% |
|
22.7 |
% |
|
|
|
|
|
|
21.7 |
% |
|
23.1 |
% |
|
|
|
|
|
Adjusted income before income taxes |
|
|
8.8 |
% |
|
8.4 |
% |
|
|
|
|
|
|
8.0 |
% |
|
8.7 |
% |
|
|
|
|
|
Adjusted net income |
|
|
5.7 |
% |
|
5.8 |
% |
|
|
|
|
|
|
5.6 |
% |
|
6.2 |
% |
|
|
|
|
|
Adjusted effective tax rate |
|
|
35.5 |
% |
|
30.5 |
% |
|
|
|
|
|
|
29.5 |
% |
|
29.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amounts and percentages may reflect rounding adjustments | |||||||||||||
| * Calculation not meaningful | |||||||||||||
| (1) Adjusted cost of goods sold excludes acquisition-related intangible amortization and acquisition-related inventory step-up adjustment | |||||||||||||
| (2) Adjusted selling, general and administrative excludes acquisition-related intangible amortization, acquisition-related transaction costs, gain on sale of investment and stock-based compensation | |||||||||||||
| (3) Adjusted interest expense, net excludes refinancing expense | |||||||||||||
| (4) Foreign currency (gains) losses, net (primarily related to intercompany balances) are excluded from adjusted net income | |||||||||||||
| (5) Adjusted provision for income taxes excludes the income tax effect of pre-tax income adjustments and certain income tax items | |||||||||||||
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
||||||||||||||
For the Periods Ended |
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
||||||
|
|
(in millions) |
||||||||||||||||
EBITDA |
|
$ |
23.9 |
|
$ |
27.9 |
|
$ |
(4.0) |
|
$ |
116.9 |
|
$ |
111.2 |
|
$ |
5.7 |
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related cost of goods sold |
|
|
0.2 |
|
|
- |
|
|
0.2 |
|
|
0.4 |
|
|
— |
|
|
0.4 |
Acquisition-related transaction costs |
|
|
— |
|
|
- |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.3 |
Gain on sale of investment |
|
|
— |
|
|
- |
|
|
— |
|
|
(1.2) |
|
|
— |
|
|
(1.2) |
Stock-based compensation |
|
|
— |
|
|
- |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
(1.1) |
Foreign currency (gains) losses, net |
|
|
7.4 |
|
|
(0.9) |
|
|
8.3 |
|
|
(5.2) |
|
|
(4.5) |
|
|
(0.7) |
Interest paid, net |
|
|
(2.9) |
|
|
(2.7) |
|
|
(0.3) |
|
|
(11.2) |
|
|
(10.8) |
|
|
(0.4) |
Income taxes paid |
|
|
(4.4) |
|
|
(5.1) |
|
|
0.6 |
|
|
(17.9) |
|
|
(19.4) |
|
|
1.5 |
Changes in operating assets and liabilities and other items |
|
|
(22.6) |
|
|
(16.2) |
|
|
(6.4) |
|
|
(50.5) |
|
|
(29.4) |
|
|
(21.1) |
Net cash provided by operating activities |
|
$ |
1.6 |
|
$ |
3.1 |
|
$ |
(1.5) |
|
$ |
31.6 |
|
$ |
48.3 |
|
$ |
(16.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments, net |
|
$ |
5.1 |
|
$ |
1.0 |
|
$ |
4.1 |
|
$ |
26.0 |
|
$ |
12.0 |
|
$ |
14.0 |
Capital expenditures |
|
|
(11.9) |
|
|
(7.1) |
|
|
(4.8) |
|
|
(37.0) |
|
|
(29.3) |
|
|
(7.7) |
Business acquisition |
|
|
(2.7) |
|
|
- |
|
|
(2.7) |
|
|
(13.5) |
|
|
— |
|
|
(13.5) |
Cash proceeds from the sale of investment |
|
|
— |
|
|
- |
|
|
— |
|
|
1.4 |
|
|
— |
|
|
1.4 |
Other investing, net |
|
|
(0.0) |
|
|
(1.1) |
|
|
1.1 |
|
|
0.6 |
|
|
(1.3) |
|
|
1.9 |
Net cash used by investing activities |
|
$ |
(9.5) |
|
$ |
(7.2) |
|
$ |
(2.4) |
|
$ |
(22.6) |
|
$ |
(18.6) |
|
$ |
(4.0) |
Net cash flow before financing activities |
|
$ |
(8.0) |
|
$ |
(4.1) |
|
$ |
(3.8) |
|
$ |
9.1 |
|
$ |
29.7 |
|
$ |
(20.7) |
Amounts and percentages may reflect rounding adjustments
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005815/en/
Chief Financial Officer
+1-201-329-7300
Or
investor.relations@pahc.com
Source:
FAQ
What were Phibro Animal Health's Q4 2022 financial results?
What was the full-year revenue for Phibro in fiscal year 2022?
What is Phibro's financial guidance for fiscal year 2023?
How did Phibro's adjusted earnings perform in fiscal year 2022?
How did the gross profit and margin change for Phibro in fiscal year 2022?
