Phibro Animal Health Corporation Reports Second Quarter Results, Provides Revised Financial Guidance
Phibro Animal Health Corporation (Nasdaq:PAHC) reported strong financial results for its second quarter ending December 31, 2021, highlighting net sales of $233 million, a 13% increase from the previous year. Net income rose to $17 million, up 36%, with diluted EPS increasing to $0.43, a 34% rise. The company also revised its full-year net sales guidance upward to $890-$920 million. Key revenue drivers included improved demand in Animal Health and Mineral Nutrition segments, despite challenges from rising costs and supply chain issues. Adjusted EBITDA was reported at $29 million.
- Net sales increased by $27 million, or 13%, reaching $233 million.
- Net income rose to $17 million, showing a 36% increase.
- Diluted EPS increased to $0.43, reflecting a 34% rise.
- Full-year net sales guidance raised to approximately $890.0 – $920.0 million.
- Gross margin decreased by 270 basis points to 30.4% of net sales.
- Performance Products experienced a sales decline of $0.6 million, or 4%.
-
Highlights for the three months ended
December 31, 2021 (compared to the three months endedDecember 31, 2020 )-
Net sales of
$233 million $27 million 13% -
Net income of
$17 million $5 million 36% -
Diluted EPS of
$0.43 $0.11 34% -
Adjusted EBITDA of
$29 million $1 million 2% -
Adjusted Net Income of
$15 million $1 million 9% -
Adjusted diluted EPS of
$0.37 $0.03 9%
-
Net sales of
-
Our revised projections of financial performance for the year ending
June 30, 2022 , are as follows:-
Net sales of approximately
$890.0 $920.0 million -
Adjusted EBITDA of approximately
$110.0 $114.0 million -
Adjusted Net Income of approximately
$52.8 $56.4 million -
Adjusted diluted EPS of approximately
$1.30 $1.39 -
Adjusted effective tax rate of approximately
26% -27%
-
Net sales of approximately
COMMENTARY
"We had a strong second quarter. In fact, we posted
“Our financial performance this quarter was driven by continued strong demand for our products globally and the recent actions we’ve taken and will continue to take to adjust prices and pass through incremental freight costs, assuming competitive conditions allow. These actions had a marginally positive impact on our bottom-line this quarter, and we anticipate a bigger benefit from them in the quarters to come.” The Company also raised projections for full-year financial performance. Jack remarked, “We are raising full year net sales guidance for a second time. We are now projecting net sales for the year 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) losses, net
Foreign currency (gains) losses, net for the three months 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 three months ended
Adjusted Net Income
Adjusted net income of
Adjusted diluted EPS
Adjusted diluted EPS was
BALANCE SHEET AND CASH FLOWS
-
Free cash flow of
$14 million December 31, 2021 -
3.8 gross leverage ratio as of
December 31, 2021 -
$401 million -
$107 million December 31, 2021
-
-
Liquidity of
$235 $95 million $140 million December 31, 2021
REVISED FINANCIAL GUIDANCE
Our revised projections of financial performance for the year ending
-
Net sales of approximately
$890.0 $920.0 million $860 $890 million -
Adjusted EBITDA of approximately
$110.0 $114.0 million -
Adjusted Net Income of approximately
$52.8 $56.4 million $50.7 $53.3 million -
Adjusted diluted EPS of approximately
$1.30 $1.39 $1.25 $1.32 -
Adjusted effective tax rate of approximately
26% -27% , from29% –31%
This financial guidance assumes certain planned price increases and freight surcharges, where applicable and competitive conditions allow, have been and will continue to be applied.
The COVID-19 global pandemic continues to present challenges to the animal health industry, including but not limited increased material and shipping costs and labor cost increases and shortages. Our revised guidance assumes that supply chain and labor challenges will persist for the remainder of our fiscal year.
We will continue to monitor the impact the pandemic is having on our business and adjust our financial guidance, if necessary.
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 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 | Six Months | ||||||||||||||||||||||||||
| For the Periods Ended |
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||||||||
| (in millions, except per share amounts and percentages) | |||||||||||||||||||||||||||
| Net sales | $ |
232.7 |
|
$ |
206.1 |
|
$ |
26.6 |
|
13 |
% |
$ |
447.4 |
|
$ |
401.3 |
|
$ |
46.0 |
|
11 |
% |
|||||
| Cost of goods sold |
|
162.0 |
|
|
137.9 |
|
|
24.2 |
|
18 |
% |
|
312.0 |
|
|
269.0 |
|
|
43.1 |
|
16 |
% |
|||||
| Gross profit |
|
70.7 |
|
|
68.3 |
|
|
2.4 |
|
4 |
% |
|
135.4 |
|
|
132.4 |
|
|
3.0 |
|
2 |
% |
|||||
| Selling, general and administrative |
|
48.4 |
|
|
48.4 |
|
|
0.0 |
|
0 |
% |
|
98.4 |
|
|
96.8 |
|
|
1.6 |
|
2 |
% |
|||||
| Operating income |
|
22.3 |
|
|
19.9 |
|
|
2.4 |
|
12 |
% |
|
36.9 |
|
|
35.6 |
|
|
1.3 |
|
4 |
% |
|||||
| Interest expense, net |
|
3.0 |
|
|
3.2 |
|
|
(0.3 |
) |
(8 |
)% |
|
5.8 |
|
|
6.0 |
|
|
(0.2 |
) |
(3 |
)% |
|||||
| Foreign currency (gains) losses, net |
|
(4.2 |
) |
|
0.6 |
|
|
(4.8 |
) |
* |
|
(2.1 |
) |
|
(3.0 |
) |
|
0.9 |
|
* | |||||||
| Income before income taxes |
|
23.5 |
|
|
16.1 |
|
|
7.5 |
|
47 |
% |
|
33.1 |
|
|
32.6 |
|
|
0.6 |
|
2 |
% |
|||||
| Provision for income taxes |
|
6.1 |
|
|
3.3 |
|
|
2.8 |
|
87 |
% |
|
9.1 |
|
|
7.5 |
|
|
1.7 |
|
22 |
% |
|||||
| Net income | $ |
17.5 |
|
$ |
12.8 |
|
$ |
4.7 |
|
36 |
% |
$ |
24.0 |
|
$ |
25.1 |
|
$ |
(1.1 |
) |
(4 |
)% |
|||||
| Net income per share | |||||||||||||||||||||||||||
| basic | $ |
0.43 |
|
$ |
0.32 |
|
$ |
0.11 |
|
34 |
% |
$ |
0.59 |
|
$ |
0.62 |
|
$ |
(0.03 |
) |
(5 |
)% |
|||||
| diluted | $ |
0.43 |
|
$ |
0.32 |
|
$ |
0.11 |
|
34 |
% |
$ |
0.59 |
|
$ |
0.62 |
|
$ |
(0.03 |
) |
(5 |
)% |
|||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||
| basic |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|||||||||||||||
| diluted |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|||||||||||||||
| Ratio to net sales | |||||||||||||||||||||||||||
| Gross profit |
|
30.4 |
% |
|
33.1 |
% |
|
30.3 |
% |
|
33.0 |
% |
|||||||||||||||
| Selling, general and administrative |
|
20.8 |
% |
|
23.5 |
% |
|
22.0 |
% |
|
24.1 |
% |
|||||||||||||||
| Operating income |
|
9.6 |
% |
|
9.6 |
% |
|
8.2 |
% |
|
8.9 |
% |
|||||||||||||||
| Income before income taxes |
|
10.1 |
% |
|
7.8 |
% |
|
7.4 |
% |
|
8.1 |
% |
|||||||||||||||
| Net income |
|
7.5 |
% |
|
6.2 |
% |
|
5.4 |
% |
|
6.3 |
% |
|||||||||||||||
| Effective tax rate |
|
25.8 |
% |
|
20.3 |
% |
|
27.6 |
% |
|
22.9 |
% |
|||||||||||||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||
| * Calculation not meaningful | |||||||||||||||||||||||||||
Segment |
|||||||||||||||||||||||||||
| Three Months | Six Months | ||||||||||||||||||||||||||
| For the Periods Ended |
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| MFAs and other | $ |
91.7 |
|
$ |
81.6 |
|
$ |
10.1 |
|
12 |
% |
$ |
175.5 |
|
$ |
160.3 |
|
$ |
15.2 |
|
9 |
% |
|||||
| Nutritional specialties |
|
37.3 |
|
|
36.4 |
|
|
0.9 |
|
3 |
% |
|
73.3 |
|
|
69.0 |
|
|
4.3 |
|
6 |
% |
|||||
| Vaccines |
|
21.9 |
|
|
18.3 |
|
|
3.6 |
|
20 |
% |
|
43.1 |
|
|
35.3 |
|
|
7.8 |
|
22 |
% |
|||||
|
150.9 |
|
|
136.2 |
|
|
14.7 |
|
11 |
% |
|
291.9 |
|
|
264.6 |
|
|
27.3 |
|
10 |
% |
||||||
| Mineral Nutrition |
|
66.7 |
|
|
54.2 |
|
|
12.5 |
|
23 |
% |
|
121.1 |
|
|
105.6 |
|
|
15.5 |
|
15 |
% |
|||||
| Performance Products |
|
15.1 |
|
|
15.8 |
|
|
(0.6 |
) |
(4 |
)% |
|
34.4 |
|
|
31.1 |
|
|
3.2 |
|
10 |
% |
|||||
| Total | $ |
232.7 |
|
$ |
206.1 |
|
$ |
26.6 |
|
13 |
% |
$ |
447.4 |
|
$ |
401.3 |
|
$ |
46.0 |
|
11 |
% |
|||||
| Adjusted EBITDA | |||||||||||||||||||||||||||
$ |
33.7 |
|
$ |
33.3 |
|
$ |
0.3 |
|
1 |
% |
$ |
61.3 |
|
$ |
63.5 |
|
$ |
(2.1 |
) |
(3 |
)% |
||||||
| Mineral Nutrition |
|
5.5 |
|
|
4.2 |
|
|
1.3 |
|
32 |
% |
|
10.1 |
|
|
7.2 |
|
|
2.8 |
|
39 |
% |
|||||
| Performance Products |
|
1.3 |
|
|
2.3 |
|
|
(0.9 |
) |
(42 |
)% |
|
3.5 |
|
|
4.2 |
|
|
(0.8 |
) |
(18 |
)% |
|||||
| Corporate |
|
(11.5 |
) |
|
(11.3 |
) |
|
(0.2 |
) |
(2 |
)% |
|
(23.3 |
) |
|
(22.1 |
) |
|
(1.2 |
) |
(5 |
)% |
|||||
| Total | $ |
29.1 |
|
$ |
28.5 |
|
$ |
0.6 |
|
2 |
% |
$ |
51.6 |
|
$ |
52.8 |
|
$ |
(1.3 |
) |
(2 |
)% |
|||||
| Ratio to segment net sales | |||||||||||||||||||||||||||
|
22.3 |
% |
|
24.5 |
% |
|
21.0 |
% |
|
24.0 |
% |
||||||||||||||||
| Mineral Nutrition |
|
8.3 |
% |
|
7.7 |
% |
|
8.3 |
% |
|
6.8 |
% |
|||||||||||||||
| Performance Products |
|
8.8 |
% |
|
14.4 |
% |
|
10.1 |
% |
|
13.6 |
% |
|||||||||||||||
| Corporate (1) |
|
(4.9 |
)% |
|
(5.5 |
)% |
|
(5.2 |
)% |
|
(5.5 |
)% |
|||||||||||||||
| Total (1) |
|
12.5 |
% |
|
13.8 |
% |
|
11.5 |
% |
|
13.2 |
% |
|||||||||||||||
| (1)reflects ratio to total net sales | |||||||||||||||||||||||||||
| Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||||||||||
| Net income | $ |
17.5 |
|
$ |
12.8 |
|
$ |
4.7 |
|
36 |
% |
$ |
24.0 |
|
$ |
25.1 |
|
$ |
(1.1 |
) |
(4 |
)% |
|||||
| Interest expense, net |
|
3.0 |
|
|
3.2 |
|
|
(0.3 |
) |
(8 |
)% |
|
5.8 |
|
|
6.0 |
|
|
(0.2 |
) |
(3 |
)% |
|||||
| Provision for income taxes |
|
6.1 |
|
|
3.3 |
|
|
2.8 |
|
87 |
% |
|
9.1 |
|
|
7.5 |
|
|
1.7 |
|
22 |
% |
|||||
| Depreciation and amortization |
|
8.0 |
|
|
8.1 |
|
|
(0.1 |
) |
(1 |
)% |
|
15.9 |
|
|
16.1 |
|
|
(0.3 |
) |
(2 |
)% |
|||||
| EBITDA |
|
34.5 |
|
|
27.4 |
|
|
7.1 |
|
26 |
% |
|
54.8 |
|
|
54.7 |
|
|
0.1 |
|
0 |
% |
|||||
| Gain on sale of investment |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
* |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
* | |||||||
| Stock-based compensation |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
* |
|
- |
|
|
1.1 |
|
|
(1.1 |
) |
* | |||||||
| Foreign currency (gains) losses, net |
|
(4.2 |
) |
|
0.6 |
|
|
(4.8 |
) |
* |
|
(2.1 |
) |
|
(3.0 |
) |
|
0.9 |
|
* | |||||||
| Adjusted EBITDA | $ |
29.1 |
|
$ |
28.5 |
|
$ |
0.6 |
|
2 |
% |
$ |
51.6 |
|
$ |
52.8 |
|
$ |
(1.3 |
) |
(2 |
)% |
|||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||
| * Calculation not meaningful | |||||||||||||||||||||||||||
| Adjusted Net Income | |||||||||||||||||||||||||||
| Three Months | Six Months | ||||||||||||||||||||||||||
| For the Periods Ended |
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||||||||
| (in millions, except per share amounts and percentages) | |||||||||||||||||||||||||||
| Adjusted cost of goods sold | $ |
160.6 |
|
$ |
136.4 |
|
$ |
24.3 |
|
18 |
% |
$ |
309.2 |
|
$ |
265.9 |
|
$ |
43.3 |
|
16 |
% |
|||||
| Adjusted gross profit |
|
72.1 |
|
|
69.8 |
|
|
2.3 |
|
3 |
% |
|
138.2 |
|
|
135.5 |
|
|
2.8 |
|
2 |
% |
|||||
| Adjusted selling, general and administrative |
|
48.8 |
|
|
47.1 |
|
|
1.7 |
|
4 |
% |
|
98.3 |
|
|
94.3 |
|
|
3.9 |
|
4 |
% |
|||||
| Adjusted interest expense, net |
|
3.0 |
|
|
3.2 |
|
|
(0.3 |
) |
(8 |
)% |
|
5.8 |
|
|
6.0 |
|
|
(0.2 |
) |
(3 |
)% |
|||||
| Adjusted income before income taxes |
|
20.3 |
|
|
19.4 |
|
|
0.8 |
|
4 |
% |
|
34.1 |
|
|
35.1 |
|
|
(1.0 |
) |
(3 |
)% |
|||||
| Adjusted provision for income taxes |
|
5.2 |
|
|
5.6 |
|
|
(0.4 |
) |
(7 |
)% |
|
8.8 |
|
|
10.4 |
|
|
(1.5 |
) |
(15 |
)% |
|||||
| Adjusted net income | $ |
15.1 |
|
$ |
13.9 |
|
$ |
1.2 |
|
9 |
% |
$ |
25.3 |
|
$ |
24.7 |
|
$ |
0.6 |
|
2 |
% |
|||||
| Adjusted net income per share | |||||||||||||||||||||||||||
| diluted | $ |
0.37 |
|
$ |
0.34 |
|
$ |
0.03 |
|
9 |
% |
$ |
0.62 |
|
$ |
0.61 |
|
$ |
0.01 |
|
2 |
% |
|||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||
| diluted |
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|
40.5 |
|
|||||||||||||||
| Ratio to net sales | |||||||||||||||||||||||||||
| Adjusted gross profit |
|
31.0 |
% |
|
33.9 |
% |
|
30.9 |
% |
|
33.7 |
% |
|||||||||||||||
| Adjusted selling, general and administrative |
|
21.0 |
% |
|
22.9 |
% |
|
22.0 |
% |
|
23.5 |
% |
|||||||||||||||
| Adjusted income before income taxes |
|
8.7 |
% |
|
9.4 |
% |
|
7.6 |
% |
|
8.7 |
% |
|||||||||||||||
| Adjusted net income |
|
6.5 |
% |
|
6.7 |
% |
|
5.7 |
% |
|
6.2 |
% |
|||||||||||||||
| Adjusted effective tax rate |
|
25.5 |
% |
|
28.5 |
% |
|
25.9 |
% |
|
29.5 |
% |
|||||||||||||||
| Reconciliation of GAAP Net Income to Adjusted Net Income | |||||||||||||||||||||||||||
| Net income | $ |
17.5 |
|
$ |
12.8 |
|
$ |
4.7 |
|
36 |
% |
$ |
24.0 |
|
$ |
25.1 |
|
$ |
(1.1 |
) |
(4 |
)% |
|||||
| Acquisition-related intangible amortization(1) |
|
1.4 |
|
|
1.5 |
|
|
(0.1 |
) |
(9 |
)% |
|
2.9 |
|
|
3.1 |
|
|
(0.2 |
) |
(6 |
)% |
|||||
| Acquisition-related intangible amortization(2) |
|
0.7 |
|
|
0.7 |
|
|
0.1 |
|
10 |
% |
|
1.4 |
|
|
1.3 |
|
|
0.0 |
|
4 |
% |
|||||
| Gain on sale of investment(2) |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
* |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
* | |||||||
| Stock-based compensation (2) |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
* |
|
- |
|
|
1.1 |
|
|
(1.1 |
) |
* | |||||||
| Foreign currency (gains) losses, net(3) |
|
(4.2 |
) |
|
0.6 |
|
|
(4.8 |
) |
* |
|
(2.1 |
) |
|
(3.0 |
) |
|
0.9 |
|
* | |||||||
| Adjustments to income taxes(4) |
|
0.9 |
|
|
(2.3 |
) |
|
3.2 |
|
* |
|
0.3 |
|
|
(2.9 |
) |
|
3.2 |
|
* | |||||||
| Adjusted net income | $ |
15.1 |
|
$ |
13.9 |
|
$ |
1.2 |
|
9 |
% |
$ |
25.3 |
|
$ |
24.7 |
|
$ |
0.6 |
|
2 |
% |
|||||
| 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 | Six Months | ||||||||||||||||||||||
| For the Periods Ended |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| EBITDA | $ |
34.5 |
|
$ |
27.4 |
|
$ |
7.1 |
|
$ |
54.8 |
|
$ |
54.7 |
|
$ |
0.1 |
|
|||||
| Adjustments | |||||||||||||||||||||||
| Gain on sale of investment |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
|||||
| Stock-based compensation |
|
- |
|
|
0.6 |
|
|
(0.6 |
) |
|
- |
|
|
1.1 |
|
|
(1.1 |
) |
|||||
| Foreign currency (gains) losses, net |
|
(4.2 |
) |
|
0.6 |
|
|
(4.8 |
) |
|
(2.1 |
) |
|
(3.0 |
) |
|
0.9 |
|
|||||
| Interest paid, net |
|
(2.8 |
) |
|
(2.9 |
) |
|
0.2 |
|
|
(5.5 |
) |
|
(5.5 |
) |
|
(0.0 |
) |
|||||
| Income taxes paid |
|
(3.1 |
) |
|
(5.4 |
) |
|
2.3 |
|
|
(6.0 |
) |
|
(10.4 |
) |
|
4.3 |
|
|||||
| Changes in operating assets and liabilities and other items |
|
(3.1 |
) |
|
6.7 |
|
|
(9.8 |
) |
|
(16.1 |
) |
|
(8.4 |
) |
|
(7.7 |
) |
|||||
| Net cash provided by operating activities | $ |
20.1 |
|
$ |
26.9 |
|
$ |
(6.8 |
) |
$ |
23.9 |
|
$ |
28.6 |
|
$ |
(4.7 |
) |
|||||
| Short-term investments, net | $ |
23.9 |
|
$ |
- |
|
$ |
23.9 |
|
$ |
10.9 |
|
$ |
(6.0 |
) |
$ |
16.9 |
|
|||||
| Capital expenditures |
|
(7.7 |
) |
|
(7.3 |
) |
|
(0.4 |
) |
|
(15.1 |
) |
|
(14.7 |
) |
|
(0.4 |
) |
|||||
| Cash proceeds from the sale of investment |
|
1.4 |
|
|
- |
|
|
1.4 |
|
|
1.4 |
|
|
- |
|
|
1.4 |
|
|||||
| Other investing, net |
|
0.0 |
|
|
(0.3 |
) |
|
0.3 |
|
|
(0.2 |
) |
|
(0.5 |
) |
|
0.3 |
|
|||||
| Net cash provided (used) by investing activities | $ |
17.6 |
|
$ |
(7.6 |
) |
$ |
25.2 |
|
$ |
(3.1 |
) |
$ |
(21.2 |
) |
$ |
18.1 |
|
|||||
| Net cash flow before financing activities | $ |
37.7 |
|
$ |
19.3 |
|
$ |
18.4 |
|
$ |
20.8 |
|
$ |
7.4 |
|
$ |
13.4 |
|
|||||
| Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20220208005984/en/
Chief Financial Officer
+1-201-329-7300
Or
investor.relations@pahc.com
Source:
FAQ
What were the financial highlights for PAHC in Q2 2021?
How did PAHC revise its full-year guidance for 2022?
What factors contributed to PAHC's Q2 sales increase?
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