phibro animal health corporation - seeking alpha
TRANSCRIPT
Fourth Quarter – June 30, 2020Webcast and Conference Call August 27, 2020
U.S. toll-free +1-833-968-1955 International toll +1-647-689-6656Conference ID: 2577655
Phibro Animal Health Corporation
Cautionary Statements
Forward-Looking StatementsThis 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,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “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 InformationWe 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 InformationWe 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.
2 August 27, 2020 Webcast and Conference Call
GAAP and Non-GAAP Financial Information
Reported results are presented in accordance with GAAPAdjusted results are GAAP results adjusted to exclude- Acquisition-related items, including intangible amortization, cost of goods sold,
accrued compensation costs, transaction costs and adjustments to contingent consideration
- Unusual, non-operational or non-recurring items, including stock-based compensation, restructuring costs
- Other (income) expense as separately reported in the consolidated statements of operations, including foreign currency (gains) losses, net
- Income tax effects related to pre-tax adjustments and unusual or non-recurring income tax items
3 August 27, 2020 Webcast and Conference Call
Opening Remarks and Financial Review
Jack BendheimChairman, President, Chief Executive Officer
Richard JohnsonChief Financial Officer
4 August 27, 2020 Webcast and Conference Call
HighlightsQ4 – June 2020
Short-term decline in product demand due to COVID-19. Sales declines in the Animal Health, Mineral Nutrition and Performance Products businesses, primarily due to lower volume. In Animal Health, decreased sales in MFAs and other sales were partially offset by increases in nutritional specialty products and vaccines.
Net income declined as gross profit decreased driven by sales decline, primarily in the Animal Health segment, partially offset by favorable SG&A expenses. Increased income tax was due to the effects of GILTI tax, changes in uncertain tax positions and increased valuation allowances.
5 August 27, 2020 Webcast and Conference Call
For the three months ended June 30 2020 2019
Net sales 185.9$ 203.9$ (18.0)$ (9)%
Net income 5.6 8.8 (3.2) (36)%
Diluted EPS 0.14$ 0.22$ (0.08)$ (36)%
Adjusted EBITDA 23.9$ 26.3$ (2.5)$ (9)%
Adjusted net income 6.8 13.6 (6.8) (50)%
Adjusted diluted EPS 0.17$ 0.33$ (0.16)$ (48)%
(in millions, except per share amounts and percentages)
Consolidated
Change
Summary
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Net sales | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | |||||||||||||||||||||||||||
Cost of goods sold | 125,319 | 138,580 | (13,261) | (10)% | 543,472 | 563,371 | (19,899) | (4)% | 418,153 | 424,791 | Cost of goods sold | 543,472 | 563,371 | 553,103 | 512,494 | 515,311 | (19,899) | (4)% | 40,609 | 8% | (2,817) | (1)% | |||||||||||||||||||||||||||
Gross profit | 60,564 | 65,303 | (4,739) | (7)% | 256,882 | 264,624 | (7,742) | (3)% | 196,318 | 199,321 | Gross profit | 256,882 | 264,624 | 266,879 | 239,032 | 233,280 | (7,742) | (3)% | (2,255) | (1)% | 27,847 | 12% | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,445 | 53,204 | (10,759) | (20)% | 187,688 | 181,398 | 6,290 | 3% | 145,243 | 128,194 | Selling, general and administrative expenses | 187,688 | 181,398 | 167,953 | 153,288 | 145,612 | 6,290 | 3% | 13,445 | 8% | 14,665 | 10% | |||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | 51,075 | 71,127 | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | |||||||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Income before income taxes | 16,381 | 9,211 | 7,170 | 78% | 55,512 | 71,505 | (15,993) | (22)% | 39,131 | 62,294 | Income before income taxes | 55,512 | 71,505 | 88,070 | 76,761 | 78,763 | (15,993) | (22)% | (16,565) | (19)% | 11,309 | 15% | |||||||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | * | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $27,910 | $45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | |||||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | basic | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.11 | $1.55 | $ (0.52) | $ (0.26) | $ (0.50) | ||||||||||||||||||||||||||||||||||
diluted | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | diluted | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.07 | $1.51 | $ (0.52) | $ (0.26) | $ (0.46) | ||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding | Weighted average number of shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | 40,454 | 40,454 | 40,454 | 40,412 | basic | 40,454 | 40,412 | 40,181 | 39,254 | 38,969 | |||||||||||||||||||||||||||||||||||||||
diluted | 40,504 | 40,536 | 40,504 | 40,523 | diluted | 40,504 | 40,523 | 40,385 | 39,962 | 39,815 | |||||||||||||||||||||||||||||||||||||||
Ratio to net sales | Ratio to net sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | Gross profit | 32.1% | 32.0% | 32.5% | 31.8% | 31.2% | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 22.8% | 26.1% | 23.5% | 21.9% | Selling, general and administrative expenses | 23.5% | 21.9% | 20.5% | 20.4% | 19.5% | |||||||||||||||||||||||||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | Operating income | 8.6% | 10.1% | 12.1% | 11.4% | 11.7% | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | Income before income taxes | 6.9% | 8.6% | 10.7% | 10.2% | 10.5% | |||||||||||||||||||||||||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | Net income | 4.2% | 6.6% | 7.9% | 11.0% | 8.1% | |||||||||||||||||||||||||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | Effective tax rate | 39.6% | 23.5% | 26.3% | (7.8)% | 23.5% | |||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful |
&Z&F&D &T
Adj EBITDA Rec - Segments
Three Months | Twelve Months | Nine Months | Change | |||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||
Net sales | (in thousands, except percentages) | Net sales | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ 72,641 | $ 86,315 | $ (13,674) | (16)% | $ 322,300 | $ 350,468 | $ (28,168) | (8)% | $ 249,659 | $ 264,153 | MFAs and other | $ 322,300 | $ 350,468 | $ 336,666 | $ 339,916 | $ 335,735 | $ (28,168) | (8)% | $ 13,802 | 4% | $ (3,250) | (1)% | ||||||||||||||||||||||||
Nutritional specialties | 31,133 | 28,558 | 2,575 | 9% | 129,264 | 113,215 | 16,049 | 14% | 98,131 | 84,657 | Nutritional specialties | 129,264 | 113,215 | 122,978 | 94,084 | 81,702 | 16,049 | 14% | (9,763) | (8)% | 28,894 | 31% | ||||||||||||||||||||||||
Vaccines | 18,617 | 17,161 | 1,456 | 8% | 75,340 | 68,291 | 7,049 | 10% | 56,723 | 51,130 | Vaccines | 75,340 | 68,291 | 72,083 | 52,140 | 53,363 | 7,049 | 10% | (3,792) | (5)% | 19,943 | 38% | ||||||||||||||||||||||||
Animal Health | 122,391 | 132,034 | (9,643) | (7)% | 526,904 | 531,974 | (5,070) | (1)% | $ 404,513 | $ 399,940 | Animal Health | 526,904 | 531,974 | 531,727 | 486,140 | 470,800 | (5,070) | (1)% | 247 | 0% | 45,587 | 9% | ||||||||||||||||||||||||
Mineral Nutrition | 49,878 | 55,972 | (6,094) | (11)% | 214,412 | 233,782 | (19,370) | (8)% | 164,534 | 177,810 | Mineral Nutrition | 214,412 | 233,782 | 234,922 | 216,685 | 227,102 | (19,370) | (8)% | (1,140) | (0)% | 18,237 | 8% | ||||||||||||||||||||||||
Performance Products | 13,614 | 15,877 | (2,263) | (14)% | 59,038 | 62,239 | (3,201) | (5)% | 45,424 | 46,362 | Performance Products | 59,038 | 62,239 | 53,333 | 48,701 | 50,689 | (3,201) | (5)% | 8,906 | 17% | 4,632 | 10% | ||||||||||||||||||||||||
Total | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Total | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | ||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ 29,572 | $ 31,167 | $ (1,595) | (5)% | $ 123,106 | $ 136,049 | $ (12,943) | (10)% | $ 93,534 | $ 104,882 | Animal Health | $ 123,106 | $ 136,049 | $ 141,914 | $ 127,442 | $ 120,259 | $ (12,943) | (10)% | $ (5,865) | (4)% | $ 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Mineral Nutrition | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Performance Products | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Corporate | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Total | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Total | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | ||||||||||||||||||||||||
Adjusted EBITDA ratio to segment net sales | Adjusted EBITDA ratio to segment net sales | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | 23.1% | 26.2% | Animal Health | 23.4% | 25.6% | 26.7% | 26.2% | 25.5% | ||||||||||||||||||||||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | 6.8% | 6.7% | Mineral Nutrition | 6.8% | 6.7% | 7.9% | 6.9% | 6.4% | ||||||||||||||||||||||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | 8.4% | 7.7% | Performance Products | 7.7% | 7.6% | 3.5% | 2.0% | 5.2% | ||||||||||||||||||||||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | (4.9%) | (4.6%) | Corporate (1) | (5.0)% | (4.6)% | (4.1)% | (3.9)% | (3.6%) | ||||||||||||||||||||||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | 12.7% | 14.7% | Total (1) | 12.8% | 14.3% | 15.7% | 15.2% | 14.7% | ||||||||||||||||||||||||||||||||||
(1) reflects ratio to total net sales | (1) reflects ratio to total net sales | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to adjusted EBITDA | Reconciliation of operating income to adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 2020 | 2019 | 2020 / 2019 | 2020 | 2019 | 2020 / 2019 | For the Years Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||||
(in thousands) | Animal Health | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 23,045 | $ 25,275 | $ (2,230) | (9)% | $ 96,539 | $ 113,737 | $ (17,198) | (15)% | $ 73,494 | $ 88,462 | Operating income | $ 96,539 | $ 113,737 | $ 118,112 | $ 106,047 | $ 104,082 | $ (17,198) | (15)% | $ (4,375) | (4)% | $ 12,065 | 11% | ||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||
Acquisition-related other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Acquisition-related other, net | - 0 | - 0 | (468) | - 0 | - 0 | * | 468 | * | - 0 | * | |||||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Other, net | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | 6,527 | 5,892 | 635 | 11% | 26,287 | 22,312 | 3,975 | 18% | 19,760 | 16,420 | Depreciation and amortization | 26,287 | 22,312 | 21,447 | 17,149 | 15,430 | 3,975 | 18% | 865 | 4% | 4,298 | 25% | ||||||||||||||||||||||||
Adjusted EBITDA | 29,572 | 31,167 | (1,595) | (5)% | 123,106 | 136,049 | (12,943) | (10)% | 93,534 | 104,882 | Adjusted EBITDA | 123,106 | 136,049 | 141,914 | 127,442 | 120,259 | (12,943) | (10)% | (5,865) | (4)% | 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,813 | 3,264 | (451) | (14)% | 12,156 | 13,393 | (1,237) | (9)% | 9,343 | 10,129 | Operating income | 12,156 | 13,393 | 16,212 | 12,504 | 11,961 | (1,237) | (9)% | (2,819) | (17)% | 3,708 | 30% | ||||||||||||||||||||||||
Depreciation and amortization | 651 | 514 | 137 | 27% | 2,522 | 2,319 | 203 | 9% | 1,871 | 1,805 | Depreciation and amortization | 2,522 | 2,319 | 2,371 | 2,467 | 2,468 | 203 | 9% | (52) | (2)% | (96) | (4)% | ||||||||||||||||||||||||
Adjusted EBITDA | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Adjusted EBITDA | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | Performance Products | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 162 | 866 | (704) | (81)% | 2,674 | 3,601 | (927) | (26)% | 2,512 | 2,735 | Operating income | 2,674 | 3,601 | 852 | 163 | 2,069 | (927) | (26)% | 2,749 | 323% | 689 | 423% | ||||||||||||||||||||||||
Depreciation and amortization | 557 | 302 | 255 | 84% | 1,860 | 1,127 | 733 | 65% | 1,303 | 825 | Depreciation and amortization | 1,860 | 1,127 | 1,029 | 807 | 577 | 733 | 65% | 98 | 10% | 222 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Adjusted EBITDA | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,901) | (17,306) | 9,405 | * | (42,175) | (47,505) | 5,330 | * | (34,274) | (30,199) | Operating income | (42,175) | (47,505) | (36,250) | (32,970) | (30,444) | 5,330 | * | (11,255) | * | (3,280) | * | ||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Recovery of insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | 167 | (1,506) | Acquisition related other, net | (2,821) | - 0 | - 0 | (2,821) | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | 6,281 | * | - 0 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 429 | 449 | (20) | (4)% | 1,672 | 1,806 | (134) | (7)% | 1,243 | 1,357 | Depreciation and amortization | 1,672 | 1,806 | 2,096 | 3,029 | 3,129 | (134) | (7)% | (290) | (14)% | (933) | (31)% | ||||||||||||||||||||||||
Adjusted EBITDA | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Adjusted EBITDA | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | ||||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | Acquisition related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | * | 468 | * | (468) | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | - 0 | 6,281 | (5,856) | (93)% | Restructuring costs | 425 | 6,281 | - 0 | - 0 | - 0 | (5,856) | (93)% | 6,281 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | - 0 | - 0 | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 17,149 | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | ||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 131,209 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ (2,251) | (2)% | ||||||||||||||||||||||||||
EBDITA % of Total before Corporate | EBDITA % of Total before Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 88% | 86% | 87% | 87% | Animal Health | 87% | 87% | 87% | 79% | 88% | ||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 10% | 10% | 10% | 10% | Mineral Nutrition | 10% | 10% | 11% | 9% | 11% | ||||||||||||||||||||||||||||||||||||
Performance Products | 2% | 3% | 3% | 3% | Performance Products | 3% | 3% | 1% | 1% | 2% | ||||||||||||||||||||||||||||||||||||
% of Total Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | 39% | 42% | 40% | 42% | MFAs and other | 40% | 42% | 41% | 45% | 45% |
&Z&F&D &T
Adjusted EBITDA Rec
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020/ 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $ 27,910 | $ 27,910 | $ 45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $ 60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | ||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | 2526% | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | 24,177 | 20,407 | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | |||||||||||||||||||||||
EBITDA | 27,352 | 19,415 | 7,937 | 41% | 100,709 | 110,845 | (10,136) | (9)% | 73,357 | 91,430 | EBITDA | 100,709 | 110,845 | 126,923 | 116,805 | 114,672 | (10,136) | (9)% | (16,078) | (13)% | 10,118 | 9% | |||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | - 0 | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | |||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | |||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | |||||||||||||||||||||||
Acquisition-related other, net | (2,988) | - 0 | (2,988) | * | (2,821) | - 0 | (2,821) | * | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | (2,821) | * | 468 | * | |||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | * | - 0 | (1,506) | 1,506 | * | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | * | (1,506) | * | (468) | * | |||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets | ||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | |||||||||||||||||||||||||||||||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
&Z&F&D &T
Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 23,187 | $ 15,928 | |||||||||||
Effective income tax rate | 26.3% | 19.8% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (3,773) | $ (3,096) | |||||||||||
Mandatory toll charge | 403 | - | |||||||||||
Reduction of domestic deferred tax assets | 2,289 | - | |||||||||||
Reduction of foreign deferred tax assets | 1,156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Reclassification from accumulated other comprehensive income | 527 | - | |||||||||||
Release of unrecognized tax benefits | (994) | (500) | |||||||||||
Release of foreign valuation allowance | - | (4,118) | |||||||||||
Total | $ (957) | $ (7,714) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 24,144 | $ 23,642 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 29.3% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 1,408 | $ 1,841 | |||||||||||
Effective income tax rate | 6.0% | 10.7% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (376) | $ (1,654) | |||||||||||
Mandatory toll charge | (3,846) | - | |||||||||||
Adjustment to domestic deferred tax assets | (161) | - | |||||||||||
Reduction of foreign deferred tax assets | 156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Release of unrecognized tax benefits | (236) | (500) | |||||||||||
Release of foreign valuation allowance | - | (338) | |||||||||||
Total | $ (5,028) | $ (2,492) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,436 | $ 4,333 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 25.1% |
&8&F&A&8&D&T
Cash Flows
MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2019 | 2018 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
Cash provided by/(used in): | (in thousands) | (in thousands) | Cash provided by/(used in): | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Investing activities | (9,533) | 14,743 | (24,276) | (120,390) | (14,133) | (106,257) | (110,857) | (28,876) | Investing activities | (120,390) | (14,133) | (84,612) | (82,791) | (34,464) | (106,257) | 70,479 | (1,821) | ||||||||||||||||||||||
Financing activities | 14,985 | (7,999) | 22,984 | 40,936 | (4,107) | 45,043 | 25,951 | 3,892 | Financing activities | 40,936 | (4,107) | (11,775) | 50,380 | (15,351) | 45,043 | 7,668 | (62,155) | ||||||||||||||||||||||
Effect of exchange-rate changes on cash | Effect of exchange-rate changes on cash | ||||||||||||||||||||||||||||||||||||||
and cash equivalents | 266 | 74 | 192 | (1,124) | (524) | (600) | (1,390) | (598) | and cash equivalents | (1,124) | (524) | (536) | (418) | (1,494) | (600) | 12 | (118) | ||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ 9,595 | $ 21,697 | $ (12,102) | $ (21,230) | $ 28,405 | $ (49,635) | $ (30,825) | $ 6,708 | Net increase/(decrease) in cash and cash equivalents | $ (21,230) | $ 28,405 | $ (26,915) | $ 4,389 | $ 17,395 | $ (49,635) | $ 55,320 | $ (31,304) | ||||||||||||||||||||||
Net cash provided (used) by operating activities is comprised of the following items: | Net cash provided (used) by operating activities is comprised of the following items: | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
EBITDA | $ 27,352 | $ 19,415 | $ 7,937 | $ 100,709 | $ 110,845 | $ (10,136) | $ 73,357 | $ 91,430 | EBITDA | $ 100,709 | $ 110,845 | $ 126,923 | $ 116,805 | $ 114,672 | $ (10,136) | $ (16,078) | $ 10,118 | ||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | 425 | 6,281 | (5,856) | 425 | $ - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | 6,281 | ||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 2,259 | 2,259 | - 0 | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 1,925 | 334 | |||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 280 | - 0 | 280 | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | (1,671) | (895) | ||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | (1,152) | (528) | ||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | 462 | 213 | 249 | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | (187) | (218) | ||||||||||||||||||||||
Acquisition related other, net | (2,988) | - 0 | (2,988) | (2,821) | - 0 | (2,821) | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | 468 | |||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | (1,506) | 1,506 | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | (1,506) | - 0 | ||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
- 0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | 826 | (55) | 881 | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | 999 | 6,555 | ||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Interest paid, net | (2,406) | (4,559) | 2,153 | (11,577) | (12,250) | 673 | (9,171) | (7,691) | Interest paid, net | (11,577) | (12,250) | (11,208) | (14,215) | (12,912) | 673 | (1,042) | 3,007 | ||||||||||||||||||||||
Income taxes paid | (5,821) | (3,046) | (2,775) | (20,866) | (16,215) | (4,651) | (15,045) | (13,169) | Income taxes paid | (20,866) | (16,215) | (15,191) | (16,828) | (10,780) | (4,651) | (1,024) | 1,637 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (11,756) | (3,831) | (7,925) | (10,349) | (42,403) | 32,054 | 1,407 | (38,572) | Changes in operating assets and liabilities and other items | (10,349) | (42,403) | (32,551) | (45,181) | (12,337) | 32,054 | (9,852) | 12,630 | ||||||||||||||||||||||
Cash provided by gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | (5,286) | - 0 | - 0 | - 0 | ||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash used for acquisition-related transaction costs | - 0 | (618) | - 0 | - 0 | - 0 | 618 | |||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Net cash provided by operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful | ||||||||||||||||||||||||||||||||||||||
- 0 |
&Z&F&D &T
Liquidity
June 30, | June 30, | June 30, | Change | |||||||||||||||||||||||||||
As of | 2020 | 2019 | 2018 | Change | As of June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||
(in thousands, except ratios) | (in thousands, except ratios) | |||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $9,770 | Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $33,605 | $29,216 | $9,770 | $2,405 | $45,563 | |||||||||||||||||
Working capital | 222,006 | 242,902 | 205,651 | (20,896) | Working capital | 222,006 | 242,902 | 205,651 | $203,356 | $175,988 | (20,896) | 37,251 | 2,295 | |||||||||||||||||
Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | 2.92:1 | 2.62:1 | |||||||||||||||||||||
360,494 | 384,589 | 336,293 | 360,494 | 384,589 | 336,293 | 309,226 | 284,512 | |||||||||||||||||||||||
138,488 | 141,687 | 130,642 | 138,488 | 141,687 | 130,642 | 105,870 | 108,524 | |||||||||||||||||||||||
2.60 | 2.71 | 2.57 | 2.60 | 2.71 | 2.57 | 2.92 | 2.62 |
&Z&F&D &T
Working Capital
Phibro Animal Health Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Changes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2013 | Change | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2010 | 2010 | Change | 2010 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,343 | 57,573 | (21,230) | 57,573 | 29,168 | 28,405 | 29,168 | 56,083 | (26,915) | 30,553 | 56,083 | (25,530) | 40,185 | 56,083 | (15,898) | 62,097 | 56,083 | 6,014 | 56,083 | 33,605 | 22,478 | 49,310 | 33,605 | 15,705 | 39,220 | 33,605 | 5,615 | 37,415 | 33,605 | 3,810 | 33,605 | 29,216 | 4,389 | 32,225 | 29,216 | 3,009 | 25,372 | 29,216 | (3,844) | 31,817 | 29,216 | 2,601 | 29,216 | 11,821 | 17,395 | 20,804 | 11,821 | 20,689 | 11,821 | 19,749 | 11,821 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,369 | 36,851 | 27,369 | 27,369 | 53,900 | (26,531) | 27,995 | 53,900 | (25,905) | 27,023 | 53,900 | (26,877) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 48,598 | (14,940) | 49,373 | 48,598 | 775 | 47,089 | 48,598 | (1,509) | 48,598 | 62,705 | (14,107) | 41,517 | 62,705 | (21,188) | 20,066 | 62,705 | (42,639) | 12,068 | 62,705 | (50,637) | ||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | 55,000 | 24,000 | 24,000 | 50,000 | 50,000 | 45,000 | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | 159,022 | 135,742 | 135,742 | 125,847 | 127,044 | 125,847 | 132,242 | 125,847 | 136,337 | 125,847 | 125,847 | 123,790 | 113,130 | 123,790 | 124,131 | 123,790 | 119,607 | 123,790 | 123,790 | 111,099 | 116,233 | 111,099 | 114,572 | 111,099 | 113,710 | 111,099 | 111,099 | 113,858 | 115,152 | 113,858 | 114,264 | 113,858 | 110,756 | 113,858 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | 198,322 | 178,170 | 178,170 | 161,233 | 184,478 | 161,233 | 173,613 | 161,233 | 170,928 | 161,233 | 161,233 | 167,691 | 163,831 | 167,691 | 158,819 | 167,691 | 162,644 | 167,691 | 167,691 | 149,786 | 168,293 | 149,786 | 154,422 | 149,786 | 147,294 | 149,786 | 149,786 | 143,184 | 136,368 | 143,184 | 144,858 | 143,184 | 146,382 | 143,184 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 27,245 | 22,381 | 22,381 | 20,502 | 20,351 | 20,502 | 23,407 | 20,502 | 25,193 | 20,502 | 20,502 | 17,745 | 21,273 | 17,745 | 16,839 | 17,745 | 20,102 | 17,745 | 17,745 | 23,627 | 15,847 | 23,627 | 15,807 | 23,627 | 24,170 | 23,627 | 23,627 | 30,426 | 27,728 | 30,426 | 26,932 | 30,426 | 26,967 | 30,426 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (18,750) | (12,540) | (12,540) | (12,579) | (12,579) | (6,250) | (11,020) | (6,250) | (9,458) | (6,250) | (7,895) | (6,250) | (6,250) | (2,803) | (2,900) | (2,803) | (2,901) | (2,803) | (2,903) | (2,803) | (2,803) | (2,809) | (2,809) | (2,809) | (2,814) | (2,809) | (2,819) | (2,809) | (2,809) | (2,969) | (2,813) | (2,969) | (2,828) | (2,969) | (2,950) | (2,969) | (2,969) | (64) | (72) | (64) | (9,994) | (64) | (9,966) | (64) | (64) | (5,350) | 5,286 | (79) | (5,350) | 5,271 | (29,361) | (5,350) | (24,011) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,526) | 243 | (5,650) | (5,526) | (124) | (5,565) | (5,526) | (39) | (5,526) | (5,557) | 31 | (5,434) | (5,557) | 123 | (5,829) | (5,557) | (272) | (5,704) | (5,557) | (147) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | (73,189) | (59,498) | (59,498) | (56,894) | (64,127) | (56,894) | (64,779) | (56,894) | (61,732) | (56,894) | (56,894) | (60,167) | (53,271) | (60,167) | (54,826) | (60,167) | (54,274) | (60,167) | (60,167) | (63,061) | (51,852) | (63,061) | (61,226) | (63,061) | (59,469) | (63,061) | (63,061) | (59,608) | (56,920) | (59,608) | (56,762) | (59,608) | (64,544) | (59,608) | (59,608) | (57,902) | (60,572) | (57,902) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (68,498) | (71,144) | (71,144) | (52,652) | (53,397) | (52,652) | (52,999) | (52,652) | (51,480) | (52,652) | (52,652) | (45,703) | (50,126) | (45,703) | (45,602) | (45,703) | (44,159) | (45,703) | (45,703) | (45,463) | (45,119) | (45,463) | (50,491) | (45,463) | (46,039) | (45,463) | (45,463) | (49,861) | (45,751) | (49,861) | (41,788) | (49,861) | (39,293) | (49,861) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294,599 | 311,935 | 311,935 | 272,240 | 272,240 | 247,869 | 278,882 | 247,869 | 269,211 | 247,869 | 273,448 | 247,869 | 247,869 | 234,158 | 241,247 | 234,158 | 235,680 | 234,158 | 238,432 | 234,158 | 234,158 | 202,395 | 232,818 | 202,395 | 195,642 | 202,395 | 208,664 | 202,395 | 202,395 | 186,851 | 194,568 | 186,851 | 205,365 | 186,851 | 197,067 | 186,851 | 186,851 | 180,982 | 177,840 | 180,982 | 179,901 | 180,982 | 193,200 | 181,380 | 181,330 | 175,387 | 5,943 | 192,205 | 175,387 | 16,818 | 145,983 | 175,387 | (29,404) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 178,508 | (6,899) | 173,827 | 178,508 | (4,681) | 171,756 | 178,508 | (6,752) | 178,508 | 178,828 | (320) | 171,094 | 178,828 | (7,734) | 143,144 | 178,828 | (35,684) | 139,187 | 178,828 | (39,641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Dec | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | September | June | September | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | (32,500) | 159,022 | 135,742 | 23,280 | 135,742 | 125,847 | 9,895 | 127,044 | 125,847 | 1,197 | 132,242 | 125,847 | 6,395 | 136,337 | 125,847 | 10,490 | 125,847 | 123,790 | 2,057 | 113,130 | 123,790 | (10,660) | 124,131 | 123,790 | 341 | 119,607 | 123,790 | (4,183) | 123,790 | 111,099 | 12,691 | 116,233 | 111,099 | 5,134 | 114,572 | 111,099 | 3,473 | 113,710 | 111,099 | 2,611 | 111,099 | 113,858 | (2,759) | 115,152 | 113,858 | 1,294 | 114,264 | 113,858 | 406 | 110,756 | 113,858 | (3,102) | 113,858 | 99,137 | 14,721 | 107,705 | 99,137 | 8,568 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | (1,663) | 198,322 | 178,170 | 20,152 | 178,170 | 161,233 | 16,937 | 184,478 | 161,233 | 23,245 | 173,613 | 161,233 | 12,380 | 170,928 | 161,233 | 9,695 | 161,233 | 167,691 | (6,458) | 163,831 | 167,691 | (3,860) | 158,819 | 167,691 | (8,872) | 162,644 | 167,691 | (5,047) | 167,691 | 149,786 | 17,905 | 168,293 | 149,786 | 18,507 | 154,422 | 149,786 | 4,636 | 147,294 | 149,786 | (2,492) | 149,786 | 143,184 | 6,602 | 136,368 | 143,184 | (6,816) | 144,858 | 143,184 | 1,674 | 146,382 | 143,184 | 3,198 | 143,184 | 140,032 | 3,152 | 142,804 | 140,032 | 2,772 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 10,068 | 27,245 | 22,381 | 4,864 | 22,381 | 20,502 | 1,879 | 20,351 | 20,502 | (151) | 23,407 | 20,502 | 2,905 | 25,193 | 20,502 | 4,691 | 20,502 | 17,745 | 2,757 | 21,273 | 17,745 | 3,528 | 16,839 | 17,745 | (906) | 20,102 | 17,745 | 2,357 | 17,745 | 23,627 | (5,882) | 15,847 | 23,627 | (7,780) | 15,807 | 23,627 | (7,820) | 24,170 | 23,627 | 543 | 23,627 | 30,426 | (6,799) | 27,728 | 30,426 | (2,698) | 26,932 | 30,426 | (3,494) | 26,967 | 30,426 | (3,459) | 30,426 | 29,848 | 578 | 31,159 | 29,848 | 1,311 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | 7,098 | (73,189) | (59,498) | (13,691) | (59,498) | (56,894) | (2,604) | (64,127) | (56,894) | (7,233) | (64,779) | (56,894) | (7,885) | (61,732) | (56,894) | (4,838) | (56,894) | (60,167) | 3,273 | (53,271) | (60,167) | 6,896 | (54,826) | (60,167) | 5,341 | (54,274) | (60,167) | 5,893 | (60,167) | (63,061) | 2,894 | (51,852) | (63,061) | 11,209 | (61,226) | (63,061) | 1,835 | (59,469) | (63,061) | 3,592 | (63,061) | (59,608) | (3,453) | (56,920) | (59,608) | 2,688 | (56,762) | (59,608) | 2,846 | (64,544) | (59,608) | (4,936) | (59,608) | (57,902) | (1,706) | (60,752) | (57,902) | (2,850) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (3,899) | (68,498) | (71,144) | 2,646 | (71,144) | (52,652) | (18,492) | (53,397) | (52,652) | (745) | (52,999) | (52,652) | (347) | (51,480) | (52,652) | 1,172 | (52,652) | (45,703) | (6,949) | (50,126) | (45,703) | (4,423) | (45,602) | (45,703) | 101 | (44,159) | (45,703) | 1,544 | (45,703) | (45,463) | (240) | (45,119) | (45,463) | 344 | (50,491) | (45,463) | (5,028) | (46,039) | (45,463) | (576) | (45,463) | (49,861) | 4,398 | (45,751) | (49,861) | 4,110 | (41,788) | (49,861) | 8,073 | (39,293) | (49,861) | 10,568 | (49,861) | (57,438) | 7,577 | (54,513) | (57,438) | 2,925 | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222,006 | 242,902 | (20,896) | 242,902 | 205,651 | 37,251 | 205,651 | 198,036 | 7,615 | 214,349 | 198,036 | 16,313 | 211,484 | 198,036 | 13,448 | 219,246 | 198,036 | 21,210 | 198,036 | 203,356 | (5,320) | 194,837 | 203,356 | (8,519) | 199,361 | 203,356 | (3,995) | 203,920 | 203,356 | 564 | 203,356 | 175,988 | 27,368 | 203,402 | 175,988 | 27,414 | 173,084 | 175,988 | (2,904) | 179,666 | 175,988 | 3,678 | 175,988 | 177,999 | (2,011) | 176,577 | 177,999 | (1,422) | 187,504 | 177,999 | 9,505 | 180,268 | 177,999 | 2,269 | 177,999 | 153,677 | 24,322 | 166,403 | 153,677 | 12,726 | 159,421 | 153,677 | 166,315 | 154,075 | 154,025 | 126,837 | 27,188 | 164,289 | 126,837 | 37,452 | 148,321 | 126,837 | 21,484 | 143,496 | 126,837 | 16,659 | 126,837 | 135,436 | (8,599) | 143,234 | 135,436 | 7,798 | 130,104 | 135,436 | (5,332) | 130,232 | 135,436 | (5,204) | 135,436 | 121,680 | 13,756 | 135,011 | 121,680 | 13,331 | 128,907 | 121,680 | 7,227 | 132,823 | 121,680 | 11,143 | ||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 27,369 | 27,369 | 19,749 | 27,369 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,023 | 36,851 | 41,853 | 27,369 | 33,658 | (6,289) | 27,995 | 33,658 | (5,663) | 27,023 | 49,373 | (22,350) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 41,517 | (7,859) | 49,373 | 20,066 | 29,307 | 47,089 | 12,068 | 35,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 96,123 | 94,446 | 95,949 | 109,816 | 106,456 | 3,360 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 128,954 | 141,376 | 123,501 | 140,157 | 118,452 | 21,705 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 30,728 | 31,979 | 29,680 | 19,644 | 20,200 | (556) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (64) | (64) | (2,950) | (64) | (2,969) | (64) | (72) | (64) | (9,994) | (29,361) | (9,966) | (29,198) | (64) | (5,283) | 5,219 | (79) | (5,283) | 5,204 | (29,361) | (5,650) | (23,711) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,434) | 151 | (5,650) | (5,829) | 179 | (5,565) | (5,704) | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (60,109) | (59,699) | (52,739) | (63,758) | (58,432) | (58,555) | 123 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (47,084) | (48,747) | (41,876) | (57,160) | (43,319) | (13,841) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182,924 | 182,924 | 197,067 | 182,924 | 186,851 | 182,924 | 177,840 | 182,924 | 179,901 | 146,684 | 193,200 | 156,151 | 181,330 | 171,609 | 9,721 | 192,205 | 171,609 | 20,596 | 145,983 | 173,827 | (27,844) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 171,094 | 515 | 173,827 | 143,144 | 30,683 | 171,756 | 139,187 | 32,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 8,568 | 103,253 | 96,123 | 7,130 | 94,446 | 95,949 | 109,816 | 105,721 | 4,095 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 96,469 | (520) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 2,772 | 140,445 | 128,954 | 11,491 | 141,376 | 123,501 | 140,157 | 118,372 | 21,785 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 123,026 | 475 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 1,311 | 28,359 | 30,728 | (2,369) | 31,979 | 29,680 | 19,644 | 22,190 | (2,546) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 15,888 | 13,792 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (4,612) | (60,109) | (59,699) | (410) | (52,739) | (63,758) | (58,432) | (66,806) | 8,374 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (64,579) | 821 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | 3,275 | (52,527) | (47,084) | (5,443) | (48,747) | (41,876) | (57,160) | (52,640) | (4,520) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (40,572) | (1,304) | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155,619 | 155,619 | 180,268 | 155,619 | 177,999 | 155,619 | 166,933 | 155,619 | 11,314 | 159,421 | 149,022 | 10,399 | 166,315 | 143,496 | 22,819 | 154,025 | 126,837 | 27,188 | 164,289 | 143,234 | 21,055 | 148,321 | 130,104 | 18,217 | 143,496 | 130,232 | 13,264 | 126,837 | 135,436 | (8,599) | 143,234 | 135,011 | 8,223 | 130,104 | 128,907 | 1,197 | 130,232 | 132,823 | (2,591) |
&Z&F&D &T
DSO & Inventories
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accounts receivable - trade | $ 126,522 | $ 159,022 | $ 135,742 | $ 111,099 | $ 99,137 | 12% | $ 99,137 | $ 99,140 | 97,566 | $ 24,643 | $ (32,500) | $ 23,280 | |||||||||||||
DSO | 61 | 70 | 58 | 54 | 53 | 2% | 54 | 53 | 55 | ||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Inventories | $ 196,659 | $ 198,322 | $ 178,170 | $ 149,786 | $ 140,032 | 7% | $ 140,032 | $ 120,123 | 97,566 | $ 28,384 | $ (1,663) | $ 20,152 |
&Z&F&D &T
Business Segments
Segments | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 340 | $ 340 | $ 336 | $ 327 | $ 4 | 1% | $ 9 | 3% | ||||||||||||||||||
Nutritional Specialties | 94 | 94 | 82 | 63 | 12 | 15% | 19 | 30% | ||||||||||||||||||
Vaccines | 52 | 52 | 53 | 41 | (1) | (2)% | 12 | 29% | ||||||||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ 0 | 0% | $ 61 | 13% | 66% | 64% | 65% | 63% | ||||||||||||
Mineral Nutrition | 214 | 234 | 235 | 227 | (19) | (8)% | (1) | (0)% | 8 | 3% | 27% | 28% | 29% | 30% | ||||||||||||
Performance Products | 59 | 62 | 53 | 51 | (3) | (5)% | 9 | 17% | 3 | 5% | 7% | 8% | 7% | 7% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 301 | $ 316 | $ 321 | $ 280 | $ (15) | (5)% | $ (5) | (2)% | $ 41 | 15% | 38% | 38% | 39% | 37% | ||||||||||||
Dairy | 163 | 170 | 177 | 135 | (7) | (4)% | (7) | (4)% | 42 | 31% | 20% | 21% | 22% | 18% | ||||||||||||
Cattle | 94 | 88 | 80 | 100 | 6 | 7% | 8 | 10% | (20) | (20)% | 12% | 11% | 10% | 13% | ||||||||||||
Swine | 81 | 101 | 100 | 102 | (20) | (20)% | 1 | 1% | (2) | (2)% | 10% | 12% | 12% | 14% | ||||||||||||
Other (1) | 161 | 153 | 142 | 132 | 8 | 5% | 11 | 8% | 10 | 7% | 20% | 18% | 17% | 18% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Regions (2) | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 472 | $ 481 | $ 491 | $ 483 | $ (9) | (2)% | $ (10) | (2)% | $ 8 | 2% | 59% | 58% | 60% | 65% | ||||||||||||
Latin America and Canada | 159 | 152 | 143 | 107 | 7 | 5% | 9 | 6% | 36 | 33% | 20% | 18% | 17% | 14% | ||||||||||||
Europe, Middle East and Africa | 112 | 105 | 110 | 61 | 7 | 7% | (5) | (5)% | 49 | 79% | 14% | 13% | 13% | 8% | ||||||||||||
Asia Pacific | 57 | 90 | 76 | 97 | (33) | (37)% | 14 | 18% | (21) | (21)% | 7% | 11% | 9% | 13% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
(1) | Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry | |||||||||||||||||||||||||
(2) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
Adjusted EBITDA(1) | Change | Percentage of total (2) | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | * | $ - 0 | * | ||||||||||||||||||
Nutritional Specialties | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Vaccines | - 0 | 0 | 0 | 4 | - 0 | 0% | (4) | (96)% | ||||||||||||||||||
Animal Health | $ 123 | $ 136 | $ 142 | $ 120 | $ (13) | (10)% | $ (6) | (4)% | $ 22 | 18% | 87% | 87% | 87% | 88% | ||||||||||||
Mineral Nutrition | 15 | 16 | 19 | 14 | (1) | (7)% | (3) | (15)% | 5 | 33% | 10% | 10% | 11% | 10% | ||||||||||||
Performance Products | 5 | 5 | 2 | 3 | (0) | (4)% | 3 | 151% | (1) | (37)% | 3% | 3% | 1% | 2% | ||||||||||||
Corporate | (40) | (38) | (33) | (27) | (2) | * | (5) | * | (6) | * | ||||||||||||||||
Total | $ 102 | $ 118 | $ 129 | $ 110 | $ (16) | (13)% | $ (11) | (8)% | $ 19 | 17% | ||||||||||||||||
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA. | |||||||||||||||||||||||||
(2) | Before unallocated corporate costs | |||||||||||||||||||||||||
Net Identifiable Assets | Change | Percentage of total | ||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 23 | $ 23 | $ 22 | $ 21 | $ 2 | 9% | $ 0 | 1% | ||||||||||||||||||
Nutritional Specialties | 114 | 114 | 110 | 91 | 4 | 4% | 19 | 21% | ||||||||||||||||||
Vaccines | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Animal Health | $ 561 | $ 509 | $ 456 | $ 349 | $ 52 | 10% | $ 53 | 12% | $ 107 | 31% | 71% | 70% | 68% | 71% | ||||||||||||
Mineral Nutrition | 66 | 68 | 70 | 59 | (2) | (2)% | (2) | (3)% | 11 | 19% | 8% | 9% | 10% | 12% | ||||||||||||
Performance Products | 31 | 33 | 24 | 22 | (2) | (6)% | 9 | 37% | 2 | 10% | 4% | 5% | 4% | 4% | ||||||||||||
Corporate | 127 | 117 | 122 | 60 | 10 | 8% | (5) | (4)% | 62 | 102% | 16% | 16% | 18% | 12% | ||||||||||||
Total | $ 785 | $ 727 | $ 672 | $ 490 | $ 58 | 8% | $ 55 | 8% | $ 182 | 37% | ||||||||||||||||
Adjusted value down to $784M to agree in total - all individual amounts rounded up. |
&Z&F&D &T
Animal Health
Product Groups | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 322 | $ 350 | $ 337 | $ 336 | $ (28) | (8)% | $ 13 | 4% | $ 1 | 0% | 61% | 66% | 63% | 71% | ||||||||||||
Nutritional specialties | 129 | 113 | 123 | 82 | 16 | 14% | (10) | (8)% | 41 | 50% | 25% | 21% | 23% | 17% | ||||||||||||
Vaccines | 75 | 68 | 72 | 53 | 7 | 10% | (4) | (5)% | 19 | 36% | 14% | 13% | 14% | 11% | ||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ (0) | (0)% | $ 61 | 13% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 253 | $ 251 | $ 255 | $ 231 | $ 2 | 1% | $ (4) | (2)% | $ 24 | 10% | 48% | 47% | 48% | 49% | ||||||||||||
Swine | 43 | 62 | 59 | 65 | (19) | (31)% | 3 | 5% | (6) | (9)% | 8% | 12% | 11% | 14% | ||||||||||||
Dairy | 117 | 116 | 120 | 83 | 1 | 1% | (4) | (3)% | 37 | 44% | 22% | 22% | 23% | 18% | ||||||||||||
Cattle | 44 | 47 | 42 | 43 | (3) | (6)% | 5 | 12% | (1) | (3)% | 8% | 9% | 8% | 9% | ||||||||||||
Other | 70 | 56 | 56 | 48 | 14 | 25% | - 0 | 0% | 8 | 17% | 13% | 11% | 11% | 10% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
Regions (1) | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 214 | $ 199 | $ 220 | $ 219 | $ 15 | 8% | $ (21) | (10)% | $ 1 | 1% | 41% | 37% | 41% | 46% | ||||||||||||
Latin America and Canada | 148 | 142 | 129 | 99 | 6 | 4% | 13 | 10% | 30 | 31% | 28% | 27% | 24% | 21% | ||||||||||||
Europe, Middle East and Africa | 109 | 103 | 108 | 61 | 6 | 6% | (5) | (5)% | 47 | 76% | 21% | 19% | 20% | 13% | ||||||||||||
Asia Pacific | 56 | 88 | 75 | 92 | (32) | (36)% | 13 | 17% | (17) | (19)% | 11% | 17% | 14% | 20% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
(1) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
% of Sales | ||||||||||||||||||||||||||
U.S. | 41% | 37% | 41% | |||||||||||||||||||||||
Foreign | 59% | 63% | 59% | |||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||
Page 18 of the 10K |
&Z&F&D &T
Mineral Nutrition
Species | Change | Percentage of total | ||||||||||||||||
For the Years Ended June 30 | 2017 | 2016 | 2015 | 2017 / 2016 | 2016 / 2015 | 2017 | 2016 | 2015 | ||||||||||
($ in millions) | ||||||||||||||||||
Poultry | $ - 0 | $ 54 | $ 52 | $ (54) | * | $ 2 | 4% | ERROR:#DIV/0! | 25% | 23% | ||||||||
Swine | - 0 | 35 | 28 | (35) | * | 7 | 27% | ERROR:#DIV/0! | 16% | 12% | ||||||||
Dairy | - 0 | 48 | 48 | (48) | * | 0 | 0% | ERROR:#DIV/0! | 22% | 21% | ||||||||
Cattle | - 0 | 52 | 74 | (52) | * | (22) | (30)% | ERROR:#DIV/0! | 24% | 33% | ||||||||
Other | - 0 | 28 | 26 | (28) | * | 2 | 8% | ERROR:#DIV/0! | 13% | 11% | ||||||||
Total | $ - 0 | $ 217 | $ 227 | $ (217) | * | $ (10) | (5)% |
PR Table #1 - Summary P&L in MM
Phibro Animal Health Corporation | ||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||||
Cost of goods sold | 125.3 | 138.6 | (13.3) | (10)% | 543.5 | 563.4 | (19.9) | (4)% | ||||||||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | 256.9 | 264.6 | (7.7) | (3)% | ||||||||||||
Selling, general and administrative | 42.4 | 53.2 | (10.8) | (20)% | 187.7 | 181.4 | 6.3 | 3% | ||||||||||||
Operating income | 18.1 | 12.1 | 6.0 | 50% | 69.2 | 83.2 | (14.0) | (17)% | ||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | ||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||||
Income before income taxes | 16.4 | 9.2 | 7.2 | 78% | 55.5 | 71.5 | (16.0) | (22)% | ||||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | ||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||||
Net income per share | ||||||||||||||||||||
basic | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
diluted | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
basic | 40.5 | 40.5 | 40.5 | 40.4 | ||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||
Ratio to net sales | ||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | ||||||||||||||||
Selling, general and administrative | 22.8% | 26.1% | 23.5% | 21.9% | ||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | ||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | ||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | ||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | ||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||
* Calculation not meaningful |
PR Table #2 - Seg Rev & EBITDA
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | ||||||||||||||||||
Segment Net Sales and Adjusted EBITDA | |||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||
(in millions, except percentages) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | 129.3 | 113.2 | 16.0 | 14% | |||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | 75.3 | 68.3 | 7.0 | 10% | |||||||||||
Animal Health | 122.4 | 132.0 | (9.6) | (7)% | 526.9 | 532.0 | (5.1) | (1)% | |||||||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | 214.4 | 233.8 | (19.4) | (8)% | |||||||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | 59.0 | 62.2 | (3.2) | (5)% | |||||||||||
Total | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted EBITDA | |||||||||||||||||||
Animal Health | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||||||
Mineral Nutrition | 3.5 | 3.8 | (0.3) | (8)% | 14.7 | 15.7 | (1.0) | (7)% | |||||||||||
Performance Products | 0.7 | 1.2 | (0.4) | (38)% | 4.5 | 4.7 | (0.2) | * | |||||||||||
Corporate | (9.9) | (9.8) | (0.1) | * | (40.2) | (38.5) | (1.7) | * | |||||||||||
Total | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
Ratio to segment net sales | |||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | Make sure all cells are linked | ||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | |||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | |||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | |||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | |||||||||||||||
(1)reflects ratio to total net sales | |||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | |||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | |||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | |||||||||||
Depreciation and amortization | 8.2 | 7.2 | 1.0 | 14% | 32.3 | 27.6 | 4.8 | 17% | |||||||||||
EBITDA | 27.4 | 19.4 | 7.9 | 41% | 100.7 | 110.8 | (10.1) | (9)% | |||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | |||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | |||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | |||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | |||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | |||||||||||
Other, net (1) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | |||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | |||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | |||||||||||||||||||
(2) Acquisition-related other, net includes the adjustment to contingent consideration | |||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||
* Calculation not meaningful |
PR Table #3 - ANI in MM
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||
Adjusted Net Income | Make sure all cells are linked | |||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||
Adjusted cost of goods sold | $ 123.8 | $ 137.3 | $ (13.5) | (10)% | $ 536.9 | $ 558.1 | $ (21.2) | (4)% | ||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | 263.5 | 269.9 | (6.4) | (2)% | ||||||||||
Adjusted selling, general and administrative | 44.2 | 45.9 | (1.7) | (4)% | 184.8 | 173.3 | 11.5 | 7% | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | 12.6 | 11.8 | 0.8 | 7% | ||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | 66.1 | 84.8 | (18.7) | (22)% | ||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | 22.3 | 22.8 | (0.5) | (2)% | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Adjusted net income per share | ||||||||||||||||||
diluted | $0.17 | $0.33 | ($0.16) | (48%) | $1.08 | $1.53 | ($0.45) | (29)% | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||
Ratio to net sales | ||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | 32.9% | 32.6% | ||||||||||||||
Adjusted selling, general and administrative | 23.8% | 22.5% | 23.1% | 20.9% | ||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | 8.3% | 10.2% | ||||||||||||||
Adjusted net income | 3.6% | 6.7% | 5.5% | 7.5% | ||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | 33.7% | 26.9% | ||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | ||||||||||
Stock-based compensation (1) | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | ||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Acquisition-related intangible amortization(2) | 1.5 | 1.3 | 0.2 | 17% | 6.3 | 5.3 | 1.1 | 20% | ||||||||||
Acquisition-related intangible amortization(1) | 0.7 | 0.2 | 0.4 | 197% | 2.5 | 0.8 | 1.7 | 208% | ||||||||||
Acquisition-related accrued compensation(1) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related transaction costs(1) | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | ||||||||||
Acquisition-related other, net (1) | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | ||||||||||
Other, net(1) (3) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | ||||||||||
Pension settlement cost (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Gain on insurance settlement (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related accrued interest | 0.1 | 0.0 | 0.1 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Foreign currency (gains) losses, net(4) | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Adjustments to income taxes(5) | 2.3 | (3.7) | 6.0 | * | (0.3) | (6.0) | 5.7 | * | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||
* Calculation not meaningful | ||||||||||||||||||
(1)Included in selling, general and administrative | ||||||||||||||||||
(2)Included in cost of goods sold | ||||||||||||||||||
(3) Acquisition-related other, net includes the adjustment to contingent consideration | ||||||||||||||||||
(3)Relates to the cancellation of a certain business arrangement | ||||||||||||||||||
(4)Primarily related to intercompany balances | ||||||||||||||||||
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||
(6) Acquisition-related other, net includes ……. | ||||||||||||||||||
Depreciation and amortization | 8.164 | 7.157 | (1.0) | $ (0.02) | 32.341 | 27.564 | (4.8) | $ (0.12) | ||||||||||
Less: amortization | (1.803) | (1.623) | 0.2 | $ 0.00 | (6.598) | (5.575) | 1.0 | $ 0.03 | ||||||||||
Depreciation | 6.361 | 5.534 | (0.8) | $ (0.02) | 25.743 | 21.989 | (3.8) | $ (0.09) | ||||||||||
Interest | 2.732 | 3.036 | 0.3 | $ 0.01 | 12.581 | 11.776 | (0.8) | $ (0.02) | ||||||||||
Taxes | 8.401 | 4.104 | (4.3) | $ (0.11) | 22.290 | 22.776 | 0.5 | $ 0.01 | ||||||||||
Subtotal | 17.494 | 12.674 | (4.8) | $ (0.12) | 60.614 | 56.541 | (4.1) | $ (0.10) | ||||||||||
EBITDA | 23.860 | 26.315 | (2.5) | $ (0.06) | 102.140 | 118.037 | (15.9) | $ (0.39) | ||||||||||
Adjusted net income | (7.3) | $ (0.18) | (20.0) | $ (0.49) |
PR Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 16,792 | $ 23,187 | |||||||||||
Effective income tax rate | 23.5% | 26.3% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (310) | $ (3,773) | |||||||||||
Mandatory toll charge | (360) | 403 | |||||||||||
Reduction of domestic deferred tax assets | - | 2,289 | |||||||||||
Reduction of foreign deferred tax assets | - | 1,156 | |||||||||||
Recognition of federal and foreign tax credits | (1,417) | (565) | |||||||||||
Reclassification from accumulated other comprehensive income | - | 527 | |||||||||||
Release of unrecognized tax benefits | (1,271) | (994) | |||||||||||
Total | $ (3,358) | $ (957) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 20,150 | $ 24,144 | |||||||||||
Effective income tax rate, excluding certain items | 28.2% | 27.4% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 409 | $ 1,408 | |||||||||||
Effective income tax rate | 4.4% | 6.0% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ - | $ (376) | |||||||||||
Mandatory toll charge | - | (3,846) | |||||||||||
Reduction of domestic deferred tax assets | - | (161) | |||||||||||
Reduction of foreign deferred tax assets | - | 156 | |||||||||||
Recognition of federal and foreign tax credits | (385) | (565) | |||||||||||
Release of unrecognized tax benefits | (1,271) | (236) | |||||||||||
Total | $ (1,656) | $ (5,028) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 2,065 | $ 6,436 | |||||||||||
Effective income tax rate, excluding certain items | 22.4% | 27.4% |
&8&F&A&8&D&T
ANI Worksheet
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | For the Nine Months Ended March 31 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Cost of goods sold: | Cost of goods sold: | Cost of goods sold: | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Acquisition-related cost of goods sold | - 0 | - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | |||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | (1.540) | (1.317) | Acquisition-related intangible amortization | $ (6.335) | $ (5.269) | Acquisition-related intangible amortization | $ (4.795) | $ (3.952) | ||||||||||||||||||||||||||||||||
Net sales | $185.9 | $203.9 | $ - 0 | $ - 0 | $185.9 | $203.9 | Total | (1.540) | (1.317) | Total | $ (6.615) | $ (5.269) | Total | $ (5.075) | $ (3.952) | |||||||||||||||||||||||||
Cost of goods sold | 125.3 | 138.6 | (1.5) | (1.3) | 123.8 | 137.3 | . | . | ||||||||||||||||||||||||||||||||
Gross profit | 60.6 | 65.3 | 1.5 | 1.3 | 62.1 | 66.6 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.4 | 53.2 | 1.8 | (7.3) | 44.2 | 45.9 | Selling, general and administrative expenses: | Selling, general and administrative expenses: | Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
Restructuring Costs | - 0 | (6.281) | Restructuring Costs | $ (0.425) | $ (6.281) | Restructuring Costs | $ (0.425) | $ - 0 | ||||||||||||||||||||||||||||||||
Operating income | 18.1 | 12.1 | (0.2) | 8.6 | 17.9 | 20.7 | Acquisition-related intangible amortization | (0.669) | (0.225) | Acquisition-related intangible amortization | $ (2.533) | $ (0.823) | Acquisition-related intangible amortization | $ (1.864) | $ (0.598) | |||||||||||||||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.1) | (0.0) | 2.7 | 3.0 | Acquisition-related accrued compensation | - 0 | - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | 1.1 | 0.2 | - 0 | - 0 | Acquisition-related transaction costs | - 0 | (0.213) | Acquisition-related transaction costs | $ (0.462) | $ (0.213) | Acquisition-related transaction costs | $ (0.462) | $ - 0 | |||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Stock-based compensation | (0.565) | (0.565) | Stock-based compensation | $ (2.259) | $ (2.259) | Stock-based compensation | $ (1.694) | $ (1.694) | |||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | Pension settlement expense | $ - 0 | $ - 0 | Pension settlement expense | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Income before income taxes | 16.4 | 9.2 | (1.2) | 8.5 | 15.2 | 17.7 | Acquisition-related other, net | 2.988 | - 0 | Acquisition-related other, net | $ 2.821 | $ - 0 | Acquisition-related other, net | $ (0.167) | $ - 0 | |||||||||||||||||||||||||
Provision for income taxes | 10.7 | 0.4 | (2.3) | 3.7 | 8.4 | 4.1 | Other, net | - 0 | - 0 | Other, net | $ - 0 | $ 1.506 | Other, net | $ - 0 | $ 1.506 | |||||||||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ 1.1 | $ 4.8 | $ 6.8 | $ 13.6 | Gain on insurance settlement | - 0 | - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Total | 1.754 | (7.284) | Total | $ (2.858) | $ (8.070) | Total | $ (4.612) | $ (0.786) | ||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 0.14 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.33 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | Interest expense, net: | Interest expense, net: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | Acquisition-related accrued interest | (0.075) | (0.011) | Acquisition-related accrued interest | $ (0.275) | $ - 0 | Acquisition-related accrued interest | $ (0.200) | $ 0.011 | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | ||||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | Primarily related to intercompany balances | 1.069 | 0.159 | Primarily related to intercompany balances | $ (0.826) | $ 0.055 | Primarily related to intercompany balances | $ (1.895) | $ (0.104) | |||||||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Loss on extinguishment of debt: | Loss on extinguishment of debt: | Loss on extinguishment of debt: | |||||||||||||||||||||||||||||||||||||
Related to refinancing | - 0 | - 0 | Related to refinancing | $ - 0 | $ - 0 | Related to refinancing | $ - 0 | $ - 0 | ||||||||||||||||||||||||||||||||
Net sales | $800.4 | $828.0 | $0.0 | $0.0 | $800.4 | $828.0 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | $543.5 | $563.4 | ($6.6) | ($5.3) | $536.9 | $558.1 | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | |||||||||||||||||||||||||||||||
Gross profit | $256.9 | $264.6 | $6.6 | $5.3 | $263.5 | $269.9 | Adjustments | (2.338) | 3.695 | Adjustments | $ 0.330 | $ 5.984 | Adjustments | $ 2.668 | $ 2.289 | |||||||||||||||||||||||||
Selling, general and administrative expenses | $187.7 | $181.4 | ($2.9) | ($8.1) | $184.8 | $173.3 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $69.2 | $83.2 | $9.5 | $13.3 | $78.7 | $96.6 | ||||||||||||||||||||||||||||||||||
Interest expense, net | $12.9 | $11.8 | ($0.3) | $0.0 | $12.6 | $11.8 | ||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | $0.8 | ($0.1) | ($0.8) | $0.1 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Income before income taxes | $55.5 | $71.5 | $10.6 | $13.3 | $66.1 | $84.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $22.0 | $16.8 | $0.3 | $6.0 | $22.3 | $22.8 | ||||||||||||||||||||||||||||||||||
Net income | $33.6 | $54.7 | $10.2 | $7.3 | $43.8 | $62.0 | ||||||||||||||||||||||||||||||||||
Net income per share - diluted | $0.83 | $1.35 | $1.08 | $1.53 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||
(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period. | ||||||||||||||||||||||||||||||||||||||||
(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014. |
&Z&F&D &T
Cognos_Office_Connection_Cache
PR Table #4 - Cash Flows in MM
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||
Operating and Investing Cash Flows | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||
Three Months | Twelve Months | Change | Nine Months | |||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2014 / 2013 | 2013 / 2012 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
EBITDA | $ 27.4 | $ 19.4 | $ 7.9 | 41% | $ 100.7 | $ 110.8 | $ (10.1) | $ (10.1) | $ (10) | (9)% | $ 121 | * | $ 73.4 | $ 91.4 | ||||||||||||||
Adjustments | ||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | 0.4 | 6.3 | (5.9) | 0.4 | - 0 | ||||||||||||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 2.3 | 2.3 | - 0 | 1.7 | 1.7 | ||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 0.3 | - 0 | 0.3 | 0.3 | - 0 | ||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | 0.5 | 0.2 | 0.2 | 0.5 | - 0 | ||||||||||||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | (2.8) | - 0 | (2.8) | 0.2 | - 0 | ||||||||||||||||||||
Other, net (1) | - 0 | - 0 | - 0 | - 0 | (1.5) | 1.5 | - 0 | (1.5) | ||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | 0.8 | (0.1) | 0.9 | 1.9 | 0.1 | ||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Interest paid, net | (2.4) | (3.2) | 0.8 | * | (11.6) | (12.3) | 0.7 | 0.7 | 1 | * | (13) | * | (9.2) | (9.1) | ||||||||||||||
Income taxes paid | (5.8) | (3.0) | (2.8) | * | (20.9) | (16.2) | (4.7) | (4.7) | (5) | * | (12) | * | (15.0) | (13.2) | ||||||||||||||
Changes in operating assets and liabilities and other items | (11.7) | (5.2) | (6.5) | * | (10.3) | (42.4) | 32.1 | 32.1 | 32 | * | (74) | * | 1.4 | (37.2) | ||||||||||||||
Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Net cash provided by operating activities | $ 3.9 | $ 14.9 | $ (11.0) | (74)% | $ 59.3 | $ 47.2 | $ 12.2 | $ 12.2 | $ 12 | 26% | $ 35 | 287% | $ 55.5 | $ 32.3 | ||||||||||||||
Short-term investments, net | $ - 0 | $ 25.0 | $ (25.0) | $ (31.0) | $ 26.0 | $ (57.0) | $ (57.0) | $ (31.0) | $ 1.0 | |||||||||||||||||||
Capital expenditures | (10.0) | (10.1) | 0.1 | (34.0) | (29.9) | (4.1) | (4.1) | (24.0) | (19.8) | |||||||||||||||||||
Business acquisitions | - 0 | - 0 | - 0 | (54.5) | (9.8) | (44.7) | (44.7) | (54.5) | (9.8) | |||||||||||||||||||
Other investing, net | 0.5 | (0.1) | 0.6 | (0.8) | (0.4) | (0.4) | (1.3) | (0.3) | ||||||||||||||||||||
Net cash provided (used) by investing activities | $ (9.5) | $ 14.7 | $ (24.2) | $ (120.3) | $ (14.1) | $ (106.2) | $ (106.2) | $ (110.8) | $ (28.9) | |||||||||||||||||||
Net cash flow before financing activities | $ (5.6) | $ 29.6 | $ (35.2) | $ (61.0) | $ 33.0 | $ (94.0) | $ (94.0) | $ (55.3) | $ 3.4 | |||||||||||||||||||
Proforma adjustments | ||||||||||||||||||||||||||||
Add: actual interest paid | - 0 | 3.2 | (3.2) | 11.6 | 12.3 | (0.7) | ||||||||||||||||||||||
Less: proforma interest paid(1) | - 0 | (3.2) | 3.2 | (12.9) | (13.0) | 0.2 | ||||||||||||||||||||||
Add: payment of premiums and costs on extinguished debt | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Proforma net cash flow before financing activities | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented | ||||||||||||||||||||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments |
PR Table #5 - Guidance
Phibro Animal Health Corporation | |||||||||||
Guidance for fiscal year 2017 | |||||||||||
FY 2017 Guidance - adjusted basis | FY 2016 adjusted | Growth - adjusted basis | FY 2016 reported | ||||||||
low | high | low | high | ||||||||
(in millions, except per share amounts and percentages) | |||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | $ 486 | |||
Net sales | 750 | - | 770 | 752 | (0)% | - | 2% | 752 | |||
Adjusted EBITDA | 116 | - | 120 | 114 | 2% | - | 5% | ||||
Depreciation expense | 21 | - | 21 | 18 | 18% | - | 18% | ||||
Operating income | 95 | - | 99 | 96 | (1)% | - | 3% | 86 | |||
Interest expense, net | 17 | - | 17 | 15 | 10% | - | 10% | 17 | |||
Foreign currency (gains) losses, net | - 0 | - 0 | - 0 | * | * | (8) | |||||
Income before income taxes | 78 | - | 82 | 81 | (3)% | - | 2% | 77 | |||
Provision (benefit) for income taxes | 23 | - | 24 | 24 | (3)% | - | 2% | (6) | |||
Net income | $ 55 | - | $ 58 | $ 57 | (3)% | - | 2% | $ 83 | |||
Net income per share - diluted | $ 1.38 | - | $ 1.45 | $ 1.43 | (3)% | - | 1% | $ 2.07 | |||
Weighted average common shares outstanding | |||||||||||
Diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | ||||||
Ratio to net sales | |||||||||||
Adjusted EBITDA | 15.5% | - | 15.6% | 15.2% | |||||||
Effective tax rate | 29.6% | - | 29.6% | 29.6% | |||||||
* Calculation not meaningful | |||||||||||
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016. |
PR Table #5 Guidance NEW
Phibro Animal Health Corporation | Input | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidance for fiscal year 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 GAAP - updated | FY 2016 GAAP | Growth | FY 2017 GAAP - initial | YTD March 31, 2017 | Q4 Forecast | Q4 Low | Q4 High | FY 2017 GAAP - updated | FY 2017 GAAP - updated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Schedule 1 | low | high | Q1 | Q2 | Q3 | March YTD | Q4 Forecast | Q4 Low | Q4 High | low | high | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | Operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | 527 | 125 | 121 | 126 | 648 | 653 | Net Sales | 187,987 | 191,598 | 185,883 | 565,468 | 193,871 | 191,000 | 196,000 | 756,468 | 761,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 648 | - | $ 653 | $ 486 | 33% | - | 34% | $ 495 | - | $ 510 | Schedule 1 | Net sales | 800 | 194 | 191 | 196 | 991 | 996 | COGS | 126,988 | 128,100 | 125,319 | 380,407 | 132,292 | 130,924 | 133,336 | 511,331 | 513,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 991 | - | 996 | 752 | 32% | - | 33% | 750 | - | 770 | Schedule 1 | GM | 60,999 | 63,498 | 60,564 | 185,061 | 61,579 | 60,076 | 62,664 | 245,137 | 247,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A | 39,186 | 40,870 | 42,445 | 122,501 | 40,393 | 40,393 | 40,981 | 162,894 | 163,482 | 0.3176287325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 89 | - | 91 | 86 | 4% | - | 6% | na | na | Schedule 2 | Schedule 2 | Operating Income | 21,813 | 22,628 | 18,119 | 62,560 | 21,186 | 19,683 | 21,683 | 82,243 | 84,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 17 | - | 17 | 17 | 1% | - | 1% | na | na | Schedule 2 | Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1 | - | 1 | (8) | * | * | na | na | Schedule 2 | Operating income | 69 | 21 | 20 | 21.68 | 89 | 91 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 71 | - | 73 | 77 | (7)% | - | (5)% | na | na | Interest expense, net | 13 | 4 | 4 | 3.90 | 17 | 17 | Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 27 | - | 27 | (6) | * | - | * | na | na | Schedule 3 | Foreign currency (gains) losses, net | 1 | - 0 | - 0 | - 0 | 1 | 1 | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 45 | - | $ 46 | $ 83 | (46)% | - | (44)% | na | na | Net income | 12,177 | 13,349 | 3,854 | 29,380 | 12,017 | 10,972 | 12,362 | 40,352 | 41,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 1.11 | - | $ 1.15 | $ 2.07 | (46)% | - | (44)% | na | na | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 3 | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | - | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 22 | 5 | 4.82 | 5.43 | 27 | 27 | Net income | 12,177 | 13,417 | 5,642 | 31,236 | 12,017 | 10,972 | 12,362 | 42,208 | 43,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 Adjusted - updated | FY 2016 Adjusted | Growth | FY 2017 Adjusted - initial | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Depreciation and amortization | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | EBITDA | 27,797 | 29,688 | 27,152 | 84,637 | 28,260 | 26,757 | 28,757 | 111,394 | 113,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 115 | - | $ 117 | $ 114 | 1% | - | 3% | $ 116 | - | $ 120 | Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 20.715 | - | 20.715 | 18 | 16% | - | 16% | 21 | - | 21 | Acquisition-related transaction costs | 1,274 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense, net | 13.899 | - | 13.899 | 15 | (8)% | - | (8)% | 17 | - | 17 | Pension settlement cost | - 0 | 1,702 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | 80 | - | 82 | 81 | (1)% | - | 2% | 78 | - | 82 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 26 | - | 26 | 24 | 8% | - | 10% | 23 | - | 24 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ 55 | - | $ 56 | $ 57 | (4)% | - | (2)% | $ 55 | - | $ 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 29,825 | 31,262 | 26,749 | 87,836 | 28,680 | 27,177 | 29,177 | 115,013 | 117,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.36 | - | $ 1.40 | $ 1.43 | (5)% | - | (2)% | $ 1.38 | - | $ 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | Interest expense, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
na GAAP guidance was not initially provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Interest | 690 | 463 | 349 | 1,502 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 1,779 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Letters of Credit Fee | 84 | 77 | 84 | 245 | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 349 | 349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Unused Line Fee | 153 | 168 | 185 | 506 | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Def Charges Amort | 96 | 96 | 95 | 287 | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 382 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Interest | 2,905 | 2,866 | 2,859 | 8,630 | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 11,450 | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - OID Amort | 27 | 26 | 26 | 79 | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 105 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Def Charge Amort | 132 | 133 | 132 | 397 | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 529 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term care agreement | 33 | 33 | 33 | 99 | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri | 16 | 13 | - 0 | 29 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 24 | 21 | 22 | 67 | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 89 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CP Chemicals | 2 | 2 | 2 | 6 | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | 2 | 1 | 1 | 4 | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related accrued interest | 393 | 462 | 459 | 1,314 | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 1,773 | 1,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 30 | 68 | 3 | 101 | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 131 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (680) | (489) | (321) | (1,490) | (300) | (300) | (300) | (1,790) | (1,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,304 | 16,381 | 53,257 | 17,290 | 15,787 | 17,788 | 69,044 | 71,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 30.7% | 30.5% | 65.6% | 41.3% | 30.5% | 30.5% | 30.5% | 38.9% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 655 | 665 | 1,980 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,645 | 2,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 13 | 26 | 13 | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 1,604 | 1,682 | 1,951 | 5,237 | 2,183 | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 7,420 | 7,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 542 | 542 | 610 | 1,694 | 610 | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,304 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 799 | 800 | 817 | 2,416 | 817 | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,449 | 2,488 | 2,504 | 7,441 | 2,504 | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,945 | 9,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 656 | 665 | 1,981 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,646 | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 5 | 18 | 5 | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 893 | 1,062 | 1,331 | 3,286 | 1,331 | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 4,849 | 4,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 404 | 405 | 472 | 1,281 | 472 | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,753 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 153 | 155 | 171 | 479 | 171 | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,357 | 2,398 | 2,474 | 7,229 | 2,474 | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,703 | 9,703 | |||||||||||||||||||||||||||||||||||||||||
Total | 4,730 | 4,953 | 5,400 | 15,083 | 5,400 | 5,632 | 5,632 | 20,715 | 20,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquistion-related cost of goods sold | 1,265 | 1,265 | 1,266 | 3,796 | 1,266 | 1,266 | 1,266 | 5,062 | 5,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | 263 | 169 | 170 | 602 | 170 | 170 | 170 | 772 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | 1,274 | - 0 | - 0 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | - 0 | 1,702 | - 0 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued interest | 393 | 461 | 460 | 1,314 | 460 | 460 | 460 | 1,774 | 1,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before taxes | 21,521 | 22,705 | 16,086 | 60,312 | 19,606 | 18,103 | 20,104 | 78,415 | 80,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,967 | 7,334 | 5,982 | 20,283 | 5,980 | 5,522 | 6,132 | 25,805 | 26,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | 14,554 | 15,371 | 10,104 | 40,029 | 13,626 | 12,582 | 13,972 | 52,611 | 54,001 |
depreciation & amort
Depreciation and Amortization | |||||||||||
Depreciation | Amortization | Depreciation and Amortization | |||||||||
FY16 | FY17 | increase | FY16 | FY17 | increase | FY16 | FY17 | increase | |||
Corporate | 3,029 | 2,936 | (93) | - 0 | - 0 | - 0 | 3,029 | 2,936 | (93) | ||
PChem | 19 | 22 | 3 | - 0 | - 0 | - 0 | 19 | 22 | 3 | ||
EPG | 172 | 204 | 32 | - 0 | - 0 | - 0 | 172 | 204 | 32 | ||
PAP | 4,201 | 6,340 | 2,139 | 3,581 | 3,170 | (411) | 7,782 | 9,510 | 1,728 | ||
PTech | 787 | (787) | 940 | (940) | 787 | 940 | 153 | ||||
Non - PAH | 8,208 | 9,502 | 1,294 | 4,521 | 3,170 | (1,351) | 11,789 | 13,612 | 1,823 | ||
PAH Domestic | - 0 | - 0 | - 0 | 1,901 | (1,901) | ||||||
Brazil | - 0 | - 0 | 2,940 | (2,940) | |||||||
Israel | - 0 | - 0 | 6,203 | (6,203) | |||||||
EPG Brazil | - 0 | - 0 | 13 | (13) | |||||||
Ferro | - 0 | - 0 | 1 | 1 | - 0 | ||||||
PAH Foreign Other | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 605 | 13,721 | 13,116 | ||
Tota PAH | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 11,663 | 13,722 | 2,059 | ||
Total | 17,893 | 21,050 | 3,157 | 5,559 | 6,284 | 725 | 23,452 | 27,334 | 3,882 | ||
Q4 run rate | Q4 run rate | ||||||||||
20,812 | 6,284 |
interest expense
Interest expense | ||||||
2016 Interest | 2017 Interest | change | Principal | Interest Rate | ||
Term B Q1 | 2.935 | 2.842 | (0.093) | 284.2 | 1% | |
Term B Q2 | 2.927 | 2.835 | (0.092) | 283.5 | 1% | |
Term B Q3 | 2.888 | 2.827 | (0.061) | 282.7 | 1% | |
Term B Q4 | 2.881 | 2.820 | (0.061) | 282.0 | 1% | |
Revolver | 1.410 | 2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | 0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | |||
Letters of Credit | 0.301 | 0.374 | 0.073 | 14.2 | 2.6% | |
Unused Line Fee | 0.445 | 0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | 0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | |||
Ticking Fee | - 0 | 0.750 | 0.750 | |||
LT care agreement | 0.181 | 0.132 | (0.049) | |||
Prince | 0.062 | 0.031 | (0.031) | |||
Ptech | 0.093 | 0.093 | - 0 | |||
CP Chemicals | 0.008 | - 0 | (0.008) | |||
Capital Leases | 0.006 | - 0 | (0.006) | |||
Other, net | (0.010) | - 0 | 0.010 | |||
Term B OID | 0.104 | 0.104 | (0.000) | |||
Term B Deferred Costs | 0.530 | 0.530 | (0.000) | |||
Revolver Deferred Costs - New | 0.355 | 0.381 | 0.026 | |||
15.116 | 16.594 | 1.478 | ||||
Acq-related accrued interest | 1.476 | |||||
Total | 16.592 |
Webcast #1 NEW
Consolidated | Consolidated | ||||||||||||||||||
Make sure all cells are linked | |||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | ||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Net income | 5.6 | 8.8 | (3.2) | (36)% | Net income | 33.6 | 54.7 | (21.2) | (39)% | ||||||||||
Diluted EPS | $ 0.14 | $ 0.22 | $ (0.08) | (36)% | Diluted EPS | $ 0.83 | $ 1.35 | $ (0.52) | (39)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
Adjusted net income | 6.8 | 13.6 | (6.8) | (50)% | Adjusted net income | 43.8 | 62.0 | (18.2) | (29)% | ||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% |
Webcast #2 NEW
Consolidated | Consolidated | |||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | |||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | Adjusted gross profit | 263.5 | 269.9 | (6.4) | (2)% | |||||||||||
Adjusted SG&A | 44.2 | 45.9 | (1.7) | (4)% | Adjusted SG&A | 184.8 | 173.3 | 11.5 | 7% | |||||||||||
Adjusted EBITDA | 23.9 | 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | 102.1 | 118.0 | (15.9) | (13)% | |||||||||||
Depreciation expense | 5.9 | 5.6 | 0.3 | 5% | Depreciation expense | 23.3 | 21.4 | 1.8 | 9% | UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | Adjusted interest expense, net | 12.6 | 11.8 | 0.8 | 7% | |||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | Adjusted income before income taxes | 66.1 | 84.8 | (18.7) | (22)% | |||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | Adjusted provision for income taxes | 22.3 | 22.8 | (0.5) | (2)% | |||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | Adjusted net income | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | |||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% | |||||||||||
Ratio to net sales | Ratio to net sales | |||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | Adjusted gross profit | 32.9% | 32.6% | |||||||||||||||
Adjusted SG&A | 23.8% | 22.5% | Adjusted selling, general and administrative | 23.1% | 20.9% | |||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | Adjusted income before income taxes | 8.3% | 10.2% | |||||||||||||||
Adjusted net income | 3.6% | 6.7% | Adjusted net income | 5.5% | 7.5% | |||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | Adjusted effective tax rate | 33.7% | 26.9% |
Webcast #1
Consolidated | Consolidated | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Animal Health | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Animal Health | $ 526.9 | $ 532.0 | (5.1) | (1)% | |||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | Mineral Nutrition | 214.4 | 233.8 | (19.4) | (8)% | |||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | Performance Products | 59.0 | 62.2 | (3.2) | (5)% | |||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | (27.6) | (3)% | |||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | Gross profit | 256.9 | 264.6 | (7.7) | (3)% | |||||||
% of net sales | 32.6% | 32.0% | % of net sales | 32.1% | 32.0% | |||||||||||
SG&A | 42.4 | 53.2 | (10.8) | (20)% | SG&A | 187.7 | 181.4 | 6.3 | 3% | |||||||
% of net sales | 22.8% | 26.1% | % of net sales | 23.5% | 21.9% | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | -050bps | % of net sales | 12.8% | 14.3% | +060bps | |||||||||
Adjusted diluted EPS | $0.17 | $0.33 | $ (0.16) | (48)% | Adjusted EPS | $1.08 | $1.53 | $ (0.45) | (29)% | |||||||
40.74 | 53.2 | (12.5) | (23)% |
Webcast #3 NEW
Consolidated | Consolidated | ||||||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | ||||||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | ||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | ||||||||||||
Animal Health | Animal Health | ||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | ||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | ||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | ||||||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | ||||||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | ||||||||||
% of segment net sales | 24.2% | 23.6% | +60bps | % of segment net sales | 23.4% | 25.6% | -220bps |
Webcast #2
Consolidated | Consolidated | |||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | |||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | |||||||||
Animal Health | Animal Health | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, excpet percentages) | (in millions, excpet percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | |||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||
% of segment net sales | 24.2% | 23.6% | -090bps | % of segment net sales | 23.4% | 25.6% | +010bps |
Webcast #4 NEW
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||
Mineral Nutrition | Mineral Nutrition | ||||||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | ||||||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | ||||||||
% of segment net sales | 6.9% | 6.7% | +20bps | % of segment net sales | 6.8% | 6.7% | +10bps | ||||||||||
Performance Products | Performance Products | ||||||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | ||||||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | ||||||||
% of segment net sales | 5.3% | 7.4% | -210bps | % of segment net sales | 7.7% | 7.6% | +10bps | ||||||||||
Corporate | Corporate | ||||||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | ||||||||
* Calculation not meaningful | * Calculation not meaningful |
Webcast #3
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||
(in millions, except percentages) | (in millions, except percentages) | |||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | |||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | |||||
% of segment net sales | 6.9% | 6.7% | +000bps | % of segment net sales | 6.8% | 6.7% | +160bps | |||||||
Performance Products | Performance Products | |||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | |||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | |||||
% of segment net sales | 5.3% | 7.4% | -020bps | % of segment net sales | 7.7% | 7.6% | +400bps | |||||||
Corporate | Corporate | |||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | |||||
* Calculation not meaningful | * Calculation not meaningful |
FY2020 Guidance update Webcast
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | 524,603 | 495,000 | 510,000 | 94% | 97% | ||||||||||||
Net sales | $ 812 | - | $ 828 | $ 828 | $ (16) | - | $ 0 | (2)% | - | 0% | $ (21) | - | $ (35) | 788,165 | 750,000 | 770,000 | 95% | 98% | ||||||||||||
Operating income | 94.9 | - | 97.8 | 97.9 | (3.0) | - | (0.1) | (3)% | - | (0)% | - 0 | - | (3.8) | 94,986 | 94,950 | 98,950 | 100% | 104% | ||||||||||||
Interest expense, net | 12.8 | - | 12.3 | 14.9 | (2.1) | - | (2.6) | (14)% | - | (17)% | - 0 | - | (1.4) | 18,322 | 16,594 | 16,594 | 91% | 91% | ||||||||||||
Foreign currency (gains) losses, net | - 0 | - | - 0 | (0.1) | 0.1 | - | 0.1 | * | - | * | - 0 | - | 0.1 | 1,444 | - 0 | - 0 | 0% | 0% | ||||||||||||
Loss on extinguishment of debt | - 0 | - | - 0 | 2.6 | (2.6) | - | (2.6) | * | - | * | - 0 | - | (2.6) | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
Income before income taxes | 82.1 | - | 85.5 | 80.5 | 1.5 | - | 5.0 | 2% | - | 6% | - 0 | - | 0.0 | 75,220 | 78,356 | 82,356 | ||||||||||||||
Provision (benefit) for income taxes | 24.2 | - | 22.5 | 15.9 | 8.2 | - | 6.6 | 52% | - | 41% | - 0 | - | 10.0 | 22,190 | 23,147 | 24,330 | 104% | 110% | ||||||||||||
Net income | $ 57.9 | - | $ 63.0 | $ 64.6 | $ (6.7) | - | $ (1.6) | (10)% | - | (2)% | $ - 0 | - | $ (10.0) | 53,030 | 55,209 | 58,026 | 104% | 109% | ||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $ 1.61 | $ (0.73) | - | $ (0.66) | (45)% | - | (41)% | $ 0.04 | - | $ 0.05 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 40.4 | - | 40.3 | 40.0 | - 0 | - | - 0 | |||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 26.3% | 19.8% | ERROR:#DIV/0! | - | 24389.2% | |||||||||||||||||||||||
Adjusted | ||||||||||||||||||||||||||||||
for the year ending June 30 | 2018 | 2017 | Increase (Decrease) | 2018 | ||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||
Depreciation expense | 21.6 | - | 21.6 | 20.1 | 1.5 | - | 1.5 | 8% | - | 8% | - 0 | - | - 0 | |||||||||||||||||
Adjusted interest expense, net | 11.7 | - | 11.2 | 13.5 | (1.8) | - | (2.3) | (13)% | - | (17)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted income before income taxes | 69.7 | - | 74.2 | 84.5 | (14.8) | - | (10.3) | (18)% | - | (12)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted provision (benefit) for income taxes | 27.1 | - | 28.4 | 26.0 | 1.1 | - | 2.4 | 4% | - | 9% | - 0 | - | - 0 | |||||||||||||||||
Adjusted net income | $ 42.5 | - | $ 45.7 | $ 58.4 | $ (15.9) | - | $ (12.7) | (27)% | - | (22)% | $ - 0 | - | $ - 0 | |||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | |||||||||||||||||
Adjusted EBITDA ratio to net sales | 12.7% | - | 12.9% | 14.3% | 0.0% | - | 0.0% | |||||||||||||||||||||||
Adjusted effective income tax rate | 38.9% | - | 38.3% | 30.8% | ERROR:#DIV/0! | - | ERROR:#DIV/0! | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||
* Calculation not meaningful |
FY2020 Guidance update Press Re
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||||||||||
GAAP | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | $ 537 | - | $ 557 | 524,603 | 495,000 | 510,000 | 94% | 97% | |||||||||||||||||
Net sales | 812 | - | 828 | 828 | (16) | - | 0 | (2)% | - | 0% | (21) | - | (35) | $ 833 | - | $ 863 | 788,165 | 750,000 | 770,000 | 95% | 98% | |||||||||||||||||
Gross profit | 265 | - | 272 | 265 | 1 | - | 8 | 0% | - | 3% | (5) | - | (8) | 270 | - | 280 | ||||||||||||||||||||||
Selling, general and administrative | 198 | - | 201 | 181 | 17 | - | 20 | 9% | - | 11% | (7) | - | (10) | 205 | - | 211 | ||||||||||||||||||||||
Operating income | 67 | - | 71 | 83 | (16) | - | (12) | (20)% | - | (15)% | 2 | - | 2 | 65 | - | 69 | 94,986 | 94,950 | 98,950 | 100% | 104% | |||||||||||||||||
Interest expense, net | 14 | - | 14 | 12 | 2 | - | 3 | 18% | - | 22% | (4) | - | (4) | 18 | - | 19 | 18,322 | 16,594 | 16,594 | 91% | 91% | |||||||||||||||||
Foreign currency (gains) losses, net | 3 | - | 3 | (0) | 3 | - | 3 | * | - | * | 3 | - | 3 | - 0 | - | - 0 | 1,444 | - 0 | - 0 | 0% | 0% | |||||||||||||||||
Income before income taxes | 51 | - | 54 | 72 | (21) | - | (17) | (29)% | - | (24)% | 3 | - | 4 | 47 | - | 50 | 75,220 | 78,356 | 82,356 | |||||||||||||||||||
Provision (benefit) for income taxes | 15 | - | 16 | 17 | (2) | - | (1) | (13)% | - | (8)% | 2 | - | 2 | 13 | - | 14 | 22,190 | 23,147 | 24,330 | 104% | 110% | |||||||||||||||||
Net income | $ 36 | - | $ 38 | $ 54 | $ (19) | - | $ (16) | (35)% | - | (30)% | $ 2 | - | $ 2 | $ 34 | - | $ 37 | 53,030 | 55,209 | 58,026 | 104% | 109% | |||||||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $1.35 | $ (0.47) | - | $ (0.40) | (35)% | - | (30)% | $ 0.04 | - | $ 0.05 | $ 0.84 | - | $ 0.90 | Note that the Net Income per share is hardcoded for 2019 | |||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | - | 40.5 | 40.5 | - 0 | - | - 0 | 40.5 | - | 40.5 | ||||||||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 29.0% | 23.5% | 2.0% | - | 2.0% | 27.5% | - | 27.0% | Note that the tax rate is hardcoded for 2019 | |||||||||||||||||||||||||||
Adjusted | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change | Change from Previous Guidance | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 272 | - | 279 | 270 | 2 | - | 9 | 1% | - | 3% | (7) | - | (10) | 279.4 | - | 289.2 | ||||||||||||||||||||||
Adjusted selling, general and administrative | 194 | - | 197 | 173 | 20 | - | 23 | 12% | - | 13% | (7) | - | (10) | 201.0 | - | 206.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 103.0 | - | 107.0 | caution - formula | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||||||
Depreciation expense | 25 | - | 25 | 21 | 3 | - | 3 | 14% | - | 14% | - 0 | - | - 0 | 24.6 | - | 24.6 | ||||||||||||||||||||||
Adjusted interest expense, net | 14 | - | 14 | 12 | 2 | - | 2 | 15% | - | 20% | (4) | - | (5) | 17.8 | - | 18.8 | ||||||||||||||||||||||
Adjusted income before income taxes | 65 | - | 68 | 85 | (20) | - | (16) | (24)% | - | (19)% | 4 | - | 5 | 60.6 | - | 63.6 | ||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 18 | - | 19 | 23 | (5) | - | (4) | (20)% | - | (18)% | 1 | - | 2 | 16.7 | - | 17.2 | ||||||||||||||||||||||
Adjusted net income | $ 47 | - | $ 50 | $ 62 | $ (15) | - | $ (12) | (25)% | - | (20)% | $ 3 | - | $ 3 | 43.9 | - | 46.4 | ||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | $ 1.08 | - | $ 1.15 | ||||||||||||||||||||||
Ratio to net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 33.5% | - | 33.7% | 32.6% | (0.0)% | - | 0.2% | 33.5% | - | 33.5% | ||||||||||||||||||||||||||||
Adjusted selling, general and administrative | 23.9% | - | 23.8% | 20.9% | (0.3)% | - | (0.2)% | 24.1% | - | 24.0% | ||||||||||||||||||||||||||||
Adjusted EBITDA | 12.7% | - | 12.9% | 14.3% | 0.3% | - | 0.5% | 12.4% | - | 12.4% | ||||||||||||||||||||||||||||
Adjusted effective income tax rate | 28.0% | - | 27.5% | 26.9% | 0.5% | - | 0.5% | 27.5% | - | 27.0% | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
Depr-Amort (Qtrly) - 6.30.20
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
June 30, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 1,672 | 1,672 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,672 | 1,672 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 222 | - 0 | - 0 | - 0 | 222 | 223 | 1 | ||||
Phibrochem-EPG | - 0 | 171 | 171 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 171 | 171 | ||||
Prince Agri - NS | 5,613 | 189 | 5,802 | - 0 | - 0 | - 0 | 2,449 | - 0 | 2,449 | 8,251 | 189 | ||||
Prince Agri - MN | 1,928 | 51 | 1,979 | - 0 | - 0 | - 0 | - 0 | 543 | 543 | 2,522 | 594 | ||||
Osprey Biotechnics | 147 | 20 | 167 | - 0 | - 0 | - 0 | 1,118 | 1,682 | 2,800 | 2,967 | 1,702 | ||||
Phibro-Tech | 1,636 | - 0 | 1,636 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,636 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 598 | 67 | 665 | - 0 | - 0 | - 0 | 2,637 | - 0 | 2,637 | 3,302 | 67 | ||||
PAH Foreign | 9,352 | 1,805 | 11,157 | - 0 | - 0 | - 0 | 131 | 308 | 439 | 11,596 | 2,113 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 19,274 | 3,977 | 23,251 | - 0 | 222 | - 0 | 6,335 | 2,533 | 9,090 | 32,341 | 6,510 | ||||
June 30, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 429 | 429 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 429 | 429 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 100 | 1 | ||||
Phibrochem-EPG | - 0 | 47 | 47 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 47 | 47 | ||||
Prince Agri - NS | 1,493 | 39 | 1,532 | - 0 | - 0 | - 0 | 519 | - 0 | 519 | 2,051 | 39 | ||||
Prince Agri - MN | 513 | 3 | 516 | - 0 | - 0 | - 0 | - 0 | 135 | 135 | 651 | 138 | ||||
Osprey Biotechnics | 40 | 7 | 47 | - 0 | - 0 | - 0 | 305 | 458 | 763 | 810 | 465 | ||||
Phibro-Tech | 456 | - 0 | 456 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 456 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 158 | 11 | 169 | - 0 | - 0 | - 0 | 657 | - 0 | 657 | 826 | 11 | ||||
PAH Foreign | 2,207 | 451 | 2,658 | - 0 | - 0 | - 0 | 59 | 76 | 135 | 2,793 | 527 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 4,867 | 989 | 5,856 | - 0 | 99 | - 0 | 1,540 | 669 | 2,308 | 8,164 | 1,658 | ||||
March 31, 2020 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
December 31, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | 918 | 918 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 918 | 918 | ||||
Phibrochem-ESS | - 0 | 5 | 5 | - 0 | 25 | - 0 | - 0 | - 0 | 25 | 30 | 5 | ||||
Phibrochem-EPG | - 0 | 86 | 86 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 86 | 86 | ||||
Prince Agri - NS | 2,522 | 111 | 2,633 | - 0 | - 0 | - 0 | 1,287 | - 0 | 1,287 | 3,920 | 111 | ||||
Prince Agri - MN | 879 | 43 | 922 | - 0 | - 0 | - 0 | - 0 | 291 | 291 | 1,213 | 334 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 522 | - 0 | 522 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 522 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 268 | 58 | 326 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,646 | 58 | ||||
PAH Foreign | 4,263 | 820 | 5,083 | - 0 | - 0 | - 0 | 28 | 86 | 114 | 5,197 | 906 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 8,454 | 2,041 | 10,495 | - 0 | 25 | - 0 | 2,635 | 377 | 3,037 | 13,532 | 2,418 | ||||
December 31, 2018 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | (439) | (439) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (439) | (439) | ||||
Phibrochem-ESS | - 0 | (1) | (1) | - 0 | (12) | - 0 | - 0 | - 0 | (12) | (13) | (1) | ||||
Phibrochem-EPG | - 0 | (40) | (40) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (40) | (40) | ||||
Prince Agri - NS | (1,268) | (46) | (1,314) | - 0 | - 0 | - 0 | (643) | - 0 | (643) | (1,957) | (46) | ||||
Prince Agri - MN | (434) | (11) | (445) | - 0 | - 0 | - 0 | - 0 | (147) | (147) | (592) | (158) | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | (260) | - 0 | (260) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (260) | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | (142) | (29) | (171) | - 0 | - 0 | - 0 | (660) | - 0 | (660) | (831) | (29) | ||||
PAH Foreign | (2,186) | (469) | (2,655) | - 0 | - 0 | - 0 | (14) | (74) | (88) | (2,743) | (543) | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | (4,290) | (1,035) | (5,325) | - 0 | (12) | - 0 | (1,317) | (221) | (1,550) | (6,875) | (1,256) | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #5 NEW
Phibro Animal Health Corporation | |||||||||||||||||||||||||
Guidance for fiscal year 2020 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
Actual | Low Range | High Range | |||||||||||||||||||||||
FY2020 | FY2019 | Change | FY2017 initial | ||||||||||||||||||||||
low | high | low | high | low | high | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||||
(in millions, except per share amounts and percentages) | Less: depreciation | (17.9) | (21.1) | (21.1) | |||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 557 | $ 532 | 1% | - | 5% | $ 495 | - | $ 510 | ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook | ||||||||||||||
Net sales | 833 | - | 863 | 828 | 1% | - | 4% | 750 | - | 770 | |||||||||||||||
Adjusted Net Income | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | (13)% | - | (9)% | $ 116 | - | $ 120 | |||||||||||||||
Adjusted diluted EPS | $ 1.08 | - | $ 1.15 | $ 1.53 | (29)% | - | (25)% | $ 1.38 | - | $ 1.45 | |||||||||||||||
Adjusted EPS | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Effective Tax Rate | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! |
Depr-Amort (Qtrly Analysis)
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
March 31, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
March 31, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 445 | 445 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 445 | 445 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 99 | - 0 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,408 | 52 | 1,460 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 2,104 | 52 | ||||
Prince Agri - MN | 477 | 16 | 493 | - 0 | - 0 | - 0 | - 0 | 136 | 136 | 629 | 152 | ||||
Osprey Biotechnics | 40 | 5 | 45 | - 0 | - 0 | - 0 | 305 | 459 | 764 | 809 | 464 | ||||
Phibro-Tech | 410 | - 0 | 410 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 410 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 149 | 10 | 159 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 819 | 10 | ||||
PAH Foreign | 2,313 | 456 | 2,769 | - 0 | - 0 | - 0 | 44 | 77 | 121 | 2,890 | 533 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,797 | 1,027 | 5,824 | - 0 | 99 | - 0 | 1,653 | 672 | 2,424 | 8,248 | 1,699 | ||||
December 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/19 | 12/31/19 | 12/31/19 | |||||
Phibro Corporate | - 0 | 798 | 798 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 798 | 798 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 24 | - 0 | - 0 | - 0 | 24 | 24 | - 0 | ||||
Phibrochem-EPG | - 0 | 81 | 81 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 81 | 81 | ||||
Prince Agri - NS | 2,712 | 98 | 2,810 | - 0 | - 0 | - 0 | 1,286 | - 0 | 1,286 | 4,096 | 98 | ||||
Prince Agri - MN | 938 | 32 | 970 | - 0 | - 0 | - 0 | - 0 | 272 | 272 | 1,242 | 304 | ||||
Osprey Biotechnics | 67 | 8 | 75 | - 0 | - 0 | - 0 | 508 | 765 | 1,273 | 1,348 | 773 | ||||
Phibro-Tech | 770 | - 0 | 770 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 770 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 291 | 46 | 337 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,657 | 46 | ||||
PAH Foreign | 4,832 | 898 | 5,730 | - 0 | - 0 | - 0 | 28 | 155 | 183 | 5,913 | 1,053 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 9,610 | 1,961 | 11,571 | - 0 | 24 | - 0 | 3,142 | 1,192 | 4,358 | 15,929 | 3,153 | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
March 31, 2019 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 439 | 439 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 439 | 439 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 13 | 1 | ||||
Phibrochem-EPG | - 0 | 40 | 40 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 40 | 40 | ||||
Prince Agri - NS | 1,268 | 46 | 1,314 | - 0 | - 0 | - 0 | 643 | - 0 | 643 | 1,957 | 46 | ||||
Prince Agri - MN | 434 | 11 | 445 | - 0 | - 0 | - 0 | - 0 | 147 | 147 | 592 | 158 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | 260 | - 0 | 260 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 260 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 142 | 29 | 171 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 831 | 29 | ||||
PAH Foreign | 2,186 | 469 | 2,655 | - 0 | - 0 | - 0 | 14 | 74 | 88 | 2,743 | 543 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,290 | 1,035 | 5,325 | - 0 | 12 | - 0 | 1,317 | 221 | 1,550 | 6,875 | 1,256 | ||||
September 30, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 09/30/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 09/30/18 | 09/30/18 | 09/30/18 | |||||
Phibro Corporate | - 0 | 465 | 465 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 465 | 465 | ||||
Phibrochem-ESS | - 0 | 3 | 3 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 15 | 3 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,255 | 52 | 1,307 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 1,951 | 52 | ||||
Prince Agri - MN | 436 | 17 | 453 | - 0 | - 0 | - 0 | - 0 | 144 | 144 | 597 | 161 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 258 | - 0 | 258 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 258 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 125 | 29 | 154 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 814 | 29 | ||||
PAH Foreign | 2,086 | 417 | 2,503 | - 0 | - 0 | - 0 | 14 | 31 | 45 | 2,548 | 448 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,160 | 1,026 | 5,186 | - 0 | 12 | - 0 | 1,318 | 175 | 1,505 | 6,691 | 1,201 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #4
Consolidated | |||||||||||||||||||||||||
For the years ended June 30 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
(in millions, except per share) | 2017 Guidance | 2016 | Growth | Actual | Low Range | High Range | |||||||||||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||
Less: depreciation | (17.9) | (21.1) | (21.1) | ||||||||||||||||||||||
Net sales | $ 750 | - | $ 770 | $ 752 | (0)% | - | 2% | Less: Interest | (15.1) | (16.6) | (16.6) | ||||||||||||||
Income before Taxes | 81.1 | 78.3 | 82.3 | ||||||||||||||||||||||
Adjusted EBITDA | $ 116 | - | $ 120 | $ 114 | 2% | - | 5% | Provision for income taxes | (23.9) | (23.1) | (24.3) | ||||||||||||||
ratio | 15.5% | 15.6% | 15.2% | +30bps | Adjusted Net Income | 57.2 | 55.2 | 58.0 | |||||||||||||||||
Adjusted EPS | $ 1.38 | - | $ 1.5 | $ 1.43 | (3)% | - | 1% | ||||||||||||||||||
Weighted Average Shares | 40.0 | 40.0 | 40.0 | ||||||||||||||||||||||
Adjusted EPS | 1.43 | 1.38 | 1.45 | ||||||||||||||||||||||
Effective Tax Rate | 29.5% | 29.5% | 29.5% |
Selected Line Items Q4 – June 2020
Adjusted gross profit - Animal Health volume decline in MFAs and other
was partially offset by increased sales in nutritional specialty products and vaccines.
- Mineral Nutrition decreased as lower average selling prices more than offset favorable raw material costs.
- Performance Products decline driven by lower volume.
Adjusted SG&Aᅳ Lower variable compensation and employee-
related costs, partially offset by the Osprey acquisition
Adjusted income taxes- Effective tax rate of 55.4% for current quarter
driven by GILTI tax, uncertain tax positions and increased valuation allowances
6 August 27, 2020 Webcast and Conference Call
For the three months ended June 30 2020 2019
Net sales 185.9$ 203.9$ (18.0)$ (9)%
Adjusted gross profit 62.1 66.6 (4.5) (7)%
Adjusted SG&A 44.2 45.9 (1.7) (4)%
Adjusted EBITDA 23.9 26.3 (2.5)$ (9)%
Depreciation expense 5.9 5.6 0.3 5%
Adjusted interest expense, net 2.7 3.0 (0.3) (10)%
Adjusted income before income taxes 15.2 17.7 (2.5) (14)%
Adjusted provision for income taxes 8.4 4.1 4.3 105%
Adjusted net income 6.8$ 13.6$ (6.8)$ (50)%
Adjusted diluted EPS 0.17$ 0.33$ (0.16)$ (48)%
(in millions, except per share amounts and percentages)
Consolidated
Change
Summary
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Net sales | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | |||||||||||||||||||||||||||
Cost of goods sold | 125,319 | 138,580 | (13,261) | (10)% | 543,472 | 563,371 | (19,899) | (4)% | 418,153 | 424,791 | Cost of goods sold | 543,472 | 563,371 | 553,103 | 512,494 | 515,311 | (19,899) | (4)% | 40,609 | 8% | (2,817) | (1)% | |||||||||||||||||||||||||||
Gross profit | 60,564 | 65,303 | (4,739) | (7)% | 256,882 | 264,624 | (7,742) | (3)% | 196,318 | 199,321 | Gross profit | 256,882 | 264,624 | 266,879 | 239,032 | 233,280 | (7,742) | (3)% | (2,255) | (1)% | 27,847 | 12% | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,445 | 53,204 | (10,759) | (20)% | 187,688 | 181,398 | 6,290 | 3% | 145,243 | 128,194 | Selling, general and administrative expenses | 187,688 | 181,398 | 167,953 | 153,288 | 145,612 | 6,290 | 3% | 13,445 | 8% | 14,665 | 10% | |||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | 51,075 | 71,127 | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | |||||||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Income before income taxes | 16,381 | 9,211 | 7,170 | 78% | 55,512 | 71,505 | (15,993) | (22)% | 39,131 | 62,294 | Income before income taxes | 55,512 | 71,505 | 88,070 | 76,761 | 78,763 | (15,993) | (22)% | (16,565) | (19)% | 11,309 | 15% | |||||||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | * | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $27,910 | $45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | |||||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | basic | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.11 | $1.55 | $ (0.52) | $ (0.26) | $ (0.50) | ||||||||||||||||||||||||||||||||||
diluted | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | diluted | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.07 | $1.51 | $ (0.52) | $ (0.26) | $ (0.46) | ||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding | Weighted average number of shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | 40,454 | 40,454 | 40,454 | 40,412 | basic | 40,454 | 40,412 | 40,181 | 39,254 | 38,969 | |||||||||||||||||||||||||||||||||||||||
diluted | 40,504 | 40,536 | 40,504 | 40,523 | diluted | 40,504 | 40,523 | 40,385 | 39,962 | 39,815 | |||||||||||||||||||||||||||||||||||||||
Ratio to net sales | Ratio to net sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | Gross profit | 32.1% | 32.0% | 32.5% | 31.8% | 31.2% | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 22.8% | 26.1% | 23.5% | 21.9% | Selling, general and administrative expenses | 23.5% | 21.9% | 20.5% | 20.4% | 19.5% | |||||||||||||||||||||||||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | Operating income | 8.6% | 10.1% | 12.1% | 11.4% | 11.7% | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | Income before income taxes | 6.9% | 8.6% | 10.7% | 10.2% | 10.5% | |||||||||||||||||||||||||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | Net income | 4.2% | 6.6% | 7.9% | 11.0% | 8.1% | |||||||||||||||||||||||||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | Effective tax rate | 39.6% | 23.5% | 26.3% | (7.8)% | 23.5% | |||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful |
&Z&F&D &T
Adj EBITDA Rec - Segments
Three Months | Twelve Months | Nine Months | Change | |||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||
Net sales | (in thousands, except percentages) | Net sales | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ 72,641 | $ 86,315 | $ (13,674) | (16)% | $ 322,300 | $ 350,468 | $ (28,168) | (8)% | $ 249,659 | $ 264,153 | MFAs and other | $ 322,300 | $ 350,468 | $ 336,666 | $ 339,916 | $ 335,735 | $ (28,168) | (8)% | $ 13,802 | 4% | $ (3,250) | (1)% | ||||||||||||||||||||||||
Nutritional specialties | 31,133 | 28,558 | 2,575 | 9% | 129,264 | 113,215 | 16,049 | 14% | 98,131 | 84,657 | Nutritional specialties | 129,264 | 113,215 | 122,978 | 94,084 | 81,702 | 16,049 | 14% | (9,763) | (8)% | 28,894 | 31% | ||||||||||||||||||||||||
Vaccines | 18,617 | 17,161 | 1,456 | 8% | 75,340 | 68,291 | 7,049 | 10% | 56,723 | 51,130 | Vaccines | 75,340 | 68,291 | 72,083 | 52,140 | 53,363 | 7,049 | 10% | (3,792) | (5)% | 19,943 | 38% | ||||||||||||||||||||||||
Animal Health | 122,391 | 132,034 | (9,643) | (7)% | 526,904 | 531,974 | (5,070) | (1)% | $ 404,513 | $ 399,940 | Animal Health | 526,904 | 531,974 | 531,727 | 486,140 | 470,800 | (5,070) | (1)% | 247 | 0% | 45,587 | 9% | ||||||||||||||||||||||||
Mineral Nutrition | 49,878 | 55,972 | (6,094) | (11)% | 214,412 | 233,782 | (19,370) | (8)% | 164,534 | 177,810 | Mineral Nutrition | 214,412 | 233,782 | 234,922 | 216,685 | 227,102 | (19,370) | (8)% | (1,140) | (0)% | 18,237 | 8% | ||||||||||||||||||||||||
Performance Products | 13,614 | 15,877 | (2,263) | (14)% | 59,038 | 62,239 | (3,201) | (5)% | 45,424 | 46,362 | Performance Products | 59,038 | 62,239 | 53,333 | 48,701 | 50,689 | (3,201) | (5)% | 8,906 | 17% | 4,632 | 10% | ||||||||||||||||||||||||
Total | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Total | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | ||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ 29,572 | $ 31,167 | $ (1,595) | (5)% | $ 123,106 | $ 136,049 | $ (12,943) | (10)% | $ 93,534 | $ 104,882 | Animal Health | $ 123,106 | $ 136,049 | $ 141,914 | $ 127,442 | $ 120,259 | $ (12,943) | (10)% | $ (5,865) | (4)% | $ 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Mineral Nutrition | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Performance Products | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Corporate | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Total | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Total | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | ||||||||||||||||||||||||
Adjusted EBITDA ratio to segment net sales | Adjusted EBITDA ratio to segment net sales | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | 23.1% | 26.2% | Animal Health | 23.4% | 25.6% | 26.7% | 26.2% | 25.5% | ||||||||||||||||||||||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | 6.8% | 6.7% | Mineral Nutrition | 6.8% | 6.7% | 7.9% | 6.9% | 6.4% | ||||||||||||||||||||||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | 8.4% | 7.7% | Performance Products | 7.7% | 7.6% | 3.5% | 2.0% | 5.2% | ||||||||||||||||||||||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | (4.9%) | (4.6%) | Corporate (1) | (5.0)% | (4.6)% | (4.1)% | (3.9)% | (3.6%) | ||||||||||||||||||||||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | 12.7% | 14.7% | Total (1) | 12.8% | 14.3% | 15.7% | 15.2% | 14.7% | ||||||||||||||||||||||||||||||||||
(1) reflects ratio to total net sales | (1) reflects ratio to total net sales | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to adjusted EBITDA | Reconciliation of operating income to adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 2020 | 2019 | 2020 / 2019 | 2020 | 2019 | 2020 / 2019 | For the Years Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||||
(in thousands) | Animal Health | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 23,045 | $ 25,275 | $ (2,230) | (9)% | $ 96,539 | $ 113,737 | $ (17,198) | (15)% | $ 73,494 | $ 88,462 | Operating income | $ 96,539 | $ 113,737 | $ 118,112 | $ 106,047 | $ 104,082 | $ (17,198) | (15)% | $ (4,375) | (4)% | $ 12,065 | 11% | ||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||
Acquisition-related other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Acquisition-related other, net | - 0 | - 0 | (468) | - 0 | - 0 | * | 468 | * | - 0 | * | |||||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Other, net | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | 6,527 | 5,892 | 635 | 11% | 26,287 | 22,312 | 3,975 | 18% | 19,760 | 16,420 | Depreciation and amortization | 26,287 | 22,312 | 21,447 | 17,149 | 15,430 | 3,975 | 18% | 865 | 4% | 4,298 | 25% | ||||||||||||||||||||||||
Adjusted EBITDA | 29,572 | 31,167 | (1,595) | (5)% | 123,106 | 136,049 | (12,943) | (10)% | 93,534 | 104,882 | Adjusted EBITDA | 123,106 | 136,049 | 141,914 | 127,442 | 120,259 | (12,943) | (10)% | (5,865) | (4)% | 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,813 | 3,264 | (451) | (14)% | 12,156 | 13,393 | (1,237) | (9)% | 9,343 | 10,129 | Operating income | 12,156 | 13,393 | 16,212 | 12,504 | 11,961 | (1,237) | (9)% | (2,819) | (17)% | 3,708 | 30% | ||||||||||||||||||||||||
Depreciation and amortization | 651 | 514 | 137 | 27% | 2,522 | 2,319 | 203 | 9% | 1,871 | 1,805 | Depreciation and amortization | 2,522 | 2,319 | 2,371 | 2,467 | 2,468 | 203 | 9% | (52) | (2)% | (96) | (4)% | ||||||||||||||||||||||||
Adjusted EBITDA | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Adjusted EBITDA | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | Performance Products | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 162 | 866 | (704) | (81)% | 2,674 | 3,601 | (927) | (26)% | 2,512 | 2,735 | Operating income | 2,674 | 3,601 | 852 | 163 | 2,069 | (927) | (26)% | 2,749 | 323% | 689 | 423% | ||||||||||||||||||||||||
Depreciation and amortization | 557 | 302 | 255 | 84% | 1,860 | 1,127 | 733 | 65% | 1,303 | 825 | Depreciation and amortization | 1,860 | 1,127 | 1,029 | 807 | 577 | 733 | 65% | 98 | 10% | 222 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Adjusted EBITDA | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,901) | (17,306) | 9,405 | * | (42,175) | (47,505) | 5,330 | * | (34,274) | (30,199) | Operating income | (42,175) | (47,505) | (36,250) | (32,970) | (30,444) | 5,330 | * | (11,255) | * | (3,280) | * | ||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Recovery of insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | 167 | (1,506) | Acquisition related other, net | (2,821) | - 0 | - 0 | (2,821) | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | 6,281 | * | - 0 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 429 | 449 | (20) | (4)% | 1,672 | 1,806 | (134) | (7)% | 1,243 | 1,357 | Depreciation and amortization | 1,672 | 1,806 | 2,096 | 3,029 | 3,129 | (134) | (7)% | (290) | (14)% | (933) | (31)% | ||||||||||||||||||||||||
Adjusted EBITDA | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Adjusted EBITDA | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | ||||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | Acquisition related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | * | 468 | * | (468) | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | - 0 | 6,281 | (5,856) | (93)% | Restructuring costs | 425 | 6,281 | - 0 | - 0 | - 0 | (5,856) | (93)% | 6,281 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | - 0 | - 0 | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 17,149 | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | ||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 131,209 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ (2,251) | (2)% | ||||||||||||||||||||||||||
EBDITA % of Total before Corporate | EBDITA % of Total before Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 88% | 86% | 87% | 87% | Animal Health | 87% | 87% | 87% | 79% | 88% | ||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 10% | 10% | 10% | 10% | Mineral Nutrition | 10% | 10% | 11% | 9% | 11% | ||||||||||||||||||||||||||||||||||||
Performance Products | 2% | 3% | 3% | 3% | Performance Products | 3% | 3% | 1% | 1% | 2% | ||||||||||||||||||||||||||||||||||||
% of Total Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | 39% | 42% | 40% | 42% | MFAs and other | 40% | 42% | 41% | 45% | 45% |
&Z&F&D &T
Adjusted EBITDA Rec
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020/ 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $ 27,910 | $ 27,910 | $ 45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $ 60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | ||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | 2526% | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | 24,177 | 20,407 | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | |||||||||||||||||||||||
EBITDA | 27,352 | 19,415 | 7,937 | 41% | 100,709 | 110,845 | (10,136) | (9)% | 73,357 | 91,430 | EBITDA | 100,709 | 110,845 | 126,923 | 116,805 | 114,672 | (10,136) | (9)% | (16,078) | (13)% | 10,118 | 9% | |||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | - 0 | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | |||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | |||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | |||||||||||||||||||||||
Acquisition-related other, net | (2,988) | - 0 | (2,988) | * | (2,821) | - 0 | (2,821) | * | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | (2,821) | * | 468 | * | |||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | * | - 0 | (1,506) | 1,506 | * | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | * | (1,506) | * | (468) | * | |||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets | ||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | |||||||||||||||||||||||||||||||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
&Z&F&D &T
Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 23,187 | $ 15,928 | |||||||||||
Effective income tax rate | 26.3% | 19.8% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (3,773) | $ (3,096) | |||||||||||
Mandatory toll charge | 403 | - | |||||||||||
Reduction of domestic deferred tax assets | 2,289 | - | |||||||||||
Reduction of foreign deferred tax assets | 1,156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Reclassification from accumulated other comprehensive income | 527 | - | |||||||||||
Release of unrecognized tax benefits | (994) | (500) | |||||||||||
Release of foreign valuation allowance | - | (4,118) | |||||||||||
Total | $ (957) | $ (7,714) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 24,144 | $ 23,642 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 29.3% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 1,408 | $ 1,841 | |||||||||||
Effective income tax rate | 6.0% | 10.7% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (376) | $ (1,654) | |||||||||||
Mandatory toll charge | (3,846) | - | |||||||||||
Adjustment to domestic deferred tax assets | (161) | - | |||||||||||
Reduction of foreign deferred tax assets | 156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Release of unrecognized tax benefits | (236) | (500) | |||||||||||
Release of foreign valuation allowance | - | (338) | |||||||||||
Total | $ (5,028) | $ (2,492) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,436 | $ 4,333 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 25.1% |
&8&F&A&8&D&T
Cash Flows
MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2019 | 2018 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
Cash provided by/(used in): | (in thousands) | (in thousands) | Cash provided by/(used in): | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Investing activities | (9,533) | 14,743 | (24,276) | (120,390) | (14,133) | (106,257) | (110,857) | (28,876) | Investing activities | (120,390) | (14,133) | (84,612) | (82,791) | (34,464) | (106,257) | 70,479 | (1,821) | ||||||||||||||||||||||
Financing activities | 14,985 | (7,999) | 22,984 | 40,936 | (4,107) | 45,043 | 25,951 | 3,892 | Financing activities | 40,936 | (4,107) | (11,775) | 50,380 | (15,351) | 45,043 | 7,668 | (62,155) | ||||||||||||||||||||||
Effect of exchange-rate changes on cash | Effect of exchange-rate changes on cash | ||||||||||||||||||||||||||||||||||||||
and cash equivalents | 266 | 74 | 192 | (1,124) | (524) | (600) | (1,390) | (598) | and cash equivalents | (1,124) | (524) | (536) | (418) | (1,494) | (600) | 12 | (118) | ||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ 9,595 | $ 21,697 | $ (12,102) | $ (21,230) | $ 28,405 | $ (49,635) | $ (30,825) | $ 6,708 | Net increase/(decrease) in cash and cash equivalents | $ (21,230) | $ 28,405 | $ (26,915) | $ 4,389 | $ 17,395 | $ (49,635) | $ 55,320 | $ (31,304) | ||||||||||||||||||||||
Net cash provided (used) by operating activities is comprised of the following items: | Net cash provided (used) by operating activities is comprised of the following items: | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
EBITDA | $ 27,352 | $ 19,415 | $ 7,937 | $ 100,709 | $ 110,845 | $ (10,136) | $ 73,357 | $ 91,430 | EBITDA | $ 100,709 | $ 110,845 | $ 126,923 | $ 116,805 | $ 114,672 | $ (10,136) | $ (16,078) | $ 10,118 | ||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | 425 | 6,281 | (5,856) | 425 | $ - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | 6,281 | ||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 2,259 | 2,259 | - 0 | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 1,925 | 334 | |||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 280 | - 0 | 280 | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | (1,671) | (895) | ||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | (1,152) | (528) | ||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | 462 | 213 | 249 | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | (187) | (218) | ||||||||||||||||||||||
Acquisition related other, net | (2,988) | - 0 | (2,988) | (2,821) | - 0 | (2,821) | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | 468 | |||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | (1,506) | 1,506 | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | (1,506) | - 0 | ||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
- 0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | 826 | (55) | 881 | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | 999 | 6,555 | ||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Interest paid, net | (2,406) | (4,559) | 2,153 | (11,577) | (12,250) | 673 | (9,171) | (7,691) | Interest paid, net | (11,577) | (12,250) | (11,208) | (14,215) | (12,912) | 673 | (1,042) | 3,007 | ||||||||||||||||||||||
Income taxes paid | (5,821) | (3,046) | (2,775) | (20,866) | (16,215) | (4,651) | (15,045) | (13,169) | Income taxes paid | (20,866) | (16,215) | (15,191) | (16,828) | (10,780) | (4,651) | (1,024) | 1,637 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (11,756) | (3,831) | (7,925) | (10,349) | (42,403) | 32,054 | 1,407 | (38,572) | Changes in operating assets and liabilities and other items | (10,349) | (42,403) | (32,551) | (45,181) | (12,337) | 32,054 | (9,852) | 12,630 | ||||||||||||||||||||||
Cash provided by gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | (5,286) | - 0 | - 0 | - 0 | ||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash used for acquisition-related transaction costs | - 0 | (618) | - 0 | - 0 | - 0 | 618 | |||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Net cash provided by operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful | ||||||||||||||||||||||||||||||||||||||
- 0 |
&Z&F&D &T
Liquidity
June 30, | June 30, | June 30, | Change | |||||||||||||||||||||||||||
As of | 2020 | 2019 | 2018 | Change | As of June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||
(in thousands, except ratios) | (in thousands, except ratios) | |||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $9,770 | Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $33,605 | $29,216 | $9,770 | $2,405 | $45,563 | |||||||||||||||||
Working capital | 222,006 | 242,902 | 205,651 | (20,896) | Working capital | 222,006 | 242,902 | 205,651 | $203,356 | $175,988 | (20,896) | 37,251 | 2,295 | |||||||||||||||||
Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | 2.92:1 | 2.62:1 | |||||||||||||||||||||
360,494 | 384,589 | 336,293 | 360,494 | 384,589 | 336,293 | 309,226 | 284,512 | |||||||||||||||||||||||
138,488 | 141,687 | 130,642 | 138,488 | 141,687 | 130,642 | 105,870 | 108,524 | |||||||||||||||||||||||
2.60 | 2.71 | 2.57 | 2.60 | 2.71 | 2.57 | 2.92 | 2.62 |
&Z&F&D &T
Working Capital
Phibro Animal Health Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Changes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2013 | Change | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2010 | 2010 | Change | 2010 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,343 | 57,573 | (21,230) | 57,573 | 29,168 | 28,405 | 29,168 | 56,083 | (26,915) | 30,553 | 56,083 | (25,530) | 40,185 | 56,083 | (15,898) | 62,097 | 56,083 | 6,014 | 56,083 | 33,605 | 22,478 | 49,310 | 33,605 | 15,705 | 39,220 | 33,605 | 5,615 | 37,415 | 33,605 | 3,810 | 33,605 | 29,216 | 4,389 | 32,225 | 29,216 | 3,009 | 25,372 | 29,216 | (3,844) | 31,817 | 29,216 | 2,601 | 29,216 | 11,821 | 17,395 | 20,804 | 11,821 | 20,689 | 11,821 | 19,749 | 11,821 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,369 | 36,851 | 27,369 | 27,369 | 53,900 | (26,531) | 27,995 | 53,900 | (25,905) | 27,023 | 53,900 | (26,877) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 48,598 | (14,940) | 49,373 | 48,598 | 775 | 47,089 | 48,598 | (1,509) | 48,598 | 62,705 | (14,107) | 41,517 | 62,705 | (21,188) | 20,066 | 62,705 | (42,639) | 12,068 | 62,705 | (50,637) | ||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | 55,000 | 24,000 | 24,000 | 50,000 | 50,000 | 45,000 | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | 159,022 | 135,742 | 135,742 | 125,847 | 127,044 | 125,847 | 132,242 | 125,847 | 136,337 | 125,847 | 125,847 | 123,790 | 113,130 | 123,790 | 124,131 | 123,790 | 119,607 | 123,790 | 123,790 | 111,099 | 116,233 | 111,099 | 114,572 | 111,099 | 113,710 | 111,099 | 111,099 | 113,858 | 115,152 | 113,858 | 114,264 | 113,858 | 110,756 | 113,858 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | 198,322 | 178,170 | 178,170 | 161,233 | 184,478 | 161,233 | 173,613 | 161,233 | 170,928 | 161,233 | 161,233 | 167,691 | 163,831 | 167,691 | 158,819 | 167,691 | 162,644 | 167,691 | 167,691 | 149,786 | 168,293 | 149,786 | 154,422 | 149,786 | 147,294 | 149,786 | 149,786 | 143,184 | 136,368 | 143,184 | 144,858 | 143,184 | 146,382 | 143,184 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 27,245 | 22,381 | 22,381 | 20,502 | 20,351 | 20,502 | 23,407 | 20,502 | 25,193 | 20,502 | 20,502 | 17,745 | 21,273 | 17,745 | 16,839 | 17,745 | 20,102 | 17,745 | 17,745 | 23,627 | 15,847 | 23,627 | 15,807 | 23,627 | 24,170 | 23,627 | 23,627 | 30,426 | 27,728 | 30,426 | 26,932 | 30,426 | 26,967 | 30,426 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (18,750) | (12,540) | (12,540) | (12,579) | (12,579) | (6,250) | (11,020) | (6,250) | (9,458) | (6,250) | (7,895) | (6,250) | (6,250) | (2,803) | (2,900) | (2,803) | (2,901) | (2,803) | (2,903) | (2,803) | (2,803) | (2,809) | (2,809) | (2,809) | (2,814) | (2,809) | (2,819) | (2,809) | (2,809) | (2,969) | (2,813) | (2,969) | (2,828) | (2,969) | (2,950) | (2,969) | (2,969) | (64) | (72) | (64) | (9,994) | (64) | (9,966) | (64) | (64) | (5,350) | 5,286 | (79) | (5,350) | 5,271 | (29,361) | (5,350) | (24,011) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,526) | 243 | (5,650) | (5,526) | (124) | (5,565) | (5,526) | (39) | (5,526) | (5,557) | 31 | (5,434) | (5,557) | 123 | (5,829) | (5,557) | (272) | (5,704) | (5,557) | (147) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | (73,189) | (59,498) | (59,498) | (56,894) | (64,127) | (56,894) | (64,779) | (56,894) | (61,732) | (56,894) | (56,894) | (60,167) | (53,271) | (60,167) | (54,826) | (60,167) | (54,274) | (60,167) | (60,167) | (63,061) | (51,852) | (63,061) | (61,226) | (63,061) | (59,469) | (63,061) | (63,061) | (59,608) | (56,920) | (59,608) | (56,762) | (59,608) | (64,544) | (59,608) | (59,608) | (57,902) | (60,572) | (57,902) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (68,498) | (71,144) | (71,144) | (52,652) | (53,397) | (52,652) | (52,999) | (52,652) | (51,480) | (52,652) | (52,652) | (45,703) | (50,126) | (45,703) | (45,602) | (45,703) | (44,159) | (45,703) | (45,703) | (45,463) | (45,119) | (45,463) | (50,491) | (45,463) | (46,039) | (45,463) | (45,463) | (49,861) | (45,751) | (49,861) | (41,788) | (49,861) | (39,293) | (49,861) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294,599 | 311,935 | 311,935 | 272,240 | 272,240 | 247,869 | 278,882 | 247,869 | 269,211 | 247,869 | 273,448 | 247,869 | 247,869 | 234,158 | 241,247 | 234,158 | 235,680 | 234,158 | 238,432 | 234,158 | 234,158 | 202,395 | 232,818 | 202,395 | 195,642 | 202,395 | 208,664 | 202,395 | 202,395 | 186,851 | 194,568 | 186,851 | 205,365 | 186,851 | 197,067 | 186,851 | 186,851 | 180,982 | 177,840 | 180,982 | 179,901 | 180,982 | 193,200 | 181,380 | 181,330 | 175,387 | 5,943 | 192,205 | 175,387 | 16,818 | 145,983 | 175,387 | (29,404) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 178,508 | (6,899) | 173,827 | 178,508 | (4,681) | 171,756 | 178,508 | (6,752) | 178,508 | 178,828 | (320) | 171,094 | 178,828 | (7,734) | 143,144 | 178,828 | (35,684) | 139,187 | 178,828 | (39,641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Dec | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | September | June | September | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | (32,500) | 159,022 | 135,742 | 23,280 | 135,742 | 125,847 | 9,895 | 127,044 | 125,847 | 1,197 | 132,242 | 125,847 | 6,395 | 136,337 | 125,847 | 10,490 | 125,847 | 123,790 | 2,057 | 113,130 | 123,790 | (10,660) | 124,131 | 123,790 | 341 | 119,607 | 123,790 | (4,183) | 123,790 | 111,099 | 12,691 | 116,233 | 111,099 | 5,134 | 114,572 | 111,099 | 3,473 | 113,710 | 111,099 | 2,611 | 111,099 | 113,858 | (2,759) | 115,152 | 113,858 | 1,294 | 114,264 | 113,858 | 406 | 110,756 | 113,858 | (3,102) | 113,858 | 99,137 | 14,721 | 107,705 | 99,137 | 8,568 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | (1,663) | 198,322 | 178,170 | 20,152 | 178,170 | 161,233 | 16,937 | 184,478 | 161,233 | 23,245 | 173,613 | 161,233 | 12,380 | 170,928 | 161,233 | 9,695 | 161,233 | 167,691 | (6,458) | 163,831 | 167,691 | (3,860) | 158,819 | 167,691 | (8,872) | 162,644 | 167,691 | (5,047) | 167,691 | 149,786 | 17,905 | 168,293 | 149,786 | 18,507 | 154,422 | 149,786 | 4,636 | 147,294 | 149,786 | (2,492) | 149,786 | 143,184 | 6,602 | 136,368 | 143,184 | (6,816) | 144,858 | 143,184 | 1,674 | 146,382 | 143,184 | 3,198 | 143,184 | 140,032 | 3,152 | 142,804 | 140,032 | 2,772 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 10,068 | 27,245 | 22,381 | 4,864 | 22,381 | 20,502 | 1,879 | 20,351 | 20,502 | (151) | 23,407 | 20,502 | 2,905 | 25,193 | 20,502 | 4,691 | 20,502 | 17,745 | 2,757 | 21,273 | 17,745 | 3,528 | 16,839 | 17,745 | (906) | 20,102 | 17,745 | 2,357 | 17,745 | 23,627 | (5,882) | 15,847 | 23,627 | (7,780) | 15,807 | 23,627 | (7,820) | 24,170 | 23,627 | 543 | 23,627 | 30,426 | (6,799) | 27,728 | 30,426 | (2,698) | 26,932 | 30,426 | (3,494) | 26,967 | 30,426 | (3,459) | 30,426 | 29,848 | 578 | 31,159 | 29,848 | 1,311 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | 7,098 | (73,189) | (59,498) | (13,691) | (59,498) | (56,894) | (2,604) | (64,127) | (56,894) | (7,233) | (64,779) | (56,894) | (7,885) | (61,732) | (56,894) | (4,838) | (56,894) | (60,167) | 3,273 | (53,271) | (60,167) | 6,896 | (54,826) | (60,167) | 5,341 | (54,274) | (60,167) | 5,893 | (60,167) | (63,061) | 2,894 | (51,852) | (63,061) | 11,209 | (61,226) | (63,061) | 1,835 | (59,469) | (63,061) | 3,592 | (63,061) | (59,608) | (3,453) | (56,920) | (59,608) | 2,688 | (56,762) | (59,608) | 2,846 | (64,544) | (59,608) | (4,936) | (59,608) | (57,902) | (1,706) | (60,752) | (57,902) | (2,850) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (3,899) | (68,498) | (71,144) | 2,646 | (71,144) | (52,652) | (18,492) | (53,397) | (52,652) | (745) | (52,999) | (52,652) | (347) | (51,480) | (52,652) | 1,172 | (52,652) | (45,703) | (6,949) | (50,126) | (45,703) | (4,423) | (45,602) | (45,703) | 101 | (44,159) | (45,703) | 1,544 | (45,703) | (45,463) | (240) | (45,119) | (45,463) | 344 | (50,491) | (45,463) | (5,028) | (46,039) | (45,463) | (576) | (45,463) | (49,861) | 4,398 | (45,751) | (49,861) | 4,110 | (41,788) | (49,861) | 8,073 | (39,293) | (49,861) | 10,568 | (49,861) | (57,438) | 7,577 | (54,513) | (57,438) | 2,925 | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222,006 | 242,902 | (20,896) | 242,902 | 205,651 | 37,251 | 205,651 | 198,036 | 7,615 | 214,349 | 198,036 | 16,313 | 211,484 | 198,036 | 13,448 | 219,246 | 198,036 | 21,210 | 198,036 | 203,356 | (5,320) | 194,837 | 203,356 | (8,519) | 199,361 | 203,356 | (3,995) | 203,920 | 203,356 | 564 | 203,356 | 175,988 | 27,368 | 203,402 | 175,988 | 27,414 | 173,084 | 175,988 | (2,904) | 179,666 | 175,988 | 3,678 | 175,988 | 177,999 | (2,011) | 176,577 | 177,999 | (1,422) | 187,504 | 177,999 | 9,505 | 180,268 | 177,999 | 2,269 | 177,999 | 153,677 | 24,322 | 166,403 | 153,677 | 12,726 | 159,421 | 153,677 | 166,315 | 154,075 | 154,025 | 126,837 | 27,188 | 164,289 | 126,837 | 37,452 | 148,321 | 126,837 | 21,484 | 143,496 | 126,837 | 16,659 | 126,837 | 135,436 | (8,599) | 143,234 | 135,436 | 7,798 | 130,104 | 135,436 | (5,332) | 130,232 | 135,436 | (5,204) | 135,436 | 121,680 | 13,756 | 135,011 | 121,680 | 13,331 | 128,907 | 121,680 | 7,227 | 132,823 | 121,680 | 11,143 | ||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 27,369 | 27,369 | 19,749 | 27,369 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,023 | 36,851 | 41,853 | 27,369 | 33,658 | (6,289) | 27,995 | 33,658 | (5,663) | 27,023 | 49,373 | (22,350) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 41,517 | (7,859) | 49,373 | 20,066 | 29,307 | 47,089 | 12,068 | 35,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 96,123 | 94,446 | 95,949 | 109,816 | 106,456 | 3,360 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 128,954 | 141,376 | 123,501 | 140,157 | 118,452 | 21,705 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 30,728 | 31,979 | 29,680 | 19,644 | 20,200 | (556) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (64) | (64) | (2,950) | (64) | (2,969) | (64) | (72) | (64) | (9,994) | (29,361) | (9,966) | (29,198) | (64) | (5,283) | 5,219 | (79) | (5,283) | 5,204 | (29,361) | (5,650) | (23,711) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,434) | 151 | (5,650) | (5,829) | 179 | (5,565) | (5,704) | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (60,109) | (59,699) | (52,739) | (63,758) | (58,432) | (58,555) | 123 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (47,084) | (48,747) | (41,876) | (57,160) | (43,319) | (13,841) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182,924 | 182,924 | 197,067 | 182,924 | 186,851 | 182,924 | 177,840 | 182,924 | 179,901 | 146,684 | 193,200 | 156,151 | 181,330 | 171,609 | 9,721 | 192,205 | 171,609 | 20,596 | 145,983 | 173,827 | (27,844) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 171,094 | 515 | 173,827 | 143,144 | 30,683 | 171,756 | 139,187 | 32,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 8,568 | 103,253 | 96,123 | 7,130 | 94,446 | 95,949 | 109,816 | 105,721 | 4,095 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 96,469 | (520) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 2,772 | 140,445 | 128,954 | 11,491 | 141,376 | 123,501 | 140,157 | 118,372 | 21,785 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 123,026 | 475 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 1,311 | 28,359 | 30,728 | (2,369) | 31,979 | 29,680 | 19,644 | 22,190 | (2,546) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 15,888 | 13,792 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (4,612) | (60,109) | (59,699) | (410) | (52,739) | (63,758) | (58,432) | (66,806) | 8,374 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (64,579) | 821 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | 3,275 | (52,527) | (47,084) | (5,443) | (48,747) | (41,876) | (57,160) | (52,640) | (4,520) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (40,572) | (1,304) | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155,619 | 155,619 | 180,268 | 155,619 | 177,999 | 155,619 | 166,933 | 155,619 | 11,314 | 159,421 | 149,022 | 10,399 | 166,315 | 143,496 | 22,819 | 154,025 | 126,837 | 27,188 | 164,289 | 143,234 | 21,055 | 148,321 | 130,104 | 18,217 | 143,496 | 130,232 | 13,264 | 126,837 | 135,436 | (8,599) | 143,234 | 135,011 | 8,223 | 130,104 | 128,907 | 1,197 | 130,232 | 132,823 | (2,591) |
&Z&F&D &T
DSO & Inventories
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accounts receivable - trade | $ 126,522 | $ 159,022 | $ 135,742 | $ 111,099 | $ 99,137 | 12% | $ 99,137 | $ 99,140 | 97,566 | $ 24,643 | $ (32,500) | $ 23,280 | |||||||||||||
DSO | 61 | 70 | 58 | 54 | 53 | 2% | 54 | 53 | 55 | ||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Inventories | $ 196,659 | $ 198,322 | $ 178,170 | $ 149,786 | $ 140,032 | 7% | $ 140,032 | $ 120,123 | 97,566 | $ 28,384 | $ (1,663) | $ 20,152 |
&Z&F&D &T
Business Segments
Segments | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 340 | $ 340 | $ 336 | $ 327 | $ 4 | 1% | $ 9 | 3% | ||||||||||||||||||
Nutritional Specialties | 94 | 94 | 82 | 63 | 12 | 15% | 19 | 30% | ||||||||||||||||||
Vaccines | 52 | 52 | 53 | 41 | (1) | (2)% | 12 | 29% | ||||||||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ 0 | 0% | $ 61 | 13% | 66% | 64% | 65% | 63% | ||||||||||||
Mineral Nutrition | 214 | 234 | 235 | 227 | (19) | (8)% | (1) | (0)% | 8 | 3% | 27% | 28% | 29% | 30% | ||||||||||||
Performance Products | 59 | 62 | 53 | 51 | (3) | (5)% | 9 | 17% | 3 | 5% | 7% | 8% | 7% | 7% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 301 | $ 316 | $ 321 | $ 280 | $ (15) | (5)% | $ (5) | (2)% | $ 41 | 15% | 38% | 38% | 39% | 37% | ||||||||||||
Dairy | 163 | 170 | 177 | 135 | (7) | (4)% | (7) | (4)% | 42 | 31% | 20% | 21% | 22% | 18% | ||||||||||||
Cattle | 94 | 88 | 80 | 100 | 6 | 7% | 8 | 10% | (20) | (20)% | 12% | 11% | 10% | 13% | ||||||||||||
Swine | 81 | 101 | 100 | 102 | (20) | (20)% | 1 | 1% | (2) | (2)% | 10% | 12% | 12% | 14% | ||||||||||||
Other (1) | 161 | 153 | 142 | 132 | 8 | 5% | 11 | 8% | 10 | 7% | 20% | 18% | 17% | 18% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Regions (2) | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 472 | $ 481 | $ 491 | $ 483 | $ (9) | (2)% | $ (10) | (2)% | $ 8 | 2% | 59% | 58% | 60% | 65% | ||||||||||||
Latin America and Canada | 159 | 152 | 143 | 107 | 7 | 5% | 9 | 6% | 36 | 33% | 20% | 18% | 17% | 14% | ||||||||||||
Europe, Middle East and Africa | 112 | 105 | 110 | 61 | 7 | 7% | (5) | (5)% | 49 | 79% | 14% | 13% | 13% | 8% | ||||||||||||
Asia Pacific | 57 | 90 | 76 | 97 | (33) | (37)% | 14 | 18% | (21) | (21)% | 7% | 11% | 9% | 13% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
(1) | Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry | |||||||||||||||||||||||||
(2) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
Adjusted EBITDA(1) | Change | Percentage of total (2) | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | * | $ - 0 | * | ||||||||||||||||||
Nutritional Specialties | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Vaccines | - 0 | 0 | 0 | 4 | - 0 | 0% | (4) | (96)% | ||||||||||||||||||
Animal Health | $ 123 | $ 136 | $ 142 | $ 120 | $ (13) | (10)% | $ (6) | (4)% | $ 22 | 18% | 87% | 87% | 87% | 88% | ||||||||||||
Mineral Nutrition | 15 | 16 | 19 | 14 | (1) | (7)% | (3) | (15)% | 5 | 33% | 10% | 10% | 11% | 10% | ||||||||||||
Performance Products | 5 | 5 | 2 | 3 | (0) | (4)% | 3 | 151% | (1) | (37)% | 3% | 3% | 1% | 2% | ||||||||||||
Corporate | (40) | (38) | (33) | (27) | (2) | * | (5) | * | (6) | * | ||||||||||||||||
Total | $ 102 | $ 118 | $ 129 | $ 110 | $ (16) | (13)% | $ (11) | (8)% | $ 19 | 17% | ||||||||||||||||
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA. | |||||||||||||||||||||||||
(2) | Before unallocated corporate costs | |||||||||||||||||||||||||
Net Identifiable Assets | Change | Percentage of total | ||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 23 | $ 23 | $ 22 | $ 21 | $ 2 | 9% | $ 0 | 1% | ||||||||||||||||||
Nutritional Specialties | 114 | 114 | 110 | 91 | 4 | 4% | 19 | 21% | ||||||||||||||||||
Vaccines | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Animal Health | $ 561 | $ 509 | $ 456 | $ 349 | $ 52 | 10% | $ 53 | 12% | $ 107 | 31% | 71% | 70% | 68% | 71% | ||||||||||||
Mineral Nutrition | 66 | 68 | 70 | 59 | (2) | (2)% | (2) | (3)% | 11 | 19% | 8% | 9% | 10% | 12% | ||||||||||||
Performance Products | 31 | 33 | 24 | 22 | (2) | (6)% | 9 | 37% | 2 | 10% | 4% | 5% | 4% | 4% | ||||||||||||
Corporate | 127 | 117 | 122 | 60 | 10 | 8% | (5) | (4)% | 62 | 102% | 16% | 16% | 18% | 12% | ||||||||||||
Total | $ 785 | $ 727 | $ 672 | $ 490 | $ 58 | 8% | $ 55 | 8% | $ 182 | 37% | ||||||||||||||||
Adjusted value down to $784M to agree in total - all individual amounts rounded up. |
&Z&F&D &T
Animal Health
Product Groups | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 322 | $ 350 | $ 337 | $ 336 | $ (28) | (8)% | $ 13 | 4% | $ 1 | 0% | 61% | 66% | 63% | 71% | ||||||||||||
Nutritional specialties | 129 | 113 | 123 | 82 | 16 | 14% | (10) | (8)% | 41 | 50% | 25% | 21% | 23% | 17% | ||||||||||||
Vaccines | 75 | 68 | 72 | 53 | 7 | 10% | (4) | (5)% | 19 | 36% | 14% | 13% | 14% | 11% | ||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ (0) | (0)% | $ 61 | 13% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 253 | $ 251 | $ 255 | $ 231 | $ 2 | 1% | $ (4) | (2)% | $ 24 | 10% | 48% | 47% | 48% | 49% | ||||||||||||
Swine | 43 | 62 | 59 | 65 | (19) | (31)% | 3 | 5% | (6) | (9)% | 8% | 12% | 11% | 14% | ||||||||||||
Dairy | 117 | 116 | 120 | 83 | 1 | 1% | (4) | (3)% | 37 | 44% | 22% | 22% | 23% | 18% | ||||||||||||
Cattle | 44 | 47 | 42 | 43 | (3) | (6)% | 5 | 12% | (1) | (3)% | 8% | 9% | 8% | 9% | ||||||||||||
Other | 70 | 56 | 56 | 48 | 14 | 25% | - 0 | 0% | 8 | 17% | 13% | 11% | 11% | 10% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
Regions (1) | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 214 | $ 199 | $ 220 | $ 219 | $ 15 | 8% | $ (21) | (10)% | $ 1 | 1% | 41% | 37% | 41% | 46% | ||||||||||||
Latin America and Canada | 148 | 142 | 129 | 99 | 6 | 4% | 13 | 10% | 30 | 31% | 28% | 27% | 24% | 21% | ||||||||||||
Europe, Middle East and Africa | 109 | 103 | 108 | 61 | 6 | 6% | (5) | (5)% | 47 | 76% | 21% | 19% | 20% | 13% | ||||||||||||
Asia Pacific | 56 | 88 | 75 | 92 | (32) | (36)% | 13 | 17% | (17) | (19)% | 11% | 17% | 14% | 20% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
(1) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
% of Sales | ||||||||||||||||||||||||||
U.S. | 41% | 37% | 41% | |||||||||||||||||||||||
Foreign | 59% | 63% | 59% | |||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||
Page 18 of the 10K |
&Z&F&D &T
Mineral Nutrition
Species | Change | Percentage of total | ||||||||||||||||
For the Years Ended June 30 | 2017 | 2016 | 2015 | 2017 / 2016 | 2016 / 2015 | 2017 | 2016 | 2015 | ||||||||||
($ in millions) | ||||||||||||||||||
Poultry | $ - 0 | $ 54 | $ 52 | $ (54) | * | $ 2 | 4% | ERROR:#DIV/0! | 25% | 23% | ||||||||
Swine | - 0 | 35 | 28 | (35) | * | 7 | 27% | ERROR:#DIV/0! | 16% | 12% | ||||||||
Dairy | - 0 | 48 | 48 | (48) | * | 0 | 0% | ERROR:#DIV/0! | 22% | 21% | ||||||||
Cattle | - 0 | 52 | 74 | (52) | * | (22) | (30)% | ERROR:#DIV/0! | 24% | 33% | ||||||||
Other | - 0 | 28 | 26 | (28) | * | 2 | 8% | ERROR:#DIV/0! | 13% | 11% | ||||||||
Total | $ - 0 | $ 217 | $ 227 | $ (217) | * | $ (10) | (5)% |
PR Table #1 - Summary P&L in MM
Phibro Animal Health Corporation | ||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||||
Cost of goods sold | 125.3 | 138.6 | (13.3) | (10)% | 543.5 | 563.4 | (19.9) | (4)% | ||||||||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | 256.9 | 264.6 | (7.7) | (3)% | ||||||||||||
Selling, general and administrative | 42.4 | 53.2 | (10.8) | (20)% | 187.7 | 181.4 | 6.3 | 3% | ||||||||||||
Operating income | 18.1 | 12.1 | 6.0 | 50% | 69.2 | 83.2 | (14.0) | (17)% | ||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | ||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||||
Income before income taxes | 16.4 | 9.2 | 7.2 | 78% | 55.5 | 71.5 | (16.0) | (22)% | ||||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | ||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||||
Net income per share | ||||||||||||||||||||
basic | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
diluted | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
basic | 40.5 | 40.5 | 40.5 | 40.4 | ||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||
Ratio to net sales | ||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | ||||||||||||||||
Selling, general and administrative | 22.8% | 26.1% | 23.5% | 21.9% | ||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | ||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | ||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | ||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | ||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||
* Calculation not meaningful |
PR Table #2 - Seg Rev & EBITDA
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | ||||||||||||||||||
Segment Net Sales and Adjusted EBITDA | |||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||
(in millions, except percentages) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | 129.3 | 113.2 | 16.0 | 14% | |||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | 75.3 | 68.3 | 7.0 | 10% | |||||||||||
Animal Health | 122.4 | 132.0 | (9.6) | (7)% | 526.9 | 532.0 | (5.1) | (1)% | |||||||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | 214.4 | 233.8 | (19.4) | (8)% | |||||||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | 59.0 | 62.2 | (3.2) | (5)% | |||||||||||
Total | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted EBITDA | |||||||||||||||||||
Animal Health | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||||||
Mineral Nutrition | 3.5 | 3.8 | (0.3) | (8)% | 14.7 | 15.7 | (1.0) | (7)% | |||||||||||
Performance Products | 0.7 | 1.2 | (0.4) | (38)% | 4.5 | 4.7 | (0.2) | * | |||||||||||
Corporate | (9.9) | (9.8) | (0.1) | * | (40.2) | (38.5) | (1.7) | * | |||||||||||
Total | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
Ratio to segment net sales | |||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | Make sure all cells are linked | ||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | |||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | |||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | |||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | |||||||||||||||
(1)reflects ratio to total net sales | |||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | |||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | |||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | |||||||||||
Depreciation and amortization | 8.2 | 7.2 | 1.0 | 14% | 32.3 | 27.6 | 4.8 | 17% | |||||||||||
EBITDA | 27.4 | 19.4 | 7.9 | 41% | 100.7 | 110.8 | (10.1) | (9)% | |||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | |||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | |||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | |||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | |||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | |||||||||||
Other, net (1) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | |||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | |||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | |||||||||||||||||||
(2) Acquisition-related other, net includes the adjustment to contingent consideration | |||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||
* Calculation not meaningful |
PR Table #3 - ANI in MM
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||
Adjusted Net Income | Make sure all cells are linked | |||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||
Adjusted cost of goods sold | $ 123.8 | $ 137.3 | $ (13.5) | (10)% | $ 536.9 | $ 558.1 | $ (21.2) | (4)% | ||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | 263.5 | 269.9 | (6.4) | (2)% | ||||||||||
Adjusted selling, general and administrative | 44.2 | 45.9 | (1.7) | (4)% | 184.8 | 173.3 | 11.5 | 7% | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | 12.6 | 11.8 | 0.8 | 7% | ||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | 66.1 | 84.8 | (18.7) | (22)% | ||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | 22.3 | 22.8 | (0.5) | (2)% | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Adjusted net income per share | ||||||||||||||||||
diluted | $0.17 | $0.33 | ($0.16) | (48%) | $1.08 | $1.53 | ($0.45) | (29)% | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||
Ratio to net sales | ||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | 32.9% | 32.6% | ||||||||||||||
Adjusted selling, general and administrative | 23.8% | 22.5% | 23.1% | 20.9% | ||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | 8.3% | 10.2% | ||||||||||||||
Adjusted net income | 3.6% | 6.7% | 5.5% | 7.5% | ||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | 33.7% | 26.9% | ||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | ||||||||||
Stock-based compensation (1) | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | ||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Acquisition-related intangible amortization(2) | 1.5 | 1.3 | 0.2 | 17% | 6.3 | 5.3 | 1.1 | 20% | ||||||||||
Acquisition-related intangible amortization(1) | 0.7 | 0.2 | 0.4 | 197% | 2.5 | 0.8 | 1.7 | 208% | ||||||||||
Acquisition-related accrued compensation(1) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related transaction costs(1) | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | ||||||||||
Acquisition-related other, net (1) | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | ||||||||||
Other, net(1) (3) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | ||||||||||
Pension settlement cost (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Gain on insurance settlement (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related accrued interest | 0.1 | 0.0 | 0.1 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Foreign currency (gains) losses, net(4) | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Adjustments to income taxes(5) | 2.3 | (3.7) | 6.0 | * | (0.3) | (6.0) | 5.7 | * | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||
* Calculation not meaningful | ||||||||||||||||||
(1)Included in selling, general and administrative | ||||||||||||||||||
(2)Included in cost of goods sold | ||||||||||||||||||
(3) Acquisition-related other, net includes the adjustment to contingent consideration | ||||||||||||||||||
(3)Relates to the cancellation of a certain business arrangement | ||||||||||||||||||
(4)Primarily related to intercompany balances | ||||||||||||||||||
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||
(6) Acquisition-related other, net includes ……. | ||||||||||||||||||
Depreciation and amortization | 8.164 | 7.157 | (1.0) | $ (0.02) | 32.341 | 27.564 | (4.8) | $ (0.12) | ||||||||||
Less: amortization | (1.803) | (1.623) | 0.2 | $ 0.00 | (6.598) | (5.575) | 1.0 | $ 0.03 | ||||||||||
Depreciation | 6.361 | 5.534 | (0.8) | $ (0.02) | 25.743 | 21.989 | (3.8) | $ (0.09) | ||||||||||
Interest | 2.732 | 3.036 | 0.3 | $ 0.01 | 12.581 | 11.776 | (0.8) | $ (0.02) | ||||||||||
Taxes | 8.401 | 4.104 | (4.3) | $ (0.11) | 22.290 | 22.776 | 0.5 | $ 0.01 | ||||||||||
Subtotal | 17.494 | 12.674 | (4.8) | $ (0.12) | 60.614 | 56.541 | (4.1) | $ (0.10) | ||||||||||
EBITDA | 23.860 | 26.315 | (2.5) | $ (0.06) | 102.140 | 118.037 | (15.9) | $ (0.39) | ||||||||||
Adjusted net income | (7.3) | $ (0.18) | (20.0) | $ (0.49) |
PR Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 16,792 | $ 23,187 | |||||||||||
Effective income tax rate | 23.5% | 26.3% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (310) | $ (3,773) | |||||||||||
Mandatory toll charge | (360) | 403 | |||||||||||
Reduction of domestic deferred tax assets | - | 2,289 | |||||||||||
Reduction of foreign deferred tax assets | - | 1,156 | |||||||||||
Recognition of federal and foreign tax credits | (1,417) | (565) | |||||||||||
Reclassification from accumulated other comprehensive income | - | 527 | |||||||||||
Release of unrecognized tax benefits | (1,271) | (994) | |||||||||||
Total | $ (3,358) | $ (957) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 20,150 | $ 24,144 | |||||||||||
Effective income tax rate, excluding certain items | 28.2% | 27.4% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 409 | $ 1,408 | |||||||||||
Effective income tax rate | 4.4% | 6.0% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ - | $ (376) | |||||||||||
Mandatory toll charge | - | (3,846) | |||||||||||
Reduction of domestic deferred tax assets | - | (161) | |||||||||||
Reduction of foreign deferred tax assets | - | 156 | |||||||||||
Recognition of federal and foreign tax credits | (385) | (565) | |||||||||||
Release of unrecognized tax benefits | (1,271) | (236) | |||||||||||
Total | $ (1,656) | $ (5,028) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 2,065 | $ 6,436 | |||||||||||
Effective income tax rate, excluding certain items | 22.4% | 27.4% |
&8&F&A&8&D&T
ANI Worksheet
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | For the Nine Months Ended March 31 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Cost of goods sold: | Cost of goods sold: | Cost of goods sold: | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Acquisition-related cost of goods sold | - 0 | - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | |||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | (1.540) | (1.317) | Acquisition-related intangible amortization | $ (6.335) | $ (5.269) | Acquisition-related intangible amortization | $ (4.795) | $ (3.952) | ||||||||||||||||||||||||||||||||
Net sales | $185.9 | $203.9 | $ - 0 | $ - 0 | $185.9 | $203.9 | Total | (1.540) | (1.317) | Total | $ (6.615) | $ (5.269) | Total | $ (5.075) | $ (3.952) | |||||||||||||||||||||||||
Cost of goods sold | 125.3 | 138.6 | (1.5) | (1.3) | 123.8 | 137.3 | . | . | ||||||||||||||||||||||||||||||||
Gross profit | 60.6 | 65.3 | 1.5 | 1.3 | 62.1 | 66.6 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.4 | 53.2 | 1.8 | (7.3) | 44.2 | 45.9 | Selling, general and administrative expenses: | Selling, general and administrative expenses: | Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
Restructuring Costs | - 0 | (6.281) | Restructuring Costs | $ (0.425) | $ (6.281) | Restructuring Costs | $ (0.425) | $ - 0 | ||||||||||||||||||||||||||||||||
Operating income | 18.1 | 12.1 | (0.2) | 8.6 | 17.9 | 20.7 | Acquisition-related intangible amortization | (0.669) | (0.225) | Acquisition-related intangible amortization | $ (2.533) | $ (0.823) | Acquisition-related intangible amortization | $ (1.864) | $ (0.598) | |||||||||||||||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.1) | (0.0) | 2.7 | 3.0 | Acquisition-related accrued compensation | - 0 | - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | 1.1 | 0.2 | - 0 | - 0 | Acquisition-related transaction costs | - 0 | (0.213) | Acquisition-related transaction costs | $ (0.462) | $ (0.213) | Acquisition-related transaction costs | $ (0.462) | $ - 0 | |||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Stock-based compensation | (0.565) | (0.565) | Stock-based compensation | $ (2.259) | $ (2.259) | Stock-based compensation | $ (1.694) | $ (1.694) | |||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | Pension settlement expense | $ - 0 | $ - 0 | Pension settlement expense | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Income before income taxes | 16.4 | 9.2 | (1.2) | 8.5 | 15.2 | 17.7 | Acquisition-related other, net | 2.988 | - 0 | Acquisition-related other, net | $ 2.821 | $ - 0 | Acquisition-related other, net | $ (0.167) | $ - 0 | |||||||||||||||||||||||||
Provision for income taxes | 10.7 | 0.4 | (2.3) | 3.7 | 8.4 | 4.1 | Other, net | - 0 | - 0 | Other, net | $ - 0 | $ 1.506 | Other, net | $ - 0 | $ 1.506 | |||||||||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ 1.1 | $ 4.8 | $ 6.8 | $ 13.6 | Gain on insurance settlement | - 0 | - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Total | 1.754 | (7.284) | Total | $ (2.858) | $ (8.070) | Total | $ (4.612) | $ (0.786) | ||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 0.14 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.33 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | Interest expense, net: | Interest expense, net: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | Acquisition-related accrued interest | (0.075) | (0.011) | Acquisition-related accrued interest | $ (0.275) | $ - 0 | Acquisition-related accrued interest | $ (0.200) | $ 0.011 | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | ||||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | Primarily related to intercompany balances | 1.069 | 0.159 | Primarily related to intercompany balances | $ (0.826) | $ 0.055 | Primarily related to intercompany balances | $ (1.895) | $ (0.104) | |||||||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Loss on extinguishment of debt: | Loss on extinguishment of debt: | Loss on extinguishment of debt: | |||||||||||||||||||||||||||||||||||||
Related to refinancing | - 0 | - 0 | Related to refinancing | $ - 0 | $ - 0 | Related to refinancing | $ - 0 | $ - 0 | ||||||||||||||||||||||||||||||||
Net sales | $800.4 | $828.0 | $0.0 | $0.0 | $800.4 | $828.0 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | $543.5 | $563.4 | ($6.6) | ($5.3) | $536.9 | $558.1 | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | |||||||||||||||||||||||||||||||
Gross profit | $256.9 | $264.6 | $6.6 | $5.3 | $263.5 | $269.9 | Adjustments | (2.338) | 3.695 | Adjustments | $ 0.330 | $ 5.984 | Adjustments | $ 2.668 | $ 2.289 | |||||||||||||||||||||||||
Selling, general and administrative expenses | $187.7 | $181.4 | ($2.9) | ($8.1) | $184.8 | $173.3 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $69.2 | $83.2 | $9.5 | $13.3 | $78.7 | $96.6 | ||||||||||||||||||||||||||||||||||
Interest expense, net | $12.9 | $11.8 | ($0.3) | $0.0 | $12.6 | $11.8 | ||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | $0.8 | ($0.1) | ($0.8) | $0.1 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Income before income taxes | $55.5 | $71.5 | $10.6 | $13.3 | $66.1 | $84.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $22.0 | $16.8 | $0.3 | $6.0 | $22.3 | $22.8 | ||||||||||||||||||||||||||||||||||
Net income | $33.6 | $54.7 | $10.2 | $7.3 | $43.8 | $62.0 | ||||||||||||||||||||||||||||||||||
Net income per share - diluted | $0.83 | $1.35 | $1.08 | $1.53 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||
(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period. | ||||||||||||||||||||||||||||||||||||||||
(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014. |
&Z&F&D &T
Cognos_Office_Connection_Cache
PR Table #4 - Cash Flows in MM
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||
Operating and Investing Cash Flows | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||
Three Months | Twelve Months | Change | Nine Months | |||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2014 / 2013 | 2013 / 2012 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
EBITDA | $ 27.4 | $ 19.4 | $ 7.9 | 41% | $ 100.7 | $ 110.8 | $ (10.1) | $ (10.1) | $ (10) | (9)% | $ 121 | * | $ 73.4 | $ 91.4 | ||||||||||||||
Adjustments | ||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | 0.4 | 6.3 | (5.9) | 0.4 | - 0 | ||||||||||||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 2.3 | 2.3 | - 0 | 1.7 | 1.7 | ||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 0.3 | - 0 | 0.3 | 0.3 | - 0 | ||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | 0.5 | 0.2 | 0.2 | 0.5 | - 0 | ||||||||||||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | (2.8) | - 0 | (2.8) | 0.2 | - 0 | ||||||||||||||||||||
Other, net (1) | - 0 | - 0 | - 0 | - 0 | (1.5) | 1.5 | - 0 | (1.5) | ||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | 0.8 | (0.1) | 0.9 | 1.9 | 0.1 | ||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Interest paid, net | (2.4) | (3.2) | 0.8 | * | (11.6) | (12.3) | 0.7 | 0.7 | 1 | * | (13) | * | (9.2) | (9.1) | ||||||||||||||
Income taxes paid | (5.8) | (3.0) | (2.8) | * | (20.9) | (16.2) | (4.7) | (4.7) | (5) | * | (12) | * | (15.0) | (13.2) | ||||||||||||||
Changes in operating assets and liabilities and other items | (11.7) | (5.2) | (6.5) | * | (10.3) | (42.4) | 32.1 | 32.1 | 32 | * | (74) | * | 1.4 | (37.2) | ||||||||||||||
Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Net cash provided by operating activities | $ 3.9 | $ 14.9 | $ (11.0) | (74)% | $ 59.3 | $ 47.2 | $ 12.2 | $ 12.2 | $ 12 | 26% | $ 35 | 287% | $ 55.5 | $ 32.3 | ||||||||||||||
Short-term investments, net | $ - 0 | $ 25.0 | $ (25.0) | $ (31.0) | $ 26.0 | $ (57.0) | $ (57.0) | $ (31.0) | $ 1.0 | |||||||||||||||||||
Capital expenditures | (10.0) | (10.1) | 0.1 | (34.0) | (29.9) | (4.1) | (4.1) | (24.0) | (19.8) | |||||||||||||||||||
Business acquisitions | - 0 | - 0 | - 0 | (54.5) | (9.8) | (44.7) | (44.7) | (54.5) | (9.8) | |||||||||||||||||||
Other investing, net | 0.5 | (0.1) | 0.6 | (0.8) | (0.4) | (0.4) | (1.3) | (0.3) | ||||||||||||||||||||
Net cash provided (used) by investing activities | $ (9.5) | $ 14.7 | $ (24.2) | $ (120.3) | $ (14.1) | $ (106.2) | $ (106.2) | $ (110.8) | $ (28.9) | |||||||||||||||||||
Net cash flow before financing activities | $ (5.6) | $ 29.6 | $ (35.2) | $ (61.0) | $ 33.0 | $ (94.0) | $ (94.0) | $ (55.3) | $ 3.4 | |||||||||||||||||||
Proforma adjustments | ||||||||||||||||||||||||||||
Add: actual interest paid | - 0 | 3.2 | (3.2) | 11.6 | 12.3 | (0.7) | ||||||||||||||||||||||
Less: proforma interest paid(1) | - 0 | (3.2) | 3.2 | (12.9) | (13.0) | 0.2 | ||||||||||||||||||||||
Add: payment of premiums and costs on extinguished debt | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Proforma net cash flow before financing activities | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented | ||||||||||||||||||||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments |
PR Table #5 - Guidance
Phibro Animal Health Corporation | |||||||||||
Guidance for fiscal year 2017 | |||||||||||
FY 2017 Guidance - adjusted basis | FY 2016 adjusted | Growth - adjusted basis | FY 2016 reported | ||||||||
low | high | low | high | ||||||||
(in millions, except per share amounts and percentages) | |||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | $ 486 | |||
Net sales | 750 | - | 770 | 752 | (0)% | - | 2% | 752 | |||
Adjusted EBITDA | 116 | - | 120 | 114 | 2% | - | 5% | ||||
Depreciation expense | 21 | - | 21 | 18 | 18% | - | 18% | ||||
Operating income | 95 | - | 99 | 96 | (1)% | - | 3% | 86 | |||
Interest expense, net | 17 | - | 17 | 15 | 10% | - | 10% | 17 | |||
Foreign currency (gains) losses, net | - 0 | - 0 | - 0 | * | * | (8) | |||||
Income before income taxes | 78 | - | 82 | 81 | (3)% | - | 2% | 77 | |||
Provision (benefit) for income taxes | 23 | - | 24 | 24 | (3)% | - | 2% | (6) | |||
Net income | $ 55 | - | $ 58 | $ 57 | (3)% | - | 2% | $ 83 | |||
Net income per share - diluted | $ 1.38 | - | $ 1.45 | $ 1.43 | (3)% | - | 1% | $ 2.07 | |||
Weighted average common shares outstanding | |||||||||||
Diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | ||||||
Ratio to net sales | |||||||||||
Adjusted EBITDA | 15.5% | - | 15.6% | 15.2% | |||||||
Effective tax rate | 29.6% | - | 29.6% | 29.6% | |||||||
* Calculation not meaningful | |||||||||||
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016. |
PR Table #5 Guidance NEW
Phibro Animal Health Corporation | Input | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidance for fiscal year 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 GAAP - updated | FY 2016 GAAP | Growth | FY 2017 GAAP - initial | YTD March 31, 2017 | Q4 Forecast | Q4 Low | Q4 High | FY 2017 GAAP - updated | FY 2017 GAAP - updated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Schedule 1 | low | high | Q1 | Q2 | Q3 | March YTD | Q4 Forecast | Q4 Low | Q4 High | low | high | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | Operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | 527 | 125 | 121 | 126 | 648 | 653 | Net Sales | 187,987 | 191,598 | 185,883 | 565,468 | 193,871 | 191,000 | 196,000 | 756,468 | 761,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 648 | - | $ 653 | $ 486 | 33% | - | 34% | $ 495 | - | $ 510 | Schedule 1 | Net sales | 800 | 194 | 191 | 196 | 991 | 996 | COGS | 126,988 | 128,100 | 125,319 | 380,407 | 132,292 | 130,924 | 133,336 | 511,331 | 513,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 991 | - | 996 | 752 | 32% | - | 33% | 750 | - | 770 | Schedule 1 | GM | 60,999 | 63,498 | 60,564 | 185,061 | 61,579 | 60,076 | 62,664 | 245,137 | 247,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A | 39,186 | 40,870 | 42,445 | 122,501 | 40,393 | 40,393 | 40,981 | 162,894 | 163,482 | 0.3176287325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 89 | - | 91 | 86 | 4% | - | 6% | na | na | Schedule 2 | Schedule 2 | Operating Income | 21,813 | 22,628 | 18,119 | 62,560 | 21,186 | 19,683 | 21,683 | 82,243 | 84,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 17 | - | 17 | 17 | 1% | - | 1% | na | na | Schedule 2 | Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1 | - | 1 | (8) | * | * | na | na | Schedule 2 | Operating income | 69 | 21 | 20 | 21.68 | 89 | 91 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 71 | - | 73 | 77 | (7)% | - | (5)% | na | na | Interest expense, net | 13 | 4 | 4 | 3.90 | 17 | 17 | Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 27 | - | 27 | (6) | * | - | * | na | na | Schedule 3 | Foreign currency (gains) losses, net | 1 | - 0 | - 0 | - 0 | 1 | 1 | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 45 | - | $ 46 | $ 83 | (46)% | - | (44)% | na | na | Net income | 12,177 | 13,349 | 3,854 | 29,380 | 12,017 | 10,972 | 12,362 | 40,352 | 41,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 1.11 | - | $ 1.15 | $ 2.07 | (46)% | - | (44)% | na | na | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 3 | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | - | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 22 | 5 | 4.82 | 5.43 | 27 | 27 | Net income | 12,177 | 13,417 | 5,642 | 31,236 | 12,017 | 10,972 | 12,362 | 42,208 | 43,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 Adjusted - updated | FY 2016 Adjusted | Growth | FY 2017 Adjusted - initial | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Depreciation and amortization | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | EBITDA | 27,797 | 29,688 | 27,152 | 84,637 | 28,260 | 26,757 | 28,757 | 111,394 | 113,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 115 | - | $ 117 | $ 114 | 1% | - | 3% | $ 116 | - | $ 120 | Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 20.715 | - | 20.715 | 18 | 16% | - | 16% | 21 | - | 21 | Acquisition-related transaction costs | 1,274 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense, net | 13.899 | - | 13.899 | 15 | (8)% | - | (8)% | 17 | - | 17 | Pension settlement cost | - 0 | 1,702 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | 80 | - | 82 | 81 | (1)% | - | 2% | 78 | - | 82 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 26 | - | 26 | 24 | 8% | - | 10% | 23 | - | 24 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ 55 | - | $ 56 | $ 57 | (4)% | - | (2)% | $ 55 | - | $ 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 29,825 | 31,262 | 26,749 | 87,836 | 28,680 | 27,177 | 29,177 | 115,013 | 117,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.36 | - | $ 1.40 | $ 1.43 | (5)% | - | (2)% | $ 1.38 | - | $ 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | Interest expense, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
na GAAP guidance was not initially provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Interest | 690 | 463 | 349 | 1,502 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 1,779 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Letters of Credit Fee | 84 | 77 | 84 | 245 | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 349 | 349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Unused Line Fee | 153 | 168 | 185 | 506 | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Def Charges Amort | 96 | 96 | 95 | 287 | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 382 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Interest | 2,905 | 2,866 | 2,859 | 8,630 | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 11,450 | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - OID Amort | 27 | 26 | 26 | 79 | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 105 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Def Charge Amort | 132 | 133 | 132 | 397 | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 529 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term care agreement | 33 | 33 | 33 | 99 | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri | 16 | 13 | - 0 | 29 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 24 | 21 | 22 | 67 | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 89 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CP Chemicals | 2 | 2 | 2 | 6 | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | 2 | 1 | 1 | 4 | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related accrued interest | 393 | 462 | 459 | 1,314 | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 1,773 | 1,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 30 | 68 | 3 | 101 | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 131 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (680) | (489) | (321) | (1,490) | (300) | (300) | (300) | (1,790) | (1,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,304 | 16,381 | 53,257 | 17,290 | 15,787 | 17,788 | 69,044 | 71,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 30.7% | 30.5% | 65.6% | 41.3% | 30.5% | 30.5% | 30.5% | 38.9% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 655 | 665 | 1,980 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,645 | 2,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 13 | 26 | 13 | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 1,604 | 1,682 | 1,951 | 5,237 | 2,183 | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 7,420 | 7,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 542 | 542 | 610 | 1,694 | 610 | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,304 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 799 | 800 | 817 | 2,416 | 817 | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,449 | 2,488 | 2,504 | 7,441 | 2,504 | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,945 | 9,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 656 | 665 | 1,981 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,646 | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 5 | 18 | 5 | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 893 | 1,062 | 1,331 | 3,286 | 1,331 | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 4,849 | 4,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 404 | 405 | 472 | 1,281 | 472 | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,753 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 153 | 155 | 171 | 479 | 171 | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,357 | 2,398 | 2,474 | 7,229 | 2,474 | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,703 | 9,703 | |||||||||||||||||||||||||||||||||||||||||
Total | 4,730 | 4,953 | 5,400 | 15,083 | 5,400 | 5,632 | 5,632 | 20,715 | 20,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquistion-related cost of goods sold | 1,265 | 1,265 | 1,266 | 3,796 | 1,266 | 1,266 | 1,266 | 5,062 | 5,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | 263 | 169 | 170 | 602 | 170 | 170 | 170 | 772 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | 1,274 | - 0 | - 0 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | - 0 | 1,702 | - 0 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued interest | 393 | 461 | 460 | 1,314 | 460 | 460 | 460 | 1,774 | 1,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before taxes | 21,521 | 22,705 | 16,086 | 60,312 | 19,606 | 18,103 | 20,104 | 78,415 | 80,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,967 | 7,334 | 5,982 | 20,283 | 5,980 | 5,522 | 6,132 | 25,805 | 26,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | 14,554 | 15,371 | 10,104 | 40,029 | 13,626 | 12,582 | 13,972 | 52,611 | 54,001 |
depreciation & amort
Depreciation and Amortization | |||||||||||
Depreciation | Amortization | Depreciation and Amortization | |||||||||
FY16 | FY17 | increase | FY16 | FY17 | increase | FY16 | FY17 | increase | |||
Corporate | 3,029 | 2,936 | (93) | - 0 | - 0 | - 0 | 3,029 | 2,936 | (93) | ||
PChem | 19 | 22 | 3 | - 0 | - 0 | - 0 | 19 | 22 | 3 | ||
EPG | 172 | 204 | 32 | - 0 | - 0 | - 0 | 172 | 204 | 32 | ||
PAP | 4,201 | 6,340 | 2,139 | 3,581 | 3,170 | (411) | 7,782 | 9,510 | 1,728 | ||
PTech | 787 | (787) | 940 | (940) | 787 | 940 | 153 | ||||
Non - PAH | 8,208 | 9,502 | 1,294 | 4,521 | 3,170 | (1,351) | 11,789 | 13,612 | 1,823 | ||
PAH Domestic | - 0 | - 0 | - 0 | 1,901 | (1,901) | ||||||
Brazil | - 0 | - 0 | 2,940 | (2,940) | |||||||
Israel | - 0 | - 0 | 6,203 | (6,203) | |||||||
EPG Brazil | - 0 | - 0 | 13 | (13) | |||||||
Ferro | - 0 | - 0 | 1 | 1 | - 0 | ||||||
PAH Foreign Other | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 605 | 13,721 | 13,116 | ||
Tota PAH | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 11,663 | 13,722 | 2,059 | ||
Total | 17,893 | 21,050 | 3,157 | 5,559 | 6,284 | 725 | 23,452 | 27,334 | 3,882 | ||
Q4 run rate | Q4 run rate | ||||||||||
20,812 | 6,284 |
interest expense
Interest expense | ||||||
2016 Interest | 2017 Interest | change | Principal | Interest Rate | ||
Term B Q1 | 2.935 | 2.842 | (0.093) | 284.2 | 1% | |
Term B Q2 | 2.927 | 2.835 | (0.092) | 283.5 | 1% | |
Term B Q3 | 2.888 | 2.827 | (0.061) | 282.7 | 1% | |
Term B Q4 | 2.881 | 2.820 | (0.061) | 282.0 | 1% | |
Revolver | 1.410 | 2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | 0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | |||
Letters of Credit | 0.301 | 0.374 | 0.073 | 14.2 | 2.6% | |
Unused Line Fee | 0.445 | 0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | 0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | |||
Ticking Fee | - 0 | 0.750 | 0.750 | |||
LT care agreement | 0.181 | 0.132 | (0.049) | |||
Prince | 0.062 | 0.031 | (0.031) | |||
Ptech | 0.093 | 0.093 | - 0 | |||
CP Chemicals | 0.008 | - 0 | (0.008) | |||
Capital Leases | 0.006 | - 0 | (0.006) | |||
Other, net | (0.010) | - 0 | 0.010 | |||
Term B OID | 0.104 | 0.104 | (0.000) | |||
Term B Deferred Costs | 0.530 | 0.530 | (0.000) | |||
Revolver Deferred Costs - New | 0.355 | 0.381 | 0.026 | |||
15.116 | 16.594 | 1.478 | ||||
Acq-related accrued interest | 1.476 | |||||
Total | 16.592 |
Webcast #1 NEW
Consolidated | Consolidated | ||||||||||||||||||
Make sure all cells are linked | |||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | ||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Net income | 5.6 | 8.8 | (3.2) | (36)% | Net income | 33.6 | 54.7 | (21.2) | (39)% | ||||||||||
Diluted EPS | $ 0.14 | $ 0.22 | $ (0.08) | (36)% | Diluted EPS | $ 0.83 | $ 1.35 | $ (0.52) | (39)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
Adjusted net income | 6.8 | 13.6 | (6.8) | (50)% | Adjusted net income | 43.8 | 62.0 | (18.2) | (29)% | ||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% |
Webcast #2 NEW
Consolidated | Consolidated | |||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | |||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | Adjusted gross profit | 263.5 | 269.9 | (6.4) | (2)% | |||||||||||
Adjusted SG&A | 44.2 | 45.9 | (1.7) | (4)% | Adjusted SG&A | 184.8 | 173.3 | 11.5 | 7% | |||||||||||
Adjusted EBITDA | 23.9 | 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | 102.1 | 118.0 | (15.9) | (13)% | |||||||||||
Depreciation expense | 5.9 | 5.6 | 0.3 | 5% | Depreciation expense | 23.3 | 21.4 | 1.8 | 9% | UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | Adjusted interest expense, net | 12.6 | 11.8 | 0.8 | 7% | |||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | Adjusted income before income taxes | 66.1 | 84.8 | (18.7) | (22)% | |||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | Adjusted provision for income taxes | 22.3 | 22.8 | (0.5) | (2)% | |||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | Adjusted net income | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | |||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% | |||||||||||
Ratio to net sales | Ratio to net sales | |||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | Adjusted gross profit | 32.9% | 32.6% | |||||||||||||||
Adjusted SG&A | 23.8% | 22.5% | Adjusted selling, general and administrative | 23.1% | 20.9% | |||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | Adjusted income before income taxes | 8.3% | 10.2% | |||||||||||||||
Adjusted net income | 3.6% | 6.7% | Adjusted net income | 5.5% | 7.5% | |||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | Adjusted effective tax rate | 33.7% | 26.9% |
Webcast #1
Consolidated | Consolidated | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Animal Health | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Animal Health | $ 526.9 | $ 532.0 | (5.1) | (1)% | |||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | Mineral Nutrition | 214.4 | 233.8 | (19.4) | (8)% | |||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | Performance Products | 59.0 | 62.2 | (3.2) | (5)% | |||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | (27.6) | (3)% | |||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | Gross profit | 256.9 | 264.6 | (7.7) | (3)% | |||||||
% of net sales | 32.6% | 32.0% | % of net sales | 32.1% | 32.0% | |||||||||||
SG&A | 42.4 | 53.2 | (10.8) | (20)% | SG&A | 187.7 | 181.4 | 6.3 | 3% | |||||||
% of net sales | 22.8% | 26.1% | % of net sales | 23.5% | 21.9% | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | -050bps | % of net sales | 12.8% | 14.3% | +060bps | |||||||||
Adjusted diluted EPS | $0.17 | $0.33 | $ (0.16) | (48)% | Adjusted EPS | $1.08 | $1.53 | $ (0.45) | (29)% | |||||||
40.74 | 53.2 | (12.5) | (23)% |
Webcast #3 NEW
Consolidated | Consolidated | ||||||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | ||||||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | ||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | ||||||||||||
Animal Health | Animal Health | ||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | ||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | ||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | ||||||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | ||||||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | ||||||||||
% of segment net sales | 24.2% | 23.6% | +60bps | % of segment net sales | 23.4% | 25.6% | -220bps |
Webcast #2
Consolidated | Consolidated | |||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | |||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | |||||||||
Animal Health | Animal Health | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, excpet percentages) | (in millions, excpet percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | |||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||
% of segment net sales | 24.2% | 23.6% | -090bps | % of segment net sales | 23.4% | 25.6% | +010bps |
Webcast #4 NEW
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||
Mineral Nutrition | Mineral Nutrition | ||||||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | ||||||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | ||||||||
% of segment net sales | 6.9% | 6.7% | +20bps | % of segment net sales | 6.8% | 6.7% | +10bps | ||||||||||
Performance Products | Performance Products | ||||||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | ||||||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | ||||||||
% of segment net sales | 5.3% | 7.4% | -210bps | % of segment net sales | 7.7% | 7.6% | +10bps | ||||||||||
Corporate | Corporate | ||||||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | ||||||||
* Calculation not meaningful | * Calculation not meaningful |
Webcast #3
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||
(in millions, except percentages) | (in millions, except percentages) | |||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | |||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | |||||
% of segment net sales | 6.9% | 6.7% | +000bps | % of segment net sales | 6.8% | 6.7% | +160bps | |||||||
Performance Products | Performance Products | |||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | |||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | |||||
% of segment net sales | 5.3% | 7.4% | -020bps | % of segment net sales | 7.7% | 7.6% | +400bps | |||||||
Corporate | Corporate | |||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | |||||
* Calculation not meaningful | * Calculation not meaningful |
FY2020 Guidance update Webcast
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | 524,603 | 495,000 | 510,000 | 94% | 97% | ||||||||||||
Net sales | $ 812 | - | $ 828 | $ 828 | $ (16) | - | $ 0 | (2)% | - | 0% | $ (21) | - | $ (35) | 788,165 | 750,000 | 770,000 | 95% | 98% | ||||||||||||
Operating income | 94.9 | - | 97.8 | 97.9 | (3.0) | - | (0.1) | (3)% | - | (0)% | - 0 | - | (3.8) | 94,986 | 94,950 | 98,950 | 100% | 104% | ||||||||||||
Interest expense, net | 12.8 | - | 12.3 | 14.9 | (2.1) | - | (2.6) | (14)% | - | (17)% | - 0 | - | (1.4) | 18,322 | 16,594 | 16,594 | 91% | 91% | ||||||||||||
Foreign currency (gains) losses, net | - 0 | - | - 0 | (0.1) | 0.1 | - | 0.1 | * | - | * | - 0 | - | 0.1 | 1,444 | - 0 | - 0 | 0% | 0% | ||||||||||||
Loss on extinguishment of debt | - 0 | - | - 0 | 2.6 | (2.6) | - | (2.6) | * | - | * | - 0 | - | (2.6) | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
Income before income taxes | 82.1 | - | 85.5 | 80.5 | 1.5 | - | 5.0 | 2% | - | 6% | - 0 | - | 0.0 | 75,220 | 78,356 | 82,356 | ||||||||||||||
Provision (benefit) for income taxes | 24.2 | - | 22.5 | 15.9 | 8.2 | - | 6.6 | 52% | - | 41% | - 0 | - | 10.0 | 22,190 | 23,147 | 24,330 | 104% | 110% | ||||||||||||
Net income | $ 57.9 | - | $ 63.0 | $ 64.6 | $ (6.7) | - | $ (1.6) | (10)% | - | (2)% | $ - 0 | - | $ (10.0) | 53,030 | 55,209 | 58,026 | 104% | 109% | ||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $ 1.61 | $ (0.73) | - | $ (0.66) | (45)% | - | (41)% | $ 0.04 | - | $ 0.05 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 40.4 | - | 40.3 | 40.0 | - 0 | - | - 0 | |||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 26.3% | 19.8% | ERROR:#DIV/0! | - | 24389.2% | |||||||||||||||||||||||
Adjusted | ||||||||||||||||||||||||||||||
for the year ending June 30 | 2018 | 2017 | Increase (Decrease) | 2018 | ||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||
Depreciation expense | 21.6 | - | 21.6 | 20.1 | 1.5 | - | 1.5 | 8% | - | 8% | - 0 | - | - 0 | |||||||||||||||||
Adjusted interest expense, net | 11.7 | - | 11.2 | 13.5 | (1.8) | - | (2.3) | (13)% | - | (17)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted income before income taxes | 69.7 | - | 74.2 | 84.5 | (14.8) | - | (10.3) | (18)% | - | (12)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted provision (benefit) for income taxes | 27.1 | - | 28.4 | 26.0 | 1.1 | - | 2.4 | 4% | - | 9% | - 0 | - | - 0 | |||||||||||||||||
Adjusted net income | $ 42.5 | - | $ 45.7 | $ 58.4 | $ (15.9) | - | $ (12.7) | (27)% | - | (22)% | $ - 0 | - | $ - 0 | |||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | |||||||||||||||||
Adjusted EBITDA ratio to net sales | 12.7% | - | 12.9% | 14.3% | 0.0% | - | 0.0% | |||||||||||||||||||||||
Adjusted effective income tax rate | 38.9% | - | 38.3% | 30.8% | ERROR:#DIV/0! | - | ERROR:#DIV/0! | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||
* Calculation not meaningful |
FY2020 Guidance update Press Re
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||||||||||
GAAP | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | $ 537 | - | $ 557 | 524,603 | 495,000 | 510,000 | 94% | 97% | |||||||||||||||||
Net sales | 812 | - | 828 | 828 | (16) | - | 0 | (2)% | - | 0% | (21) | - | (35) | $ 833 | - | $ 863 | 788,165 | 750,000 | 770,000 | 95% | 98% | |||||||||||||||||
Gross profit | 265 | - | 272 | 265 | 1 | - | 8 | 0% | - | 3% | (5) | - | (8) | 270 | - | 280 | ||||||||||||||||||||||
Selling, general and administrative | 198 | - | 201 | 181 | 17 | - | 20 | 9% | - | 11% | (7) | - | (10) | 205 | - | 211 | ||||||||||||||||||||||
Operating income | 67 | - | 71 | 83 | (16) | - | (12) | (20)% | - | (15)% | 2 | - | 2 | 65 | - | 69 | 94,986 | 94,950 | 98,950 | 100% | 104% | |||||||||||||||||
Interest expense, net | 14 | - | 14 | 12 | 2 | - | 3 | 18% | - | 22% | (4) | - | (4) | 18 | - | 19 | 18,322 | 16,594 | 16,594 | 91% | 91% | |||||||||||||||||
Foreign currency (gains) losses, net | 3 | - | 3 | (0) | 3 | - | 3 | * | - | * | 3 | - | 3 | - 0 | - | - 0 | 1,444 | - 0 | - 0 | 0% | 0% | |||||||||||||||||
Income before income taxes | 51 | - | 54 | 72 | (21) | - | (17) | (29)% | - | (24)% | 3 | - | 4 | 47 | - | 50 | 75,220 | 78,356 | 82,356 | |||||||||||||||||||
Provision (benefit) for income taxes | 15 | - | 16 | 17 | (2) | - | (1) | (13)% | - | (8)% | 2 | - | 2 | 13 | - | 14 | 22,190 | 23,147 | 24,330 | 104% | 110% | |||||||||||||||||
Net income | $ 36 | - | $ 38 | $ 54 | $ (19) | - | $ (16) | (35)% | - | (30)% | $ 2 | - | $ 2 | $ 34 | - | $ 37 | 53,030 | 55,209 | 58,026 | 104% | 109% | |||||||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $1.35 | $ (0.47) | - | $ (0.40) | (35)% | - | (30)% | $ 0.04 | - | $ 0.05 | $ 0.84 | - | $ 0.90 | Note that the Net Income per share is hardcoded for 2019 | |||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | - | 40.5 | 40.5 | - 0 | - | - 0 | 40.5 | - | 40.5 | ||||||||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 29.0% | 23.5% | 2.0% | - | 2.0% | 27.5% | - | 27.0% | Note that the tax rate is hardcoded for 2019 | |||||||||||||||||||||||||||
Adjusted | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change | Change from Previous Guidance | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 272 | - | 279 | 270 | 2 | - | 9 | 1% | - | 3% | (7) | - | (10) | 279.4 | - | 289.2 | ||||||||||||||||||||||
Adjusted selling, general and administrative | 194 | - | 197 | 173 | 20 | - | 23 | 12% | - | 13% | (7) | - | (10) | 201.0 | - | 206.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 103.0 | - | 107.0 | caution - formula | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||||||
Depreciation expense | 25 | - | 25 | 21 | 3 | - | 3 | 14% | - | 14% | - 0 | - | - 0 | 24.6 | - | 24.6 | ||||||||||||||||||||||
Adjusted interest expense, net | 14 | - | 14 | 12 | 2 | - | 2 | 15% | - | 20% | (4) | - | (5) | 17.8 | - | 18.8 | ||||||||||||||||||||||
Adjusted income before income taxes | 65 | - | 68 | 85 | (20) | - | (16) | (24)% | - | (19)% | 4 | - | 5 | 60.6 | - | 63.6 | ||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 18 | - | 19 | 23 | (5) | - | (4) | (20)% | - | (18)% | 1 | - | 2 | 16.7 | - | 17.2 | ||||||||||||||||||||||
Adjusted net income | $ 47 | - | $ 50 | $ 62 | $ (15) | - | $ (12) | (25)% | - | (20)% | $ 3 | - | $ 3 | 43.9 | - | 46.4 | ||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | $ 1.08 | - | $ 1.15 | ||||||||||||||||||||||
Ratio to net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 33.5% | - | 33.7% | 32.6% | (0.0)% | - | 0.2% | 33.5% | - | 33.5% | ||||||||||||||||||||||||||||
Adjusted selling, general and administrative | 23.9% | - | 23.8% | 20.9% | (0.3)% | - | (0.2)% | 24.1% | - | 24.0% | ||||||||||||||||||||||||||||
Adjusted EBITDA | 12.7% | - | 12.9% | 14.3% | 0.3% | - | 0.5% | 12.4% | - | 12.4% | ||||||||||||||||||||||||||||
Adjusted effective income tax rate | 28.0% | - | 27.5% | 26.9% | 0.5% | - | 0.5% | 27.5% | - | 27.0% | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
Depr-Amort (Qtrly) - 6.30.20
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
June 30, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 1,672 | 1,672 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,672 | 1,672 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 222 | - 0 | - 0 | - 0 | 222 | 223 | 1 | ||||
Phibrochem-EPG | - 0 | 171 | 171 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 171 | 171 | ||||
Prince Agri - NS | 5,613 | 189 | 5,802 | - 0 | - 0 | - 0 | 2,449 | - 0 | 2,449 | 8,251 | 189 | ||||
Prince Agri - MN | 1,928 | 51 | 1,979 | - 0 | - 0 | - 0 | - 0 | 543 | 543 | 2,522 | 594 | ||||
Osprey Biotechnics | 147 | 20 | 167 | - 0 | - 0 | - 0 | 1,118 | 1,682 | 2,800 | 2,967 | 1,702 | ||||
Phibro-Tech | 1,636 | - 0 | 1,636 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,636 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 598 | 67 | 665 | - 0 | - 0 | - 0 | 2,637 | - 0 | 2,637 | 3,302 | 67 | ||||
PAH Foreign | 9,352 | 1,805 | 11,157 | - 0 | - 0 | - 0 | 131 | 308 | 439 | 11,596 | 2,113 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 19,274 | 3,977 | 23,251 | - 0 | 222 | - 0 | 6,335 | 2,533 | 9,090 | 32,341 | 6,510 | ||||
June 30, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 429 | 429 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 429 | 429 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 100 | 1 | ||||
Phibrochem-EPG | - 0 | 47 | 47 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 47 | 47 | ||||
Prince Agri - NS | 1,493 | 39 | 1,532 | - 0 | - 0 | - 0 | 519 | - 0 | 519 | 2,051 | 39 | ||||
Prince Agri - MN | 513 | 3 | 516 | - 0 | - 0 | - 0 | - 0 | 135 | 135 | 651 | 138 | ||||
Osprey Biotechnics | 40 | 7 | 47 | - 0 | - 0 | - 0 | 305 | 458 | 763 | 810 | 465 | ||||
Phibro-Tech | 456 | - 0 | 456 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 456 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 158 | 11 | 169 | - 0 | - 0 | - 0 | 657 | - 0 | 657 | 826 | 11 | ||||
PAH Foreign | 2,207 | 451 | 2,658 | - 0 | - 0 | - 0 | 59 | 76 | 135 | 2,793 | 527 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 4,867 | 989 | 5,856 | - 0 | 99 | - 0 | 1,540 | 669 | 2,308 | 8,164 | 1,658 | ||||
March 31, 2020 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
December 31, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | 918 | 918 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 918 | 918 | ||||
Phibrochem-ESS | - 0 | 5 | 5 | - 0 | 25 | - 0 | - 0 | - 0 | 25 | 30 | 5 | ||||
Phibrochem-EPG | - 0 | 86 | 86 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 86 | 86 | ||||
Prince Agri - NS | 2,522 | 111 | 2,633 | - 0 | - 0 | - 0 | 1,287 | - 0 | 1,287 | 3,920 | 111 | ||||
Prince Agri - MN | 879 | 43 | 922 | - 0 | - 0 | - 0 | - 0 | 291 | 291 | 1,213 | 334 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 522 | - 0 | 522 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 522 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 268 | 58 | 326 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,646 | 58 | ||||
PAH Foreign | 4,263 | 820 | 5,083 | - 0 | - 0 | - 0 | 28 | 86 | 114 | 5,197 | 906 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 8,454 | 2,041 | 10,495 | - 0 | 25 | - 0 | 2,635 | 377 | 3,037 | 13,532 | 2,418 | ||||
December 31, 2018 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | (439) | (439) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (439) | (439) | ||||
Phibrochem-ESS | - 0 | (1) | (1) | - 0 | (12) | - 0 | - 0 | - 0 | (12) | (13) | (1) | ||||
Phibrochem-EPG | - 0 | (40) | (40) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (40) | (40) | ||||
Prince Agri - NS | (1,268) | (46) | (1,314) | - 0 | - 0 | - 0 | (643) | - 0 | (643) | (1,957) | (46) | ||||
Prince Agri - MN | (434) | (11) | (445) | - 0 | - 0 | - 0 | - 0 | (147) | (147) | (592) | (158) | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | (260) | - 0 | (260) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (260) | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | (142) | (29) | (171) | - 0 | - 0 | - 0 | (660) | - 0 | (660) | (831) | (29) | ||||
PAH Foreign | (2,186) | (469) | (2,655) | - 0 | - 0 | - 0 | (14) | (74) | (88) | (2,743) | (543) | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | (4,290) | (1,035) | (5,325) | - 0 | (12) | - 0 | (1,317) | (221) | (1,550) | (6,875) | (1,256) | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #5 NEW
Phibro Animal Health Corporation | |||||||||||||||||||||||||
Guidance for fiscal year 2020 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
Actual | Low Range | High Range | |||||||||||||||||||||||
FY2020 | FY2019 | Change | FY2017 initial | ||||||||||||||||||||||
low | high | low | high | low | high | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||||
(in millions, except per share amounts and percentages) | Less: depreciation | (17.9) | (21.1) | (21.1) | |||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 557 | $ 532 | 1% | - | 5% | $ 495 | - | $ 510 | ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook | ||||||||||||||
Net sales | 833 | - | 863 | 828 | 1% | - | 4% | 750 | - | 770 | |||||||||||||||
Adjusted Net Income | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | (13)% | - | (9)% | $ 116 | - | $ 120 | |||||||||||||||
Adjusted diluted EPS | $ 1.08 | - | $ 1.15 | $ 1.53 | (29)% | - | (25)% | $ 1.38 | - | $ 1.45 | |||||||||||||||
Adjusted EPS | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Effective Tax Rate | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! |
Depr-Amort (Qtrly Analysis)
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
March 31, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
March 31, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 445 | 445 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 445 | 445 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 99 | - 0 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,408 | 52 | 1,460 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 2,104 | 52 | ||||
Prince Agri - MN | 477 | 16 | 493 | - 0 | - 0 | - 0 | - 0 | 136 | 136 | 629 | 152 | ||||
Osprey Biotechnics | 40 | 5 | 45 | - 0 | - 0 | - 0 | 305 | 459 | 764 | 809 | 464 | ||||
Phibro-Tech | 410 | - 0 | 410 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 410 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 149 | 10 | 159 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 819 | 10 | ||||
PAH Foreign | 2,313 | 456 | 2,769 | - 0 | - 0 | - 0 | 44 | 77 | 121 | 2,890 | 533 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,797 | 1,027 | 5,824 | - 0 | 99 | - 0 | 1,653 | 672 | 2,424 | 8,248 | 1,699 | ||||
December 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/19 | 12/31/19 | 12/31/19 | |||||
Phibro Corporate | - 0 | 798 | 798 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 798 | 798 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 24 | - 0 | - 0 | - 0 | 24 | 24 | - 0 | ||||
Phibrochem-EPG | - 0 | 81 | 81 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 81 | 81 | ||||
Prince Agri - NS | 2,712 | 98 | 2,810 | - 0 | - 0 | - 0 | 1,286 | - 0 | 1,286 | 4,096 | 98 | ||||
Prince Agri - MN | 938 | 32 | 970 | - 0 | - 0 | - 0 | - 0 | 272 | 272 | 1,242 | 304 | ||||
Osprey Biotechnics | 67 | 8 | 75 | - 0 | - 0 | - 0 | 508 | 765 | 1,273 | 1,348 | 773 | ||||
Phibro-Tech | 770 | - 0 | 770 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 770 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 291 | 46 | 337 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,657 | 46 | ||||
PAH Foreign | 4,832 | 898 | 5,730 | - 0 | - 0 | - 0 | 28 | 155 | 183 | 5,913 | 1,053 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 9,610 | 1,961 | 11,571 | - 0 | 24 | - 0 | 3,142 | 1,192 | 4,358 | 15,929 | 3,153 | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
March 31, 2019 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 439 | 439 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 439 | 439 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 13 | 1 | ||||
Phibrochem-EPG | - 0 | 40 | 40 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 40 | 40 | ||||
Prince Agri - NS | 1,268 | 46 | 1,314 | - 0 | - 0 | - 0 | 643 | - 0 | 643 | 1,957 | 46 | ||||
Prince Agri - MN | 434 | 11 | 445 | - 0 | - 0 | - 0 | - 0 | 147 | 147 | 592 | 158 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | 260 | - 0 | 260 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 260 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 142 | 29 | 171 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 831 | 29 | ||||
PAH Foreign | 2,186 | 469 | 2,655 | - 0 | - 0 | - 0 | 14 | 74 | 88 | 2,743 | 543 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,290 | 1,035 | 5,325 | - 0 | 12 | - 0 | 1,317 | 221 | 1,550 | 6,875 | 1,256 | ||||
September 30, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 09/30/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 09/30/18 | 09/30/18 | 09/30/18 | |||||
Phibro Corporate | - 0 | 465 | 465 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 465 | 465 | ||||
Phibrochem-ESS | - 0 | 3 | 3 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 15 | 3 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,255 | 52 | 1,307 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 1,951 | 52 | ||||
Prince Agri - MN | 436 | 17 | 453 | - 0 | - 0 | - 0 | - 0 | 144 | 144 | 597 | 161 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 258 | - 0 | 258 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 258 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 125 | 29 | 154 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 814 | 29 | ||||
PAH Foreign | 2,086 | 417 | 2,503 | - 0 | - 0 | - 0 | 14 | 31 | 45 | 2,548 | 448 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,160 | 1,026 | 5,186 | - 0 | 12 | - 0 | 1,318 | 175 | 1,505 | 6,691 | 1,201 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #4
Consolidated | |||||||||||||||||||||||||
For the years ended June 30 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
(in millions, except per share) | 2017 Guidance | 2016 | Growth | Actual | Low Range | High Range | |||||||||||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||
Less: depreciation | (17.9) | (21.1) | (21.1) | ||||||||||||||||||||||
Net sales | $ 750 | - | $ 770 | $ 752 | (0)% | - | 2% | Less: Interest | (15.1) | (16.6) | (16.6) | ||||||||||||||
Income before Taxes | 81.1 | 78.3 | 82.3 | ||||||||||||||||||||||
Adjusted EBITDA | $ 116 | - | $ 120 | $ 114 | 2% | - | 5% | Provision for income taxes | (23.9) | (23.1) | (24.3) | ||||||||||||||
ratio | 15.5% | 15.6% | 15.2% | +30bps | Adjusted Net Income | 57.2 | 55.2 | 58.0 | |||||||||||||||||
Adjusted EPS | $ 1.38 | - | $ 1.5 | $ 1.43 | (3)% | - | 1% | ||||||||||||||||||
Weighted Average Shares | 40.0 | 40.0 | 40.0 | ||||||||||||||||||||||
Adjusted EPS | 1.43 | 1.38 | 1.45 | ||||||||||||||||||||||
Effective Tax Rate | 29.5% | 29.5% | 29.5% |
Animal HealthQ4 – June 2020
MFAs and other- Lower demand in China, South America and other
international regions
- Lower demand in China due to ASF and phased regulatory change beginning January 1, 2020
Nutritional specialties- Increase primarily due to Osprey acquisition
Vaccines- Higher international volume
Adjusted EBITDA- Overall sales and related gross profit decline,
partially offset by favorable SG&A costs
7 August 27, 2020 Webcast and Conference Call
For the three months ended June 30 2020 2019
MFAs and other 72.6$ 86.3$ (13.7)$ (16)%
Nutritional specialties 31.1 28.6 2.6 9%
Vaccines 18.6 17.2 1.5 8%
Net sales 122.4$ 132.0$ (9.6)$ (7)%
Adjusted EBITDA 29.6$ 31.2$ (1.6)$ (5)%
% of segment net sales 24.2% 23.6% +60bps
Animal Health
Change
(in millions, except percentages)
Summary
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Net sales | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | |||||||||||||||||||||||||||
Cost of goods sold | 125,319 | 138,580 | (13,261) | (10)% | 543,472 | 563,371 | (19,899) | (4)% | 418,153 | 424,791 | Cost of goods sold | 543,472 | 563,371 | 553,103 | 512,494 | 515,311 | (19,899) | (4)% | 40,609 | 8% | (2,817) | (1)% | |||||||||||||||||||||||||||
Gross profit | 60,564 | 65,303 | (4,739) | (7)% | 256,882 | 264,624 | (7,742) | (3)% | 196,318 | 199,321 | Gross profit | 256,882 | 264,624 | 266,879 | 239,032 | 233,280 | (7,742) | (3)% | (2,255) | (1)% | 27,847 | 12% | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,445 | 53,204 | (10,759) | (20)% | 187,688 | 181,398 | 6,290 | 3% | 145,243 | 128,194 | Selling, general and administrative expenses | 187,688 | 181,398 | 167,953 | 153,288 | 145,612 | 6,290 | 3% | 13,445 | 8% | 14,665 | 10% | |||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | 51,075 | 71,127 | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | |||||||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Income before income taxes | 16,381 | 9,211 | 7,170 | 78% | 55,512 | 71,505 | (15,993) | (22)% | 39,131 | 62,294 | Income before income taxes | 55,512 | 71,505 | 88,070 | 76,761 | 78,763 | (15,993) | (22)% | (16,565) | (19)% | 11,309 | 15% | |||||||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | * | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $27,910 | $45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | |||||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | basic | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.11 | $1.55 | $ (0.52) | $ (0.26) | $ (0.50) | ||||||||||||||||||||||||||||||||||
diluted | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | diluted | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.07 | $1.51 | $ (0.52) | $ (0.26) | $ (0.46) | ||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding | Weighted average number of shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | 40,454 | 40,454 | 40,454 | 40,412 | basic | 40,454 | 40,412 | 40,181 | 39,254 | 38,969 | |||||||||||||||||||||||||||||||||||||||
diluted | 40,504 | 40,536 | 40,504 | 40,523 | diluted | 40,504 | 40,523 | 40,385 | 39,962 | 39,815 | |||||||||||||||||||||||||||||||||||||||
Ratio to net sales | Ratio to net sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | Gross profit | 32.1% | 32.0% | 32.5% | 31.8% | 31.2% | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 22.8% | 26.1% | 23.5% | 21.9% | Selling, general and administrative expenses | 23.5% | 21.9% | 20.5% | 20.4% | 19.5% | |||||||||||||||||||||||||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | Operating income | 8.6% | 10.1% | 12.1% | 11.4% | 11.7% | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | Income before income taxes | 6.9% | 8.6% | 10.7% | 10.2% | 10.5% | |||||||||||||||||||||||||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | Net income | 4.2% | 6.6% | 7.9% | 11.0% | 8.1% | |||||||||||||||||||||||||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | Effective tax rate | 39.6% | 23.5% | 26.3% | (7.8)% | 23.5% | |||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful |
&Z&F&D &T
Adj EBITDA Rec - Segments
Three Months | Twelve Months | Nine Months | Change | |||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||
Net sales | (in thousands, except percentages) | Net sales | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ 72,641 | $ 86,315 | $ (13,674) | (16)% | $ 322,300 | $ 350,468 | $ (28,168) | (8)% | $ 249,659 | $ 264,153 | MFAs and other | $ 322,300 | $ 350,468 | $ 336,666 | $ 339,916 | $ 335,735 | $ (28,168) | (8)% | $ 13,802 | 4% | $ (3,250) | (1)% | ||||||||||||||||||||||||
Nutritional specialties | 31,133 | 28,558 | 2,575 | 9% | 129,264 | 113,215 | 16,049 | 14% | 98,131 | 84,657 | Nutritional specialties | 129,264 | 113,215 | 122,978 | 94,084 | 81,702 | 16,049 | 14% | (9,763) | (8)% | 28,894 | 31% | ||||||||||||||||||||||||
Vaccines | 18,617 | 17,161 | 1,456 | 8% | 75,340 | 68,291 | 7,049 | 10% | 56,723 | 51,130 | Vaccines | 75,340 | 68,291 | 72,083 | 52,140 | 53,363 | 7,049 | 10% | (3,792) | (5)% | 19,943 | 38% | ||||||||||||||||||||||||
Animal Health | 122,391 | 132,034 | (9,643) | (7)% | 526,904 | 531,974 | (5,070) | (1)% | $ 404,513 | $ 399,940 | Animal Health | 526,904 | 531,974 | 531,727 | 486,140 | 470,800 | (5,070) | (1)% | 247 | 0% | 45,587 | 9% | ||||||||||||||||||||||||
Mineral Nutrition | 49,878 | 55,972 | (6,094) | (11)% | 214,412 | 233,782 | (19,370) | (8)% | 164,534 | 177,810 | Mineral Nutrition | 214,412 | 233,782 | 234,922 | 216,685 | 227,102 | (19,370) | (8)% | (1,140) | (0)% | 18,237 | 8% | ||||||||||||||||||||||||
Performance Products | 13,614 | 15,877 | (2,263) | (14)% | 59,038 | 62,239 | (3,201) | (5)% | 45,424 | 46,362 | Performance Products | 59,038 | 62,239 | 53,333 | 48,701 | 50,689 | (3,201) | (5)% | 8,906 | 17% | 4,632 | 10% | ||||||||||||||||||||||||
Total | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Total | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | ||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ 29,572 | $ 31,167 | $ (1,595) | (5)% | $ 123,106 | $ 136,049 | $ (12,943) | (10)% | $ 93,534 | $ 104,882 | Animal Health | $ 123,106 | $ 136,049 | $ 141,914 | $ 127,442 | $ 120,259 | $ (12,943) | (10)% | $ (5,865) | (4)% | $ 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Mineral Nutrition | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Performance Products | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Corporate | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Total | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Total | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | ||||||||||||||||||||||||
Adjusted EBITDA ratio to segment net sales | Adjusted EBITDA ratio to segment net sales | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | 23.1% | 26.2% | Animal Health | 23.4% | 25.6% | 26.7% | 26.2% | 25.5% | ||||||||||||||||||||||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | 6.8% | 6.7% | Mineral Nutrition | 6.8% | 6.7% | 7.9% | 6.9% | 6.4% | ||||||||||||||||||||||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | 8.4% | 7.7% | Performance Products | 7.7% | 7.6% | 3.5% | 2.0% | 5.2% | ||||||||||||||||||||||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | (4.9%) | (4.6%) | Corporate (1) | (5.0)% | (4.6)% | (4.1)% | (3.9)% | (3.6%) | ||||||||||||||||||||||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | 12.7% | 14.7% | Total (1) | 12.8% | 14.3% | 15.7% | 15.2% | 14.7% | ||||||||||||||||||||||||||||||||||
(1) reflects ratio to total net sales | (1) reflects ratio to total net sales | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to adjusted EBITDA | Reconciliation of operating income to adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 2020 | 2019 | 2020 / 2019 | 2020 | 2019 | 2020 / 2019 | For the Years Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||||
(in thousands) | Animal Health | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 23,045 | $ 25,275 | $ (2,230) | (9)% | $ 96,539 | $ 113,737 | $ (17,198) | (15)% | $ 73,494 | $ 88,462 | Operating income | $ 96,539 | $ 113,737 | $ 118,112 | $ 106,047 | $ 104,082 | $ (17,198) | (15)% | $ (4,375) | (4)% | $ 12,065 | 11% | ||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||
Acquisition-related other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Acquisition-related other, net | - 0 | - 0 | (468) | - 0 | - 0 | * | 468 | * | - 0 | * | |||||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Other, net | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | 6,527 | 5,892 | 635 | 11% | 26,287 | 22,312 | 3,975 | 18% | 19,760 | 16,420 | Depreciation and amortization | 26,287 | 22,312 | 21,447 | 17,149 | 15,430 | 3,975 | 18% | 865 | 4% | 4,298 | 25% | ||||||||||||||||||||||||
Adjusted EBITDA | 29,572 | 31,167 | (1,595) | (5)% | 123,106 | 136,049 | (12,943) | (10)% | 93,534 | 104,882 | Adjusted EBITDA | 123,106 | 136,049 | 141,914 | 127,442 | 120,259 | (12,943) | (10)% | (5,865) | (4)% | 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,813 | 3,264 | (451) | (14)% | 12,156 | 13,393 | (1,237) | (9)% | 9,343 | 10,129 | Operating income | 12,156 | 13,393 | 16,212 | 12,504 | 11,961 | (1,237) | (9)% | (2,819) | (17)% | 3,708 | 30% | ||||||||||||||||||||||||
Depreciation and amortization | 651 | 514 | 137 | 27% | 2,522 | 2,319 | 203 | 9% | 1,871 | 1,805 | Depreciation and amortization | 2,522 | 2,319 | 2,371 | 2,467 | 2,468 | 203 | 9% | (52) | (2)% | (96) | (4)% | ||||||||||||||||||||||||
Adjusted EBITDA | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Adjusted EBITDA | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | Performance Products | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 162 | 866 | (704) | (81)% | 2,674 | 3,601 | (927) | (26)% | 2,512 | 2,735 | Operating income | 2,674 | 3,601 | 852 | 163 | 2,069 | (927) | (26)% | 2,749 | 323% | 689 | 423% | ||||||||||||||||||||||||
Depreciation and amortization | 557 | 302 | 255 | 84% | 1,860 | 1,127 | 733 | 65% | 1,303 | 825 | Depreciation and amortization | 1,860 | 1,127 | 1,029 | 807 | 577 | 733 | 65% | 98 | 10% | 222 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Adjusted EBITDA | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,901) | (17,306) | 9,405 | * | (42,175) | (47,505) | 5,330 | * | (34,274) | (30,199) | Operating income | (42,175) | (47,505) | (36,250) | (32,970) | (30,444) | 5,330 | * | (11,255) | * | (3,280) | * | ||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Recovery of insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | 167 | (1,506) | Acquisition related other, net | (2,821) | - 0 | - 0 | (2,821) | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | 6,281 | * | - 0 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 429 | 449 | (20) | (4)% | 1,672 | 1,806 | (134) | (7)% | 1,243 | 1,357 | Depreciation and amortization | 1,672 | 1,806 | 2,096 | 3,029 | 3,129 | (134) | (7)% | (290) | (14)% | (933) | (31)% | ||||||||||||||||||||||||
Adjusted EBITDA | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Adjusted EBITDA | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | ||||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | Acquisition related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | * | 468 | * | (468) | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | - 0 | 6,281 | (5,856) | (93)% | Restructuring costs | 425 | 6,281 | - 0 | - 0 | - 0 | (5,856) | (93)% | 6,281 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | - 0 | - 0 | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 17,149 | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | ||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 131,209 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ (2,251) | (2)% | ||||||||||||||||||||||||||
EBDITA % of Total before Corporate | EBDITA % of Total before Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 88% | 86% | 87% | 87% | Animal Health | 87% | 87% | 87% | 79% | 88% | ||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 10% | 10% | 10% | 10% | Mineral Nutrition | 10% | 10% | 11% | 9% | 11% | ||||||||||||||||||||||||||||||||||||
Performance Products | 2% | 3% | 3% | 3% | Performance Products | 3% | 3% | 1% | 1% | 2% | ||||||||||||||||||||||||||||||||||||
% of Total Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | 39% | 42% | 40% | 42% | MFAs and other | 40% | 42% | 41% | 45% | 45% |
&Z&F&D &T
Adjusted EBITDA Rec
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020/ 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $ 27,910 | $ 27,910 | $ 45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $ 60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | ||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | 2526% | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | 24,177 | 20,407 | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | |||||||||||||||||||||||
EBITDA | 27,352 | 19,415 | 7,937 | 41% | 100,709 | 110,845 | (10,136) | (9)% | 73,357 | 91,430 | EBITDA | 100,709 | 110,845 | 126,923 | 116,805 | 114,672 | (10,136) | (9)% | (16,078) | (13)% | 10,118 | 9% | |||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | - 0 | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | |||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | |||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | |||||||||||||||||||||||
Acquisition-related other, net | (2,988) | - 0 | (2,988) | * | (2,821) | - 0 | (2,821) | * | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | (2,821) | * | 468 | * | |||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | * | - 0 | (1,506) | 1,506 | * | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | * | (1,506) | * | (468) | * | |||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets | ||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | |||||||||||||||||||||||||||||||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
&Z&F&D &T
Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 23,187 | $ 15,928 | |||||||||||
Effective income tax rate | 26.3% | 19.8% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (3,773) | $ (3,096) | |||||||||||
Mandatory toll charge | 403 | - | |||||||||||
Reduction of domestic deferred tax assets | 2,289 | - | |||||||||||
Reduction of foreign deferred tax assets | 1,156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Reclassification from accumulated other comprehensive income | 527 | - | |||||||||||
Release of unrecognized tax benefits | (994) | (500) | |||||||||||
Release of foreign valuation allowance | - | (4,118) | |||||||||||
Total | $ (957) | $ (7,714) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 24,144 | $ 23,642 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 29.3% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 1,408 | $ 1,841 | |||||||||||
Effective income tax rate | 6.0% | 10.7% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (376) | $ (1,654) | |||||||||||
Mandatory toll charge | (3,846) | - | |||||||||||
Adjustment to domestic deferred tax assets | (161) | - | |||||||||||
Reduction of foreign deferred tax assets | 156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Release of unrecognized tax benefits | (236) | (500) | |||||||||||
Release of foreign valuation allowance | - | (338) | |||||||||||
Total | $ (5,028) | $ (2,492) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,436 | $ 4,333 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 25.1% |
&8&F&A&8&D&T
Cash Flows
MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2019 | 2018 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
Cash provided by/(used in): | (in thousands) | (in thousands) | Cash provided by/(used in): | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Investing activities | (9,533) | 14,743 | (24,276) | (120,390) | (14,133) | (106,257) | (110,857) | (28,876) | Investing activities | (120,390) | (14,133) | (84,612) | (82,791) | (34,464) | (106,257) | 70,479 | (1,821) | ||||||||||||||||||||||
Financing activities | 14,985 | (7,999) | 22,984 | 40,936 | (4,107) | 45,043 | 25,951 | 3,892 | Financing activities | 40,936 | (4,107) | (11,775) | 50,380 | (15,351) | 45,043 | 7,668 | (62,155) | ||||||||||||||||||||||
Effect of exchange-rate changes on cash | Effect of exchange-rate changes on cash | ||||||||||||||||||||||||||||||||||||||
and cash equivalents | 266 | 74 | 192 | (1,124) | (524) | (600) | (1,390) | (598) | and cash equivalents | (1,124) | (524) | (536) | (418) | (1,494) | (600) | 12 | (118) | ||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ 9,595 | $ 21,697 | $ (12,102) | $ (21,230) | $ 28,405 | $ (49,635) | $ (30,825) | $ 6,708 | Net increase/(decrease) in cash and cash equivalents | $ (21,230) | $ 28,405 | $ (26,915) | $ 4,389 | $ 17,395 | $ (49,635) | $ 55,320 | $ (31,304) | ||||||||||||||||||||||
Net cash provided (used) by operating activities is comprised of the following items: | Net cash provided (used) by operating activities is comprised of the following items: | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
EBITDA | $ 27,352 | $ 19,415 | $ 7,937 | $ 100,709 | $ 110,845 | $ (10,136) | $ 73,357 | $ 91,430 | EBITDA | $ 100,709 | $ 110,845 | $ 126,923 | $ 116,805 | $ 114,672 | $ (10,136) | $ (16,078) | $ 10,118 | ||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | 425 | 6,281 | (5,856) | 425 | $ - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | 6,281 | ||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 2,259 | 2,259 | - 0 | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 1,925 | 334 | |||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 280 | - 0 | 280 | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | (1,671) | (895) | ||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | (1,152) | (528) | ||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | 462 | 213 | 249 | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | (187) | (218) | ||||||||||||||||||||||
Acquisition related other, net | (2,988) | - 0 | (2,988) | (2,821) | - 0 | (2,821) | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | 468 | |||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | (1,506) | 1,506 | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | (1,506) | - 0 | ||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
- 0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | 826 | (55) | 881 | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | 999 | 6,555 | ||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Interest paid, net | (2,406) | (4,559) | 2,153 | (11,577) | (12,250) | 673 | (9,171) | (7,691) | Interest paid, net | (11,577) | (12,250) | (11,208) | (14,215) | (12,912) | 673 | (1,042) | 3,007 | ||||||||||||||||||||||
Income taxes paid | (5,821) | (3,046) | (2,775) | (20,866) | (16,215) | (4,651) | (15,045) | (13,169) | Income taxes paid | (20,866) | (16,215) | (15,191) | (16,828) | (10,780) | (4,651) | (1,024) | 1,637 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (11,756) | (3,831) | (7,925) | (10,349) | (42,403) | 32,054 | 1,407 | (38,572) | Changes in operating assets and liabilities and other items | (10,349) | (42,403) | (32,551) | (45,181) | (12,337) | 32,054 | (9,852) | 12,630 | ||||||||||||||||||||||
Cash provided by gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | (5,286) | - 0 | - 0 | - 0 | ||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash used for acquisition-related transaction costs | - 0 | (618) | - 0 | - 0 | - 0 | 618 | |||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Net cash provided by operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful | ||||||||||||||||||||||||||||||||||||||
- 0 |
&Z&F&D &T
Liquidity
June 30, | June 30, | June 30, | Change | |||||||||||||||||||||||||||
As of | 2020 | 2019 | 2018 | Change | As of June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||
(in thousands, except ratios) | (in thousands, except ratios) | |||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $9,770 | Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $33,605 | $29,216 | $9,770 | $2,405 | $45,563 | |||||||||||||||||
Working capital | 222,006 | 242,902 | 205,651 | (20,896) | Working capital | 222,006 | 242,902 | 205,651 | $203,356 | $175,988 | (20,896) | 37,251 | 2,295 | |||||||||||||||||
Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | 2.92:1 | 2.62:1 | |||||||||||||||||||||
360,494 | 384,589 | 336,293 | 360,494 | 384,589 | 336,293 | 309,226 | 284,512 | |||||||||||||||||||||||
138,488 | 141,687 | 130,642 | 138,488 | 141,687 | 130,642 | 105,870 | 108,524 | |||||||||||||||||||||||
2.60 | 2.71 | 2.57 | 2.60 | 2.71 | 2.57 | 2.92 | 2.62 |
&Z&F&D &T
Working Capital
Phibro Animal Health Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Changes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2013 | Change | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2010 | 2010 | Change | 2010 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,343 | 57,573 | (21,230) | 57,573 | 29,168 | 28,405 | 29,168 | 56,083 | (26,915) | 30,553 | 56,083 | (25,530) | 40,185 | 56,083 | (15,898) | 62,097 | 56,083 | 6,014 | 56,083 | 33,605 | 22,478 | 49,310 | 33,605 | 15,705 | 39,220 | 33,605 | 5,615 | 37,415 | 33,605 | 3,810 | 33,605 | 29,216 | 4,389 | 32,225 | 29,216 | 3,009 | 25,372 | 29,216 | (3,844) | 31,817 | 29,216 | 2,601 | 29,216 | 11,821 | 17,395 | 20,804 | 11,821 | 20,689 | 11,821 | 19,749 | 11,821 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,369 | 36,851 | 27,369 | 27,369 | 53,900 | (26,531) | 27,995 | 53,900 | (25,905) | 27,023 | 53,900 | (26,877) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 48,598 | (14,940) | 49,373 | 48,598 | 775 | 47,089 | 48,598 | (1,509) | 48,598 | 62,705 | (14,107) | 41,517 | 62,705 | (21,188) | 20,066 | 62,705 | (42,639) | 12,068 | 62,705 | (50,637) | ||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | 55,000 | 24,000 | 24,000 | 50,000 | 50,000 | 45,000 | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | 159,022 | 135,742 | 135,742 | 125,847 | 127,044 | 125,847 | 132,242 | 125,847 | 136,337 | 125,847 | 125,847 | 123,790 | 113,130 | 123,790 | 124,131 | 123,790 | 119,607 | 123,790 | 123,790 | 111,099 | 116,233 | 111,099 | 114,572 | 111,099 | 113,710 | 111,099 | 111,099 | 113,858 | 115,152 | 113,858 | 114,264 | 113,858 | 110,756 | 113,858 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | 198,322 | 178,170 | 178,170 | 161,233 | 184,478 | 161,233 | 173,613 | 161,233 | 170,928 | 161,233 | 161,233 | 167,691 | 163,831 | 167,691 | 158,819 | 167,691 | 162,644 | 167,691 | 167,691 | 149,786 | 168,293 | 149,786 | 154,422 | 149,786 | 147,294 | 149,786 | 149,786 | 143,184 | 136,368 | 143,184 | 144,858 | 143,184 | 146,382 | 143,184 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 27,245 | 22,381 | 22,381 | 20,502 | 20,351 | 20,502 | 23,407 | 20,502 | 25,193 | 20,502 | 20,502 | 17,745 | 21,273 | 17,745 | 16,839 | 17,745 | 20,102 | 17,745 | 17,745 | 23,627 | 15,847 | 23,627 | 15,807 | 23,627 | 24,170 | 23,627 | 23,627 | 30,426 | 27,728 | 30,426 | 26,932 | 30,426 | 26,967 | 30,426 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (18,750) | (12,540) | (12,540) | (12,579) | (12,579) | (6,250) | (11,020) | (6,250) | (9,458) | (6,250) | (7,895) | (6,250) | (6,250) | (2,803) | (2,900) | (2,803) | (2,901) | (2,803) | (2,903) | (2,803) | (2,803) | (2,809) | (2,809) | (2,809) | (2,814) | (2,809) | (2,819) | (2,809) | (2,809) | (2,969) | (2,813) | (2,969) | (2,828) | (2,969) | (2,950) | (2,969) | (2,969) | (64) | (72) | (64) | (9,994) | (64) | (9,966) | (64) | (64) | (5,350) | 5,286 | (79) | (5,350) | 5,271 | (29,361) | (5,350) | (24,011) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,526) | 243 | (5,650) | (5,526) | (124) | (5,565) | (5,526) | (39) | (5,526) | (5,557) | 31 | (5,434) | (5,557) | 123 | (5,829) | (5,557) | (272) | (5,704) | (5,557) | (147) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | (73,189) | (59,498) | (59,498) | (56,894) | (64,127) | (56,894) | (64,779) | (56,894) | (61,732) | (56,894) | (56,894) | (60,167) | (53,271) | (60,167) | (54,826) | (60,167) | (54,274) | (60,167) | (60,167) | (63,061) | (51,852) | (63,061) | (61,226) | (63,061) | (59,469) | (63,061) | (63,061) | (59,608) | (56,920) | (59,608) | (56,762) | (59,608) | (64,544) | (59,608) | (59,608) | (57,902) | (60,572) | (57,902) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (68,498) | (71,144) | (71,144) | (52,652) | (53,397) | (52,652) | (52,999) | (52,652) | (51,480) | (52,652) | (52,652) | (45,703) | (50,126) | (45,703) | (45,602) | (45,703) | (44,159) | (45,703) | (45,703) | (45,463) | (45,119) | (45,463) | (50,491) | (45,463) | (46,039) | (45,463) | (45,463) | (49,861) | (45,751) | (49,861) | (41,788) | (49,861) | (39,293) | (49,861) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294,599 | 311,935 | 311,935 | 272,240 | 272,240 | 247,869 | 278,882 | 247,869 | 269,211 | 247,869 | 273,448 | 247,869 | 247,869 | 234,158 | 241,247 | 234,158 | 235,680 | 234,158 | 238,432 | 234,158 | 234,158 | 202,395 | 232,818 | 202,395 | 195,642 | 202,395 | 208,664 | 202,395 | 202,395 | 186,851 | 194,568 | 186,851 | 205,365 | 186,851 | 197,067 | 186,851 | 186,851 | 180,982 | 177,840 | 180,982 | 179,901 | 180,982 | 193,200 | 181,380 | 181,330 | 175,387 | 5,943 | 192,205 | 175,387 | 16,818 | 145,983 | 175,387 | (29,404) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 178,508 | (6,899) | 173,827 | 178,508 | (4,681) | 171,756 | 178,508 | (6,752) | 178,508 | 178,828 | (320) | 171,094 | 178,828 | (7,734) | 143,144 | 178,828 | (35,684) | 139,187 | 178,828 | (39,641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Dec | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | September | June | September | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | (32,500) | 159,022 | 135,742 | 23,280 | 135,742 | 125,847 | 9,895 | 127,044 | 125,847 | 1,197 | 132,242 | 125,847 | 6,395 | 136,337 | 125,847 | 10,490 | 125,847 | 123,790 | 2,057 | 113,130 | 123,790 | (10,660) | 124,131 | 123,790 | 341 | 119,607 | 123,790 | (4,183) | 123,790 | 111,099 | 12,691 | 116,233 | 111,099 | 5,134 | 114,572 | 111,099 | 3,473 | 113,710 | 111,099 | 2,611 | 111,099 | 113,858 | (2,759) | 115,152 | 113,858 | 1,294 | 114,264 | 113,858 | 406 | 110,756 | 113,858 | (3,102) | 113,858 | 99,137 | 14,721 | 107,705 | 99,137 | 8,568 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | (1,663) | 198,322 | 178,170 | 20,152 | 178,170 | 161,233 | 16,937 | 184,478 | 161,233 | 23,245 | 173,613 | 161,233 | 12,380 | 170,928 | 161,233 | 9,695 | 161,233 | 167,691 | (6,458) | 163,831 | 167,691 | (3,860) | 158,819 | 167,691 | (8,872) | 162,644 | 167,691 | (5,047) | 167,691 | 149,786 | 17,905 | 168,293 | 149,786 | 18,507 | 154,422 | 149,786 | 4,636 | 147,294 | 149,786 | (2,492) | 149,786 | 143,184 | 6,602 | 136,368 | 143,184 | (6,816) | 144,858 | 143,184 | 1,674 | 146,382 | 143,184 | 3,198 | 143,184 | 140,032 | 3,152 | 142,804 | 140,032 | 2,772 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 10,068 | 27,245 | 22,381 | 4,864 | 22,381 | 20,502 | 1,879 | 20,351 | 20,502 | (151) | 23,407 | 20,502 | 2,905 | 25,193 | 20,502 | 4,691 | 20,502 | 17,745 | 2,757 | 21,273 | 17,745 | 3,528 | 16,839 | 17,745 | (906) | 20,102 | 17,745 | 2,357 | 17,745 | 23,627 | (5,882) | 15,847 | 23,627 | (7,780) | 15,807 | 23,627 | (7,820) | 24,170 | 23,627 | 543 | 23,627 | 30,426 | (6,799) | 27,728 | 30,426 | (2,698) | 26,932 | 30,426 | (3,494) | 26,967 | 30,426 | (3,459) | 30,426 | 29,848 | 578 | 31,159 | 29,848 | 1,311 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | 7,098 | (73,189) | (59,498) | (13,691) | (59,498) | (56,894) | (2,604) | (64,127) | (56,894) | (7,233) | (64,779) | (56,894) | (7,885) | (61,732) | (56,894) | (4,838) | (56,894) | (60,167) | 3,273 | (53,271) | (60,167) | 6,896 | (54,826) | (60,167) | 5,341 | (54,274) | (60,167) | 5,893 | (60,167) | (63,061) | 2,894 | (51,852) | (63,061) | 11,209 | (61,226) | (63,061) | 1,835 | (59,469) | (63,061) | 3,592 | (63,061) | (59,608) | (3,453) | (56,920) | (59,608) | 2,688 | (56,762) | (59,608) | 2,846 | (64,544) | (59,608) | (4,936) | (59,608) | (57,902) | (1,706) | (60,752) | (57,902) | (2,850) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (3,899) | (68,498) | (71,144) | 2,646 | (71,144) | (52,652) | (18,492) | (53,397) | (52,652) | (745) | (52,999) | (52,652) | (347) | (51,480) | (52,652) | 1,172 | (52,652) | (45,703) | (6,949) | (50,126) | (45,703) | (4,423) | (45,602) | (45,703) | 101 | (44,159) | (45,703) | 1,544 | (45,703) | (45,463) | (240) | (45,119) | (45,463) | 344 | (50,491) | (45,463) | (5,028) | (46,039) | (45,463) | (576) | (45,463) | (49,861) | 4,398 | (45,751) | (49,861) | 4,110 | (41,788) | (49,861) | 8,073 | (39,293) | (49,861) | 10,568 | (49,861) | (57,438) | 7,577 | (54,513) | (57,438) | 2,925 | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222,006 | 242,902 | (20,896) | 242,902 | 205,651 | 37,251 | 205,651 | 198,036 | 7,615 | 214,349 | 198,036 | 16,313 | 211,484 | 198,036 | 13,448 | 219,246 | 198,036 | 21,210 | 198,036 | 203,356 | (5,320) | 194,837 | 203,356 | (8,519) | 199,361 | 203,356 | (3,995) | 203,920 | 203,356 | 564 | 203,356 | 175,988 | 27,368 | 203,402 | 175,988 | 27,414 | 173,084 | 175,988 | (2,904) | 179,666 | 175,988 | 3,678 | 175,988 | 177,999 | (2,011) | 176,577 | 177,999 | (1,422) | 187,504 | 177,999 | 9,505 | 180,268 | 177,999 | 2,269 | 177,999 | 153,677 | 24,322 | 166,403 | 153,677 | 12,726 | 159,421 | 153,677 | 166,315 | 154,075 | 154,025 | 126,837 | 27,188 | 164,289 | 126,837 | 37,452 | 148,321 | 126,837 | 21,484 | 143,496 | 126,837 | 16,659 | 126,837 | 135,436 | (8,599) | 143,234 | 135,436 | 7,798 | 130,104 | 135,436 | (5,332) | 130,232 | 135,436 | (5,204) | 135,436 | 121,680 | 13,756 | 135,011 | 121,680 | 13,331 | 128,907 | 121,680 | 7,227 | 132,823 | 121,680 | 11,143 | ||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 27,369 | 27,369 | 19,749 | 27,369 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,023 | 36,851 | 41,853 | 27,369 | 33,658 | (6,289) | 27,995 | 33,658 | (5,663) | 27,023 | 49,373 | (22,350) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 41,517 | (7,859) | 49,373 | 20,066 | 29,307 | 47,089 | 12,068 | 35,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 96,123 | 94,446 | 95,949 | 109,816 | 106,456 | 3,360 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 128,954 | 141,376 | 123,501 | 140,157 | 118,452 | 21,705 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 30,728 | 31,979 | 29,680 | 19,644 | 20,200 | (556) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (64) | (64) | (2,950) | (64) | (2,969) | (64) | (72) | (64) | (9,994) | (29,361) | (9,966) | (29,198) | (64) | (5,283) | 5,219 | (79) | (5,283) | 5,204 | (29,361) | (5,650) | (23,711) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,434) | 151 | (5,650) | (5,829) | 179 | (5,565) | (5,704) | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (60,109) | (59,699) | (52,739) | (63,758) | (58,432) | (58,555) | 123 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (47,084) | (48,747) | (41,876) | (57,160) | (43,319) | (13,841) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182,924 | 182,924 | 197,067 | 182,924 | 186,851 | 182,924 | 177,840 | 182,924 | 179,901 | 146,684 | 193,200 | 156,151 | 181,330 | 171,609 | 9,721 | 192,205 | 171,609 | 20,596 | 145,983 | 173,827 | (27,844) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 171,094 | 515 | 173,827 | 143,144 | 30,683 | 171,756 | 139,187 | 32,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 8,568 | 103,253 | 96,123 | 7,130 | 94,446 | 95,949 | 109,816 | 105,721 | 4,095 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 96,469 | (520) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 2,772 | 140,445 | 128,954 | 11,491 | 141,376 | 123,501 | 140,157 | 118,372 | 21,785 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 123,026 | 475 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 1,311 | 28,359 | 30,728 | (2,369) | 31,979 | 29,680 | 19,644 | 22,190 | (2,546) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 15,888 | 13,792 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (4,612) | (60,109) | (59,699) | (410) | (52,739) | (63,758) | (58,432) | (66,806) | 8,374 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (64,579) | 821 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | 3,275 | (52,527) | (47,084) | (5,443) | (48,747) | (41,876) | (57,160) | (52,640) | (4,520) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (40,572) | (1,304) | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155,619 | 155,619 | 180,268 | 155,619 | 177,999 | 155,619 | 166,933 | 155,619 | 11,314 | 159,421 | 149,022 | 10,399 | 166,315 | 143,496 | 22,819 | 154,025 | 126,837 | 27,188 | 164,289 | 143,234 | 21,055 | 148,321 | 130,104 | 18,217 | 143,496 | 130,232 | 13,264 | 126,837 | 135,436 | (8,599) | 143,234 | 135,011 | 8,223 | 130,104 | 128,907 | 1,197 | 130,232 | 132,823 | (2,591) |
&Z&F&D &T
DSO & Inventories
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accounts receivable - trade | $ 126,522 | $ 159,022 | $ 135,742 | $ 111,099 | $ 99,137 | 12% | $ 99,137 | $ 99,140 | 97,566 | $ 24,643 | $ (32,500) | $ 23,280 | |||||||||||||
DSO | 61 | 70 | 58 | 54 | 53 | 2% | 54 | 53 | 55 | ||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Inventories | $ 196,659 | $ 198,322 | $ 178,170 | $ 149,786 | $ 140,032 | 7% | $ 140,032 | $ 120,123 | 97,566 | $ 28,384 | $ (1,663) | $ 20,152 |
&Z&F&D &T
Business Segments
Segments | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 340 | $ 340 | $ 336 | $ 327 | $ 4 | 1% | $ 9 | 3% | ||||||||||||||||||
Nutritional Specialties | 94 | 94 | 82 | 63 | 12 | 15% | 19 | 30% | ||||||||||||||||||
Vaccines | 52 | 52 | 53 | 41 | (1) | (2)% | 12 | 29% | ||||||||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ 0 | 0% | $ 61 | 13% | 66% | 64% | 65% | 63% | ||||||||||||
Mineral Nutrition | 214 | 234 | 235 | 227 | (19) | (8)% | (1) | (0)% | 8 | 3% | 27% | 28% | 29% | 30% | ||||||||||||
Performance Products | 59 | 62 | 53 | 51 | (3) | (5)% | 9 | 17% | 3 | 5% | 7% | 8% | 7% | 7% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 301 | $ 316 | $ 321 | $ 280 | $ (15) | (5)% | $ (5) | (2)% | $ 41 | 15% | 38% | 38% | 39% | 37% | ||||||||||||
Dairy | 163 | 170 | 177 | 135 | (7) | (4)% | (7) | (4)% | 42 | 31% | 20% | 21% | 22% | 18% | ||||||||||||
Cattle | 94 | 88 | 80 | 100 | 6 | 7% | 8 | 10% | (20) | (20)% | 12% | 11% | 10% | 13% | ||||||||||||
Swine | 81 | 101 | 100 | 102 | (20) | (20)% | 1 | 1% | (2) | (2)% | 10% | 12% | 12% | 14% | ||||||||||||
Other (1) | 161 | 153 | 142 | 132 | 8 | 5% | 11 | 8% | 10 | 7% | 20% | 18% | 17% | 18% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Regions (2) | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 472 | $ 481 | $ 491 | $ 483 | $ (9) | (2)% | $ (10) | (2)% | $ 8 | 2% | 59% | 58% | 60% | 65% | ||||||||||||
Latin America and Canada | 159 | 152 | 143 | 107 | 7 | 5% | 9 | 6% | 36 | 33% | 20% | 18% | 17% | 14% | ||||||||||||
Europe, Middle East and Africa | 112 | 105 | 110 | 61 | 7 | 7% | (5) | (5)% | 49 | 79% | 14% | 13% | 13% | 8% | ||||||||||||
Asia Pacific | 57 | 90 | 76 | 97 | (33) | (37)% | 14 | 18% | (21) | (21)% | 7% | 11% | 9% | 13% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
(1) | Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry | |||||||||||||||||||||||||
(2) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
Adjusted EBITDA(1) | Change | Percentage of total (2) | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | * | $ - 0 | * | ||||||||||||||||||
Nutritional Specialties | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Vaccines | - 0 | 0 | 0 | 4 | - 0 | 0% | (4) | (96)% | ||||||||||||||||||
Animal Health | $ 123 | $ 136 | $ 142 | $ 120 | $ (13) | (10)% | $ (6) | (4)% | $ 22 | 18% | 87% | 87% | 87% | 88% | ||||||||||||
Mineral Nutrition | 15 | 16 | 19 | 14 | (1) | (7)% | (3) | (15)% | 5 | 33% | 10% | 10% | 11% | 10% | ||||||||||||
Performance Products | 5 | 5 | 2 | 3 | (0) | (4)% | 3 | 151% | (1) | (37)% | 3% | 3% | 1% | 2% | ||||||||||||
Corporate | (40) | (38) | (33) | (27) | (2) | * | (5) | * | (6) | * | ||||||||||||||||
Total | $ 102 | $ 118 | $ 129 | $ 110 | $ (16) | (13)% | $ (11) | (8)% | $ 19 | 17% | ||||||||||||||||
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA. | |||||||||||||||||||||||||
(2) | Before unallocated corporate costs | |||||||||||||||||||||||||
Net Identifiable Assets | Change | Percentage of total | ||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 23 | $ 23 | $ 22 | $ 21 | $ 2 | 9% | $ 0 | 1% | ||||||||||||||||||
Nutritional Specialties | 114 | 114 | 110 | 91 | 4 | 4% | 19 | 21% | ||||||||||||||||||
Vaccines | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Animal Health | $ 561 | $ 509 | $ 456 | $ 349 | $ 52 | 10% | $ 53 | 12% | $ 107 | 31% | 71% | 70% | 68% | 71% | ||||||||||||
Mineral Nutrition | 66 | 68 | 70 | 59 | (2) | (2)% | (2) | (3)% | 11 | 19% | 8% | 9% | 10% | 12% | ||||||||||||
Performance Products | 31 | 33 | 24 | 22 | (2) | (6)% | 9 | 37% | 2 | 10% | 4% | 5% | 4% | 4% | ||||||||||||
Corporate | 127 | 117 | 122 | 60 | 10 | 8% | (5) | (4)% | 62 | 102% | 16% | 16% | 18% | 12% | ||||||||||||
Total | $ 785 | $ 727 | $ 672 | $ 490 | $ 58 | 8% | $ 55 | 8% | $ 182 | 37% | ||||||||||||||||
Adjusted value down to $784M to agree in total - all individual amounts rounded up. |
&Z&F&D &T
Animal Health
Product Groups | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 322 | $ 350 | $ 337 | $ 336 | $ (28) | (8)% | $ 13 | 4% | $ 1 | 0% | 61% | 66% | 63% | 71% | ||||||||||||
Nutritional specialties | 129 | 113 | 123 | 82 | 16 | 14% | (10) | (8)% | 41 | 50% | 25% | 21% | 23% | 17% | ||||||||||||
Vaccines | 75 | 68 | 72 | 53 | 7 | 10% | (4) | (5)% | 19 | 36% | 14% | 13% | 14% | 11% | ||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ (0) | (0)% | $ 61 | 13% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 253 | $ 251 | $ 255 | $ 231 | $ 2 | 1% | $ (4) | (2)% | $ 24 | 10% | 48% | 47% | 48% | 49% | ||||||||||||
Swine | 43 | 62 | 59 | 65 | (19) | (31)% | 3 | 5% | (6) | (9)% | 8% | 12% | 11% | 14% | ||||||||||||
Dairy | 117 | 116 | 120 | 83 | 1 | 1% | (4) | (3)% | 37 | 44% | 22% | 22% | 23% | 18% | ||||||||||||
Cattle | 44 | 47 | 42 | 43 | (3) | (6)% | 5 | 12% | (1) | (3)% | 8% | 9% | 8% | 9% | ||||||||||||
Other | 70 | 56 | 56 | 48 | 14 | 25% | - 0 | 0% | 8 | 17% | 13% | 11% | 11% | 10% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
Regions (1) | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 214 | $ 199 | $ 220 | $ 219 | $ 15 | 8% | $ (21) | (10)% | $ 1 | 1% | 41% | 37% | 41% | 46% | ||||||||||||
Latin America and Canada | 148 | 142 | 129 | 99 | 6 | 4% | 13 | 10% | 30 | 31% | 28% | 27% | 24% | 21% | ||||||||||||
Europe, Middle East and Africa | 109 | 103 | 108 | 61 | 6 | 6% | (5) | (5)% | 47 | 76% | 21% | 19% | 20% | 13% | ||||||||||||
Asia Pacific | 56 | 88 | 75 | 92 | (32) | (36)% | 13 | 17% | (17) | (19)% | 11% | 17% | 14% | 20% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
(1) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
% of Sales | ||||||||||||||||||||||||||
U.S. | 41% | 37% | 41% | |||||||||||||||||||||||
Foreign | 59% | 63% | 59% | |||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||
Page 18 of the 10K |
&Z&F&D &T
Mineral Nutrition
Species | Change | Percentage of total | ||||||||||||||||
For the Years Ended June 30 | 2017 | 2016 | 2015 | 2017 / 2016 | 2016 / 2015 | 2017 | 2016 | 2015 | ||||||||||
($ in millions) | ||||||||||||||||||
Poultry | $ - 0 | $ 54 | $ 52 | $ (54) | * | $ 2 | 4% | ERROR:#DIV/0! | 25% | 23% | ||||||||
Swine | - 0 | 35 | 28 | (35) | * | 7 | 27% | ERROR:#DIV/0! | 16% | 12% | ||||||||
Dairy | - 0 | 48 | 48 | (48) | * | 0 | 0% | ERROR:#DIV/0! | 22% | 21% | ||||||||
Cattle | - 0 | 52 | 74 | (52) | * | (22) | (30)% | ERROR:#DIV/0! | 24% | 33% | ||||||||
Other | - 0 | 28 | 26 | (28) | * | 2 | 8% | ERROR:#DIV/0! | 13% | 11% | ||||||||
Total | $ - 0 | $ 217 | $ 227 | $ (217) | * | $ (10) | (5)% |
PR Table #1 - Summary P&L in MM
Phibro Animal Health Corporation | ||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||||
Cost of goods sold | 125.3 | 138.6 | (13.3) | (10)% | 543.5 | 563.4 | (19.9) | (4)% | ||||||||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | 256.9 | 264.6 | (7.7) | (3)% | ||||||||||||
Selling, general and administrative | 42.4 | 53.2 | (10.8) | (20)% | 187.7 | 181.4 | 6.3 | 3% | ||||||||||||
Operating income | 18.1 | 12.1 | 6.0 | 50% | 69.2 | 83.2 | (14.0) | (17)% | ||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | ||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||||
Income before income taxes | 16.4 | 9.2 | 7.2 | 78% | 55.5 | 71.5 | (16.0) | (22)% | ||||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | ||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||||
Net income per share | ||||||||||||||||||||
basic | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
diluted | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
basic | 40.5 | 40.5 | 40.5 | 40.4 | ||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||
Ratio to net sales | ||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | ||||||||||||||||
Selling, general and administrative | 22.8% | 26.1% | 23.5% | 21.9% | ||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | ||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | ||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | ||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | ||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||
* Calculation not meaningful |
PR Table #2 - Seg Rev & EBITDA
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | ||||||||||||||||||
Segment Net Sales and Adjusted EBITDA | |||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||
(in millions, except percentages) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | 129.3 | 113.2 | 16.0 | 14% | |||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | 75.3 | 68.3 | 7.0 | 10% | |||||||||||
Animal Health | 122.4 | 132.0 | (9.6) | (7)% | 526.9 | 532.0 | (5.1) | (1)% | |||||||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | 214.4 | 233.8 | (19.4) | (8)% | |||||||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | 59.0 | 62.2 | (3.2) | (5)% | |||||||||||
Total | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted EBITDA | |||||||||||||||||||
Animal Health | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||||||
Mineral Nutrition | 3.5 | 3.8 | (0.3) | (8)% | 14.7 | 15.7 | (1.0) | (7)% | |||||||||||
Performance Products | 0.7 | 1.2 | (0.4) | (38)% | 4.5 | 4.7 | (0.2) | * | |||||||||||
Corporate | (9.9) | (9.8) | (0.1) | * | (40.2) | (38.5) | (1.7) | * | |||||||||||
Total | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
Ratio to segment net sales | |||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | Make sure all cells are linked | ||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | |||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | |||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | |||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | |||||||||||||||
(1)reflects ratio to total net sales | |||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | |||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | |||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | |||||||||||
Depreciation and amortization | 8.2 | 7.2 | 1.0 | 14% | 32.3 | 27.6 | 4.8 | 17% | |||||||||||
EBITDA | 27.4 | 19.4 | 7.9 | 41% | 100.7 | 110.8 | (10.1) | (9)% | |||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | |||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | |||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | |||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | |||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | |||||||||||
Other, net (1) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | |||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | |||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | |||||||||||||||||||
(2) Acquisition-related other, net includes the adjustment to contingent consideration | |||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||
* Calculation not meaningful |
PR Table #3 - ANI in MM
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||
Adjusted Net Income | Make sure all cells are linked | |||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||
Adjusted cost of goods sold | $ 123.8 | $ 137.3 | $ (13.5) | (10)% | $ 536.9 | $ 558.1 | $ (21.2) | (4)% | ||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | 263.5 | 269.9 | (6.4) | (2)% | ||||||||||
Adjusted selling, general and administrative | 44.2 | 45.9 | (1.7) | (4)% | 184.8 | 173.3 | 11.5 | 7% | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | 12.6 | 11.8 | 0.8 | 7% | ||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | 66.1 | 84.8 | (18.7) | (22)% | ||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | 22.3 | 22.8 | (0.5) | (2)% | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Adjusted net income per share | ||||||||||||||||||
diluted | $0.17 | $0.33 | ($0.16) | (48%) | $1.08 | $1.53 | ($0.45) | (29)% | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||
Ratio to net sales | ||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | 32.9% | 32.6% | ||||||||||||||
Adjusted selling, general and administrative | 23.8% | 22.5% | 23.1% | 20.9% | ||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | 8.3% | 10.2% | ||||||||||||||
Adjusted net income | 3.6% | 6.7% | 5.5% | 7.5% | ||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | 33.7% | 26.9% | ||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | ||||||||||
Stock-based compensation (1) | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | ||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Acquisition-related intangible amortization(2) | 1.5 | 1.3 | 0.2 | 17% | 6.3 | 5.3 | 1.1 | 20% | ||||||||||
Acquisition-related intangible amortization(1) | 0.7 | 0.2 | 0.4 | 197% | 2.5 | 0.8 | 1.7 | 208% | ||||||||||
Acquisition-related accrued compensation(1) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related transaction costs(1) | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | ||||||||||
Acquisition-related other, net (1) | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | ||||||||||
Other, net(1) (3) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | ||||||||||
Pension settlement cost (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Gain on insurance settlement (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related accrued interest | 0.1 | 0.0 | 0.1 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Foreign currency (gains) losses, net(4) | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Adjustments to income taxes(5) | 2.3 | (3.7) | 6.0 | * | (0.3) | (6.0) | 5.7 | * | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||
* Calculation not meaningful | ||||||||||||||||||
(1)Included in selling, general and administrative | ||||||||||||||||||
(2)Included in cost of goods sold | ||||||||||||||||||
(3) Acquisition-related other, net includes the adjustment to contingent consideration | ||||||||||||||||||
(3)Relates to the cancellation of a certain business arrangement | ||||||||||||||||||
(4)Primarily related to intercompany balances | ||||||||||||||||||
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||
(6) Acquisition-related other, net includes ……. | ||||||||||||||||||
Depreciation and amortization | 8.164 | 7.157 | (1.0) | $ (0.02) | 32.341 | 27.564 | (4.8) | $ (0.12) | ||||||||||
Less: amortization | (1.803) | (1.623) | 0.2 | $ 0.00 | (6.598) | (5.575) | 1.0 | $ 0.03 | ||||||||||
Depreciation | 6.361 | 5.534 | (0.8) | $ (0.02) | 25.743 | 21.989 | (3.8) | $ (0.09) | ||||||||||
Interest | 2.732 | 3.036 | 0.3 | $ 0.01 | 12.581 | 11.776 | (0.8) | $ (0.02) | ||||||||||
Taxes | 8.401 | 4.104 | (4.3) | $ (0.11) | 22.290 | 22.776 | 0.5 | $ 0.01 | ||||||||||
Subtotal | 17.494 | 12.674 | (4.8) | $ (0.12) | 60.614 | 56.541 | (4.1) | $ (0.10) | ||||||||||
EBITDA | 23.860 | 26.315 | (2.5) | $ (0.06) | 102.140 | 118.037 | (15.9) | $ (0.39) | ||||||||||
Adjusted net income | (7.3) | $ (0.18) | (20.0) | $ (0.49) |
PR Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 16,792 | $ 23,187 | |||||||||||
Effective income tax rate | 23.5% | 26.3% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (310) | $ (3,773) | |||||||||||
Mandatory toll charge | (360) | 403 | |||||||||||
Reduction of domestic deferred tax assets | - | 2,289 | |||||||||||
Reduction of foreign deferred tax assets | - | 1,156 | |||||||||||
Recognition of federal and foreign tax credits | (1,417) | (565) | |||||||||||
Reclassification from accumulated other comprehensive income | - | 527 | |||||||||||
Release of unrecognized tax benefits | (1,271) | (994) | |||||||||||
Total | $ (3,358) | $ (957) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 20,150 | $ 24,144 | |||||||||||
Effective income tax rate, excluding certain items | 28.2% | 27.4% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 409 | $ 1,408 | |||||||||||
Effective income tax rate | 4.4% | 6.0% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ - | $ (376) | |||||||||||
Mandatory toll charge | - | (3,846) | |||||||||||
Reduction of domestic deferred tax assets | - | (161) | |||||||||||
Reduction of foreign deferred tax assets | - | 156 | |||||||||||
Recognition of federal and foreign tax credits | (385) | (565) | |||||||||||
Release of unrecognized tax benefits | (1,271) | (236) | |||||||||||
Total | $ (1,656) | $ (5,028) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 2,065 | $ 6,436 | |||||||||||
Effective income tax rate, excluding certain items | 22.4% | 27.4% |
&8&F&A&8&D&T
ANI Worksheet
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | For the Nine Months Ended March 31 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Cost of goods sold: | Cost of goods sold: | Cost of goods sold: | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Acquisition-related cost of goods sold | - 0 | - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | |||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | (1.540) | (1.317) | Acquisition-related intangible amortization | $ (6.335) | $ (5.269) | Acquisition-related intangible amortization | $ (4.795) | $ (3.952) | ||||||||||||||||||||||||||||||||
Net sales | $185.9 | $203.9 | $ - 0 | $ - 0 | $185.9 | $203.9 | Total | (1.540) | (1.317) | Total | $ (6.615) | $ (5.269) | Total | $ (5.075) | $ (3.952) | |||||||||||||||||||||||||
Cost of goods sold | 125.3 | 138.6 | (1.5) | (1.3) | 123.8 | 137.3 | . | . | ||||||||||||||||||||||||||||||||
Gross profit | 60.6 | 65.3 | 1.5 | 1.3 | 62.1 | 66.6 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.4 | 53.2 | 1.8 | (7.3) | 44.2 | 45.9 | Selling, general and administrative expenses: | Selling, general and administrative expenses: | Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
Restructuring Costs | - 0 | (6.281) | Restructuring Costs | $ (0.425) | $ (6.281) | Restructuring Costs | $ (0.425) | $ - 0 | ||||||||||||||||||||||||||||||||
Operating income | 18.1 | 12.1 | (0.2) | 8.6 | 17.9 | 20.7 | Acquisition-related intangible amortization | (0.669) | (0.225) | Acquisition-related intangible amortization | $ (2.533) | $ (0.823) | Acquisition-related intangible amortization | $ (1.864) | $ (0.598) | |||||||||||||||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.1) | (0.0) | 2.7 | 3.0 | Acquisition-related accrued compensation | - 0 | - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | 1.1 | 0.2 | - 0 | - 0 | Acquisition-related transaction costs | - 0 | (0.213) | Acquisition-related transaction costs | $ (0.462) | $ (0.213) | Acquisition-related transaction costs | $ (0.462) | $ - 0 | |||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Stock-based compensation | (0.565) | (0.565) | Stock-based compensation | $ (2.259) | $ (2.259) | Stock-based compensation | $ (1.694) | $ (1.694) | |||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | Pension settlement expense | $ - 0 | $ - 0 | Pension settlement expense | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Income before income taxes | 16.4 | 9.2 | (1.2) | 8.5 | 15.2 | 17.7 | Acquisition-related other, net | 2.988 | - 0 | Acquisition-related other, net | $ 2.821 | $ - 0 | Acquisition-related other, net | $ (0.167) | $ - 0 | |||||||||||||||||||||||||
Provision for income taxes | 10.7 | 0.4 | (2.3) | 3.7 | 8.4 | 4.1 | Other, net | - 0 | - 0 | Other, net | $ - 0 | $ 1.506 | Other, net | $ - 0 | $ 1.506 | |||||||||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ 1.1 | $ 4.8 | $ 6.8 | $ 13.6 | Gain on insurance settlement | - 0 | - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Total | 1.754 | (7.284) | Total | $ (2.858) | $ (8.070) | Total | $ (4.612) | $ (0.786) | ||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 0.14 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.33 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | Interest expense, net: | Interest expense, net: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | Acquisition-related accrued interest | (0.075) | (0.011) | Acquisition-related accrued interest | $ (0.275) | $ - 0 | Acquisition-related accrued interest | $ (0.200) | $ 0.011 | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | ||||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | Primarily related to intercompany balances | 1.069 | 0.159 | Primarily related to intercompany balances | $ (0.826) | $ 0.055 | Primarily related to intercompany balances | $ (1.895) | $ (0.104) | |||||||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Loss on extinguishment of debt: | Loss on extinguishment of debt: | Loss on extinguishment of debt: | |||||||||||||||||||||||||||||||||||||
Related to refinancing | - 0 | - 0 | Related to refinancing | $ - 0 | $ - 0 | Related to refinancing | $ - 0 | $ - 0 | ||||||||||||||||||||||||||||||||
Net sales | $800.4 | $828.0 | $0.0 | $0.0 | $800.4 | $828.0 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | $543.5 | $563.4 | ($6.6) | ($5.3) | $536.9 | $558.1 | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | |||||||||||||||||||||||||||||||
Gross profit | $256.9 | $264.6 | $6.6 | $5.3 | $263.5 | $269.9 | Adjustments | (2.338) | 3.695 | Adjustments | $ 0.330 | $ 5.984 | Adjustments | $ 2.668 | $ 2.289 | |||||||||||||||||||||||||
Selling, general and administrative expenses | $187.7 | $181.4 | ($2.9) | ($8.1) | $184.8 | $173.3 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $69.2 | $83.2 | $9.5 | $13.3 | $78.7 | $96.6 | ||||||||||||||||||||||||||||||||||
Interest expense, net | $12.9 | $11.8 | ($0.3) | $0.0 | $12.6 | $11.8 | ||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | $0.8 | ($0.1) | ($0.8) | $0.1 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Income before income taxes | $55.5 | $71.5 | $10.6 | $13.3 | $66.1 | $84.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $22.0 | $16.8 | $0.3 | $6.0 | $22.3 | $22.8 | ||||||||||||||||||||||||||||||||||
Net income | $33.6 | $54.7 | $10.2 | $7.3 | $43.8 | $62.0 | ||||||||||||||||||||||||||||||||||
Net income per share - diluted | $0.83 | $1.35 | $1.08 | $1.53 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||
(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period. | ||||||||||||||||||||||||||||||||||||||||
(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014. |
&Z&F&D &T
Cognos_Office_Connection_Cache
PR Table #4 - Cash Flows in MM
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||
Operating and Investing Cash Flows | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||
Three Months | Twelve Months | Change | Nine Months | |||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2014 / 2013 | 2013 / 2012 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
EBITDA | $ 27.4 | $ 19.4 | $ 7.9 | 41% | $ 100.7 | $ 110.8 | $ (10.1) | $ (10.1) | $ (10) | (9)% | $ 121 | * | $ 73.4 | $ 91.4 | ||||||||||||||
Adjustments | ||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | 0.4 | 6.3 | (5.9) | 0.4 | - 0 | ||||||||||||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 2.3 | 2.3 | - 0 | 1.7 | 1.7 | ||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 0.3 | - 0 | 0.3 | 0.3 | - 0 | ||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | 0.5 | 0.2 | 0.2 | 0.5 | - 0 | ||||||||||||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | (2.8) | - 0 | (2.8) | 0.2 | - 0 | ||||||||||||||||||||
Other, net (1) | - 0 | - 0 | - 0 | - 0 | (1.5) | 1.5 | - 0 | (1.5) | ||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | 0.8 | (0.1) | 0.9 | 1.9 | 0.1 | ||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Interest paid, net | (2.4) | (3.2) | 0.8 | * | (11.6) | (12.3) | 0.7 | 0.7 | 1 | * | (13) | * | (9.2) | (9.1) | ||||||||||||||
Income taxes paid | (5.8) | (3.0) | (2.8) | * | (20.9) | (16.2) | (4.7) | (4.7) | (5) | * | (12) | * | (15.0) | (13.2) | ||||||||||||||
Changes in operating assets and liabilities and other items | (11.7) | (5.2) | (6.5) | * | (10.3) | (42.4) | 32.1 | 32.1 | 32 | * | (74) | * | 1.4 | (37.2) | ||||||||||||||
Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Net cash provided by operating activities | $ 3.9 | $ 14.9 | $ (11.0) | (74)% | $ 59.3 | $ 47.2 | $ 12.2 | $ 12.2 | $ 12 | 26% | $ 35 | 287% | $ 55.5 | $ 32.3 | ||||||||||||||
Short-term investments, net | $ - 0 | $ 25.0 | $ (25.0) | $ (31.0) | $ 26.0 | $ (57.0) | $ (57.0) | $ (31.0) | $ 1.0 | |||||||||||||||||||
Capital expenditures | (10.0) | (10.1) | 0.1 | (34.0) | (29.9) | (4.1) | (4.1) | (24.0) | (19.8) | |||||||||||||||||||
Business acquisitions | - 0 | - 0 | - 0 | (54.5) | (9.8) | (44.7) | (44.7) | (54.5) | (9.8) | |||||||||||||||||||
Other investing, net | 0.5 | (0.1) | 0.6 | (0.8) | (0.4) | (0.4) | (1.3) | (0.3) | ||||||||||||||||||||
Net cash provided (used) by investing activities | $ (9.5) | $ 14.7 | $ (24.2) | $ (120.3) | $ (14.1) | $ (106.2) | $ (106.2) | $ (110.8) | $ (28.9) | |||||||||||||||||||
Net cash flow before financing activities | $ (5.6) | $ 29.6 | $ (35.2) | $ (61.0) | $ 33.0 | $ (94.0) | $ (94.0) | $ (55.3) | $ 3.4 | |||||||||||||||||||
Proforma adjustments | ||||||||||||||||||||||||||||
Add: actual interest paid | - 0 | 3.2 | (3.2) | 11.6 | 12.3 | (0.7) | ||||||||||||||||||||||
Less: proforma interest paid(1) | - 0 | (3.2) | 3.2 | (12.9) | (13.0) | 0.2 | ||||||||||||||||||||||
Add: payment of premiums and costs on extinguished debt | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Proforma net cash flow before financing activities | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented | ||||||||||||||||||||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments |
PR Table #5 - Guidance
Phibro Animal Health Corporation | |||||||||||
Guidance for fiscal year 2017 | |||||||||||
FY 2017 Guidance - adjusted basis | FY 2016 adjusted | Growth - adjusted basis | FY 2016 reported | ||||||||
low | high | low | high | ||||||||
(in millions, except per share amounts and percentages) | |||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | $ 486 | |||
Net sales | 750 | - | 770 | 752 | (0)% | - | 2% | 752 | |||
Adjusted EBITDA | 116 | - | 120 | 114 | 2% | - | 5% | ||||
Depreciation expense | 21 | - | 21 | 18 | 18% | - | 18% | ||||
Operating income | 95 | - | 99 | 96 | (1)% | - | 3% | 86 | |||
Interest expense, net | 17 | - | 17 | 15 | 10% | - | 10% | 17 | |||
Foreign currency (gains) losses, net | - 0 | - 0 | - 0 | * | * | (8) | |||||
Income before income taxes | 78 | - | 82 | 81 | (3)% | - | 2% | 77 | |||
Provision (benefit) for income taxes | 23 | - | 24 | 24 | (3)% | - | 2% | (6) | |||
Net income | $ 55 | - | $ 58 | $ 57 | (3)% | - | 2% | $ 83 | |||
Net income per share - diluted | $ 1.38 | - | $ 1.45 | $ 1.43 | (3)% | - | 1% | $ 2.07 | |||
Weighted average common shares outstanding | |||||||||||
Diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | ||||||
Ratio to net sales | |||||||||||
Adjusted EBITDA | 15.5% | - | 15.6% | 15.2% | |||||||
Effective tax rate | 29.6% | - | 29.6% | 29.6% | |||||||
* Calculation not meaningful | |||||||||||
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016. |
PR Table #5 Guidance NEW
Phibro Animal Health Corporation | Input | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidance for fiscal year 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 GAAP - updated | FY 2016 GAAP | Growth | FY 2017 GAAP - initial | YTD March 31, 2017 | Q4 Forecast | Q4 Low | Q4 High | FY 2017 GAAP - updated | FY 2017 GAAP - updated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Schedule 1 | low | high | Q1 | Q2 | Q3 | March YTD | Q4 Forecast | Q4 Low | Q4 High | low | high | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | Operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | 527 | 125 | 121 | 126 | 648 | 653 | Net Sales | 187,987 | 191,598 | 185,883 | 565,468 | 193,871 | 191,000 | 196,000 | 756,468 | 761,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 648 | - | $ 653 | $ 486 | 33% | - | 34% | $ 495 | - | $ 510 | Schedule 1 | Net sales | 800 | 194 | 191 | 196 | 991 | 996 | COGS | 126,988 | 128,100 | 125,319 | 380,407 | 132,292 | 130,924 | 133,336 | 511,331 | 513,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 991 | - | 996 | 752 | 32% | - | 33% | 750 | - | 770 | Schedule 1 | GM | 60,999 | 63,498 | 60,564 | 185,061 | 61,579 | 60,076 | 62,664 | 245,137 | 247,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A | 39,186 | 40,870 | 42,445 | 122,501 | 40,393 | 40,393 | 40,981 | 162,894 | 163,482 | 0.3176287325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 89 | - | 91 | 86 | 4% | - | 6% | na | na | Schedule 2 | Schedule 2 | Operating Income | 21,813 | 22,628 | 18,119 | 62,560 | 21,186 | 19,683 | 21,683 | 82,243 | 84,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 17 | - | 17 | 17 | 1% | - | 1% | na | na | Schedule 2 | Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1 | - | 1 | (8) | * | * | na | na | Schedule 2 | Operating income | 69 | 21 | 20 | 21.68 | 89 | 91 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 71 | - | 73 | 77 | (7)% | - | (5)% | na | na | Interest expense, net | 13 | 4 | 4 | 3.90 | 17 | 17 | Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 27 | - | 27 | (6) | * | - | * | na | na | Schedule 3 | Foreign currency (gains) losses, net | 1 | - 0 | - 0 | - 0 | 1 | 1 | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 45 | - | $ 46 | $ 83 | (46)% | - | (44)% | na | na | Net income | 12,177 | 13,349 | 3,854 | 29,380 | 12,017 | 10,972 | 12,362 | 40,352 | 41,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 1.11 | - | $ 1.15 | $ 2.07 | (46)% | - | (44)% | na | na | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 3 | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | - | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 22 | 5 | 4.82 | 5.43 | 27 | 27 | Net income | 12,177 | 13,417 | 5,642 | 31,236 | 12,017 | 10,972 | 12,362 | 42,208 | 43,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 Adjusted - updated | FY 2016 Adjusted | Growth | FY 2017 Adjusted - initial | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Depreciation and amortization | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | EBITDA | 27,797 | 29,688 | 27,152 | 84,637 | 28,260 | 26,757 | 28,757 | 111,394 | 113,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 115 | - | $ 117 | $ 114 | 1% | - | 3% | $ 116 | - | $ 120 | Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 20.715 | - | 20.715 | 18 | 16% | - | 16% | 21 | - | 21 | Acquisition-related transaction costs | 1,274 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense, net | 13.899 | - | 13.899 | 15 | (8)% | - | (8)% | 17 | - | 17 | Pension settlement cost | - 0 | 1,702 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | 80 | - | 82 | 81 | (1)% | - | 2% | 78 | - | 82 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 26 | - | 26 | 24 | 8% | - | 10% | 23 | - | 24 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ 55 | - | $ 56 | $ 57 | (4)% | - | (2)% | $ 55 | - | $ 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 29,825 | 31,262 | 26,749 | 87,836 | 28,680 | 27,177 | 29,177 | 115,013 | 117,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.36 | - | $ 1.40 | $ 1.43 | (5)% | - | (2)% | $ 1.38 | - | $ 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | Interest expense, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
na GAAP guidance was not initially provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Interest | 690 | 463 | 349 | 1,502 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 1,779 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Letters of Credit Fee | 84 | 77 | 84 | 245 | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 349 | 349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Unused Line Fee | 153 | 168 | 185 | 506 | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Def Charges Amort | 96 | 96 | 95 | 287 | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 382 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Interest | 2,905 | 2,866 | 2,859 | 8,630 | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 11,450 | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - OID Amort | 27 | 26 | 26 | 79 | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 105 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Def Charge Amort | 132 | 133 | 132 | 397 | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 529 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term care agreement | 33 | 33 | 33 | 99 | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri | 16 | 13 | - 0 | 29 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 24 | 21 | 22 | 67 | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 89 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CP Chemicals | 2 | 2 | 2 | 6 | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | 2 | 1 | 1 | 4 | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related accrued interest | 393 | 462 | 459 | 1,314 | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 1,773 | 1,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 30 | 68 | 3 | 101 | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 131 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (680) | (489) | (321) | (1,490) | (300) | (300) | (300) | (1,790) | (1,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,304 | 16,381 | 53,257 | 17,290 | 15,787 | 17,788 | 69,044 | 71,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 30.7% | 30.5% | 65.6% | 41.3% | 30.5% | 30.5% | 30.5% | 38.9% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 655 | 665 | 1,980 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,645 | 2,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 13 | 26 | 13 | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 1,604 | 1,682 | 1,951 | 5,237 | 2,183 | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 7,420 | 7,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 542 | 542 | 610 | 1,694 | 610 | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,304 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 799 | 800 | 817 | 2,416 | 817 | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,449 | 2,488 | 2,504 | 7,441 | 2,504 | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,945 | 9,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 656 | 665 | 1,981 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,646 | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 5 | 18 | 5 | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 893 | 1,062 | 1,331 | 3,286 | 1,331 | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 4,849 | 4,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 404 | 405 | 472 | 1,281 | 472 | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,753 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 153 | 155 | 171 | 479 | 171 | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,357 | 2,398 | 2,474 | 7,229 | 2,474 | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,703 | 9,703 | |||||||||||||||||||||||||||||||||||||||||
Total | 4,730 | 4,953 | 5,400 | 15,083 | 5,400 | 5,632 | 5,632 | 20,715 | 20,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquistion-related cost of goods sold | 1,265 | 1,265 | 1,266 | 3,796 | 1,266 | 1,266 | 1,266 | 5,062 | 5,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | 263 | 169 | 170 | 602 | 170 | 170 | 170 | 772 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | 1,274 | - 0 | - 0 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | - 0 | 1,702 | - 0 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued interest | 393 | 461 | 460 | 1,314 | 460 | 460 | 460 | 1,774 | 1,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before taxes | 21,521 | 22,705 | 16,086 | 60,312 | 19,606 | 18,103 | 20,104 | 78,415 | 80,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,967 | 7,334 | 5,982 | 20,283 | 5,980 | 5,522 | 6,132 | 25,805 | 26,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | 14,554 | 15,371 | 10,104 | 40,029 | 13,626 | 12,582 | 13,972 | 52,611 | 54,001 |
depreciation & amort
Depreciation and Amortization | |||||||||||
Depreciation | Amortization | Depreciation and Amortization | |||||||||
FY16 | FY17 | increase | FY16 | FY17 | increase | FY16 | FY17 | increase | |||
Corporate | 3,029 | 2,936 | (93) | - 0 | - 0 | - 0 | 3,029 | 2,936 | (93) | ||
PChem | 19 | 22 | 3 | - 0 | - 0 | - 0 | 19 | 22 | 3 | ||
EPG | 172 | 204 | 32 | - 0 | - 0 | - 0 | 172 | 204 | 32 | ||
PAP | 4,201 | 6,340 | 2,139 | 3,581 | 3,170 | (411) | 7,782 | 9,510 | 1,728 | ||
PTech | 787 | (787) | 940 | (940) | 787 | 940 | 153 | ||||
Non - PAH | 8,208 | 9,502 | 1,294 | 4,521 | 3,170 | (1,351) | 11,789 | 13,612 | 1,823 | ||
PAH Domestic | - 0 | - 0 | - 0 | 1,901 | (1,901) | ||||||
Brazil | - 0 | - 0 | 2,940 | (2,940) | |||||||
Israel | - 0 | - 0 | 6,203 | (6,203) | |||||||
EPG Brazil | - 0 | - 0 | 13 | (13) | |||||||
Ferro | - 0 | - 0 | 1 | 1 | - 0 | ||||||
PAH Foreign Other | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 605 | 13,721 | 13,116 | ||
Tota PAH | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 11,663 | 13,722 | 2,059 | ||
Total | 17,893 | 21,050 | 3,157 | 5,559 | 6,284 | 725 | 23,452 | 27,334 | 3,882 | ||
Q4 run rate | Q4 run rate | ||||||||||
20,812 | 6,284 |
interest expense
Interest expense | ||||||
2016 Interest | 2017 Interest | change | Principal | Interest Rate | ||
Term B Q1 | 2.935 | 2.842 | (0.093) | 284.2 | 1% | |
Term B Q2 | 2.927 | 2.835 | (0.092) | 283.5 | 1% | |
Term B Q3 | 2.888 | 2.827 | (0.061) | 282.7 | 1% | |
Term B Q4 | 2.881 | 2.820 | (0.061) | 282.0 | 1% | |
Revolver | 1.410 | 2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | 0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | |||
Letters of Credit | 0.301 | 0.374 | 0.073 | 14.2 | 2.6% | |
Unused Line Fee | 0.445 | 0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | 0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | |||
Ticking Fee | - 0 | 0.750 | 0.750 | |||
LT care agreement | 0.181 | 0.132 | (0.049) | |||
Prince | 0.062 | 0.031 | (0.031) | |||
Ptech | 0.093 | 0.093 | - 0 | |||
CP Chemicals | 0.008 | - 0 | (0.008) | |||
Capital Leases | 0.006 | - 0 | (0.006) | |||
Other, net | (0.010) | - 0 | 0.010 | |||
Term B OID | 0.104 | 0.104 | (0.000) | |||
Term B Deferred Costs | 0.530 | 0.530 | (0.000) | |||
Revolver Deferred Costs - New | 0.355 | 0.381 | 0.026 | |||
15.116 | 16.594 | 1.478 | ||||
Acq-related accrued interest | 1.476 | |||||
Total | 16.592 |
Webcast #1 NEW
Consolidated | Consolidated | ||||||||||||||||||
Make sure all cells are linked | |||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | ||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Net income | 5.6 | 8.8 | (3.2) | (36)% | Net income | 33.6 | 54.7 | (21.2) | (39)% | ||||||||||
Diluted EPS | $ 0.14 | $ 0.22 | $ (0.08) | (36)% | Diluted EPS | $ 0.83 | $ 1.35 | $ (0.52) | (39)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
Adjusted net income | 6.8 | 13.6 | (6.8) | (50)% | Adjusted net income | 43.8 | 62.0 | (18.2) | (29)% | ||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% |
Webcast #2 NEW
Consolidated | Consolidated | |||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | |||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | Adjusted gross profit | 263.5 | 269.9 | (6.4) | (2)% | |||||||||||
Adjusted SG&A | 44.2 | 45.9 | (1.7) | (4)% | Adjusted SG&A | 184.8 | 173.3 | 11.5 | 7% | |||||||||||
Adjusted EBITDA | 23.9 | 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | 102.1 | 118.0 | (15.9) | (13)% | |||||||||||
Depreciation expense | 5.9 | 5.6 | 0.3 | 5% | Depreciation expense | 23.3 | 21.4 | 1.8 | 9% | UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | Adjusted interest expense, net | 12.6 | 11.8 | 0.8 | 7% | |||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | Adjusted income before income taxes | 66.1 | 84.8 | (18.7) | (22)% | |||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | Adjusted provision for income taxes | 22.3 | 22.8 | (0.5) | (2)% | |||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | Adjusted net income | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | |||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% | |||||||||||
Ratio to net sales | Ratio to net sales | |||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | Adjusted gross profit | 32.9% | 32.6% | |||||||||||||||
Adjusted SG&A | 23.8% | 22.5% | Adjusted selling, general and administrative | 23.1% | 20.9% | |||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | Adjusted income before income taxes | 8.3% | 10.2% | |||||||||||||||
Adjusted net income | 3.6% | 6.7% | Adjusted net income | 5.5% | 7.5% | |||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | Adjusted effective tax rate | 33.7% | 26.9% |
Webcast #1
Consolidated | Consolidated | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Animal Health | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Animal Health | $ 526.9 | $ 532.0 | (5.1) | (1)% | |||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | Mineral Nutrition | 214.4 | 233.8 | (19.4) | (8)% | |||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | Performance Products | 59.0 | 62.2 | (3.2) | (5)% | |||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | (27.6) | (3)% | |||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | Gross profit | 256.9 | 264.6 | (7.7) | (3)% | |||||||
% of net sales | 32.6% | 32.0% | % of net sales | 32.1% | 32.0% | |||||||||||
SG&A | 42.4 | 53.2 | (10.8) | (20)% | SG&A | 187.7 | 181.4 | 6.3 | 3% | |||||||
% of net sales | 22.8% | 26.1% | % of net sales | 23.5% | 21.9% | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | -050bps | % of net sales | 12.8% | 14.3% | +060bps | |||||||||
Adjusted diluted EPS | $0.17 | $0.33 | $ (0.16) | (48)% | Adjusted EPS | $1.08 | $1.53 | $ (0.45) | (29)% | |||||||
40.74 | 53.2 | (12.5) | (23)% |
Webcast #3 NEW
Consolidated | Consolidated | ||||||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | ||||||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | ||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | ||||||||||||
Animal Health | Animal Health | ||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | ||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | ||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | ||||||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | ||||||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | ||||||||||
% of segment net sales | 24.2% | 23.6% | +60bps | % of segment net sales | 23.4% | 25.6% | -220bps |
Webcast #2
Consolidated | Consolidated | |||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | |||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | |||||||||
Animal Health | Animal Health | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, excpet percentages) | (in millions, excpet percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | |||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||
% of segment net sales | 24.2% | 23.6% | -090bps | % of segment net sales | 23.4% | 25.6% | +010bps |
Webcast #4 NEW
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||
Mineral Nutrition | Mineral Nutrition | ||||||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | ||||||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | ||||||||
% of segment net sales | 6.9% | 6.7% | +20bps | % of segment net sales | 6.8% | 6.7% | +10bps | ||||||||||
Performance Products | Performance Products | ||||||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | ||||||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | ||||||||
% of segment net sales | 5.3% | 7.4% | -210bps | % of segment net sales | 7.7% | 7.6% | +10bps | ||||||||||
Corporate | Corporate | ||||||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | ||||||||
* Calculation not meaningful | * Calculation not meaningful |
Webcast #3
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||
(in millions, except percentages) | (in millions, except percentages) | |||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | |||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | |||||
% of segment net sales | 6.9% | 6.7% | +000bps | % of segment net sales | 6.8% | 6.7% | +160bps | |||||||
Performance Products | Performance Products | |||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | |||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | |||||
% of segment net sales | 5.3% | 7.4% | -020bps | % of segment net sales | 7.7% | 7.6% | +400bps | |||||||
Corporate | Corporate | |||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | |||||
* Calculation not meaningful | * Calculation not meaningful |
FY2020 Guidance update Webcast
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | 524,603 | 495,000 | 510,000 | 94% | 97% | ||||||||||||
Net sales | $ 812 | - | $ 828 | $ 828 | $ (16) | - | $ 0 | (2)% | - | 0% | $ (21) | - | $ (35) | 788,165 | 750,000 | 770,000 | 95% | 98% | ||||||||||||
Operating income | 94.9 | - | 97.8 | 97.9 | (3.0) | - | (0.1) | (3)% | - | (0)% | - 0 | - | (3.8) | 94,986 | 94,950 | 98,950 | 100% | 104% | ||||||||||||
Interest expense, net | 12.8 | - | 12.3 | 14.9 | (2.1) | - | (2.6) | (14)% | - | (17)% | - 0 | - | (1.4) | 18,322 | 16,594 | 16,594 | 91% | 91% | ||||||||||||
Foreign currency (gains) losses, net | - 0 | - | - 0 | (0.1) | 0.1 | - | 0.1 | * | - | * | - 0 | - | 0.1 | 1,444 | - 0 | - 0 | 0% | 0% | ||||||||||||
Loss on extinguishment of debt | - 0 | - | - 0 | 2.6 | (2.6) | - | (2.6) | * | - | * | - 0 | - | (2.6) | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
Income before income taxes | 82.1 | - | 85.5 | 80.5 | 1.5 | - | 5.0 | 2% | - | 6% | - 0 | - | 0.0 | 75,220 | 78,356 | 82,356 | ||||||||||||||
Provision (benefit) for income taxes | 24.2 | - | 22.5 | 15.9 | 8.2 | - | 6.6 | 52% | - | 41% | - 0 | - | 10.0 | 22,190 | 23,147 | 24,330 | 104% | 110% | ||||||||||||
Net income | $ 57.9 | - | $ 63.0 | $ 64.6 | $ (6.7) | - | $ (1.6) | (10)% | - | (2)% | $ - 0 | - | $ (10.0) | 53,030 | 55,209 | 58,026 | 104% | 109% | ||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $ 1.61 | $ (0.73) | - | $ (0.66) | (45)% | - | (41)% | $ 0.04 | - | $ 0.05 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 40.4 | - | 40.3 | 40.0 | - 0 | - | - 0 | |||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 26.3% | 19.8% | ERROR:#DIV/0! | - | 24389.2% | |||||||||||||||||||||||
Adjusted | ||||||||||||||||||||||||||||||
for the year ending June 30 | 2018 | 2017 | Increase (Decrease) | 2018 | ||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||
Depreciation expense | 21.6 | - | 21.6 | 20.1 | 1.5 | - | 1.5 | 8% | - | 8% | - 0 | - | - 0 | |||||||||||||||||
Adjusted interest expense, net | 11.7 | - | 11.2 | 13.5 | (1.8) | - | (2.3) | (13)% | - | (17)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted income before income taxes | 69.7 | - | 74.2 | 84.5 | (14.8) | - | (10.3) | (18)% | - | (12)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted provision (benefit) for income taxes | 27.1 | - | 28.4 | 26.0 | 1.1 | - | 2.4 | 4% | - | 9% | - 0 | - | - 0 | |||||||||||||||||
Adjusted net income | $ 42.5 | - | $ 45.7 | $ 58.4 | $ (15.9) | - | $ (12.7) | (27)% | - | (22)% | $ - 0 | - | $ - 0 | |||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | |||||||||||||||||
Adjusted EBITDA ratio to net sales | 12.7% | - | 12.9% | 14.3% | 0.0% | - | 0.0% | |||||||||||||||||||||||
Adjusted effective income tax rate | 38.9% | - | 38.3% | 30.8% | ERROR:#DIV/0! | - | ERROR:#DIV/0! | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||
* Calculation not meaningful |
FY2020 Guidance update Press Re
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||||||||||
GAAP | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | $ 537 | - | $ 557 | 524,603 | 495,000 | 510,000 | 94% | 97% | |||||||||||||||||
Net sales | 812 | - | 828 | 828 | (16) | - | 0 | (2)% | - | 0% | (21) | - | (35) | $ 833 | - | $ 863 | 788,165 | 750,000 | 770,000 | 95% | 98% | |||||||||||||||||
Gross profit | 265 | - | 272 | 265 | 1 | - | 8 | 0% | - | 3% | (5) | - | (8) | 270 | - | 280 | ||||||||||||||||||||||
Selling, general and administrative | 198 | - | 201 | 181 | 17 | - | 20 | 9% | - | 11% | (7) | - | (10) | 205 | - | 211 | ||||||||||||||||||||||
Operating income | 67 | - | 71 | 83 | (16) | - | (12) | (20)% | - | (15)% | 2 | - | 2 | 65 | - | 69 | 94,986 | 94,950 | 98,950 | 100% | 104% | |||||||||||||||||
Interest expense, net | 14 | - | 14 | 12 | 2 | - | 3 | 18% | - | 22% | (4) | - | (4) | 18 | - | 19 | 18,322 | 16,594 | 16,594 | 91% | 91% | |||||||||||||||||
Foreign currency (gains) losses, net | 3 | - | 3 | (0) | 3 | - | 3 | * | - | * | 3 | - | 3 | - 0 | - | - 0 | 1,444 | - 0 | - 0 | 0% | 0% | |||||||||||||||||
Income before income taxes | 51 | - | 54 | 72 | (21) | - | (17) | (29)% | - | (24)% | 3 | - | 4 | 47 | - | 50 | 75,220 | 78,356 | 82,356 | |||||||||||||||||||
Provision (benefit) for income taxes | 15 | - | 16 | 17 | (2) | - | (1) | (13)% | - | (8)% | 2 | - | 2 | 13 | - | 14 | 22,190 | 23,147 | 24,330 | 104% | 110% | |||||||||||||||||
Net income | $ 36 | - | $ 38 | $ 54 | $ (19) | - | $ (16) | (35)% | - | (30)% | $ 2 | - | $ 2 | $ 34 | - | $ 37 | 53,030 | 55,209 | 58,026 | 104% | 109% | |||||||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $1.35 | $ (0.47) | - | $ (0.40) | (35)% | - | (30)% | $ 0.04 | - | $ 0.05 | $ 0.84 | - | $ 0.90 | Note that the Net Income per share is hardcoded for 2019 | |||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | - | 40.5 | 40.5 | - 0 | - | - 0 | 40.5 | - | 40.5 | ||||||||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 29.0% | 23.5% | 2.0% | - | 2.0% | 27.5% | - | 27.0% | Note that the tax rate is hardcoded for 2019 | |||||||||||||||||||||||||||
Adjusted | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change | Change from Previous Guidance | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 272 | - | 279 | 270 | 2 | - | 9 | 1% | - | 3% | (7) | - | (10) | 279.4 | - | 289.2 | ||||||||||||||||||||||
Adjusted selling, general and administrative | 194 | - | 197 | 173 | 20 | - | 23 | 12% | - | 13% | (7) | - | (10) | 201.0 | - | 206.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 103.0 | - | 107.0 | caution - formula | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||||||
Depreciation expense | 25 | - | 25 | 21 | 3 | - | 3 | 14% | - | 14% | - 0 | - | - 0 | 24.6 | - | 24.6 | ||||||||||||||||||||||
Adjusted interest expense, net | 14 | - | 14 | 12 | 2 | - | 2 | 15% | - | 20% | (4) | - | (5) | 17.8 | - | 18.8 | ||||||||||||||||||||||
Adjusted income before income taxes | 65 | - | 68 | 85 | (20) | - | (16) | (24)% | - | (19)% | 4 | - | 5 | 60.6 | - | 63.6 | ||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 18 | - | 19 | 23 | (5) | - | (4) | (20)% | - | (18)% | 1 | - | 2 | 16.7 | - | 17.2 | ||||||||||||||||||||||
Adjusted net income | $ 47 | - | $ 50 | $ 62 | $ (15) | - | $ (12) | (25)% | - | (20)% | $ 3 | - | $ 3 | 43.9 | - | 46.4 | ||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | $ 1.08 | - | $ 1.15 | ||||||||||||||||||||||
Ratio to net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 33.5% | - | 33.7% | 32.6% | (0.0)% | - | 0.2% | 33.5% | - | 33.5% | ||||||||||||||||||||||||||||
Adjusted selling, general and administrative | 23.9% | - | 23.8% | 20.9% | (0.3)% | - | (0.2)% | 24.1% | - | 24.0% | ||||||||||||||||||||||||||||
Adjusted EBITDA | 12.7% | - | 12.9% | 14.3% | 0.3% | - | 0.5% | 12.4% | - | 12.4% | ||||||||||||||||||||||||||||
Adjusted effective income tax rate | 28.0% | - | 27.5% | 26.9% | 0.5% | - | 0.5% | 27.5% | - | 27.0% | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
Depr-Amort (Qtrly) - 6.30.20
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
June 30, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 1,672 | 1,672 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,672 | 1,672 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 222 | - 0 | - 0 | - 0 | 222 | 223 | 1 | ||||
Phibrochem-EPG | - 0 | 171 | 171 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 171 | 171 | ||||
Prince Agri - NS | 5,613 | 189 | 5,802 | - 0 | - 0 | - 0 | 2,449 | - 0 | 2,449 | 8,251 | 189 | ||||
Prince Agri - MN | 1,928 | 51 | 1,979 | - 0 | - 0 | - 0 | - 0 | 543 | 543 | 2,522 | 594 | ||||
Osprey Biotechnics | 147 | 20 | 167 | - 0 | - 0 | - 0 | 1,118 | 1,682 | 2,800 | 2,967 | 1,702 | ||||
Phibro-Tech | 1,636 | - 0 | 1,636 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,636 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 598 | 67 | 665 | - 0 | - 0 | - 0 | 2,637 | - 0 | 2,637 | 3,302 | 67 | ||||
PAH Foreign | 9,352 | 1,805 | 11,157 | - 0 | - 0 | - 0 | 131 | 308 | 439 | 11,596 | 2,113 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 19,274 | 3,977 | 23,251 | - 0 | 222 | - 0 | 6,335 | 2,533 | 9,090 | 32,341 | 6,510 | ||||
June 30, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 429 | 429 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 429 | 429 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 100 | 1 | ||||
Phibrochem-EPG | - 0 | 47 | 47 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 47 | 47 | ||||
Prince Agri - NS | 1,493 | 39 | 1,532 | - 0 | - 0 | - 0 | 519 | - 0 | 519 | 2,051 | 39 | ||||
Prince Agri - MN | 513 | 3 | 516 | - 0 | - 0 | - 0 | - 0 | 135 | 135 | 651 | 138 | ||||
Osprey Biotechnics | 40 | 7 | 47 | - 0 | - 0 | - 0 | 305 | 458 | 763 | 810 | 465 | ||||
Phibro-Tech | 456 | - 0 | 456 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 456 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 158 | 11 | 169 | - 0 | - 0 | - 0 | 657 | - 0 | 657 | 826 | 11 | ||||
PAH Foreign | 2,207 | 451 | 2,658 | - 0 | - 0 | - 0 | 59 | 76 | 135 | 2,793 | 527 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 4,867 | 989 | 5,856 | - 0 | 99 | - 0 | 1,540 | 669 | 2,308 | 8,164 | 1,658 | ||||
March 31, 2020 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
December 31, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | 918 | 918 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 918 | 918 | ||||
Phibrochem-ESS | - 0 | 5 | 5 | - 0 | 25 | - 0 | - 0 | - 0 | 25 | 30 | 5 | ||||
Phibrochem-EPG | - 0 | 86 | 86 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 86 | 86 | ||||
Prince Agri - NS | 2,522 | 111 | 2,633 | - 0 | - 0 | - 0 | 1,287 | - 0 | 1,287 | 3,920 | 111 | ||||
Prince Agri - MN | 879 | 43 | 922 | - 0 | - 0 | - 0 | - 0 | 291 | 291 | 1,213 | 334 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 522 | - 0 | 522 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 522 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 268 | 58 | 326 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,646 | 58 | ||||
PAH Foreign | 4,263 | 820 | 5,083 | - 0 | - 0 | - 0 | 28 | 86 | 114 | 5,197 | 906 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 8,454 | 2,041 | 10,495 | - 0 | 25 | - 0 | 2,635 | 377 | 3,037 | 13,532 | 2,418 | ||||
December 31, 2018 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | (439) | (439) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (439) | (439) | ||||
Phibrochem-ESS | - 0 | (1) | (1) | - 0 | (12) | - 0 | - 0 | - 0 | (12) | (13) | (1) | ||||
Phibrochem-EPG | - 0 | (40) | (40) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (40) | (40) | ||||
Prince Agri - NS | (1,268) | (46) | (1,314) | - 0 | - 0 | - 0 | (643) | - 0 | (643) | (1,957) | (46) | ||||
Prince Agri - MN | (434) | (11) | (445) | - 0 | - 0 | - 0 | - 0 | (147) | (147) | (592) | (158) | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | (260) | - 0 | (260) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (260) | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | (142) | (29) | (171) | - 0 | - 0 | - 0 | (660) | - 0 | (660) | (831) | (29) | ||||
PAH Foreign | (2,186) | (469) | (2,655) | - 0 | - 0 | - 0 | (14) | (74) | (88) | (2,743) | (543) | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | (4,290) | (1,035) | (5,325) | - 0 | (12) | - 0 | (1,317) | (221) | (1,550) | (6,875) | (1,256) | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #5 NEW
Phibro Animal Health Corporation | |||||||||||||||||||||||||
Guidance for fiscal year 2020 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
Actual | Low Range | High Range | |||||||||||||||||||||||
FY2020 | FY2019 | Change | FY2017 initial | ||||||||||||||||||||||
low | high | low | high | low | high | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||||
(in millions, except per share amounts and percentages) | Less: depreciation | (17.9) | (21.1) | (21.1) | |||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 557 | $ 532 | 1% | - | 5% | $ 495 | - | $ 510 | ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook | ||||||||||||||
Net sales | 833 | - | 863 | 828 | 1% | - | 4% | 750 | - | 770 | |||||||||||||||
Adjusted Net Income | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | (13)% | - | (9)% | $ 116 | - | $ 120 | |||||||||||||||
Adjusted diluted EPS | $ 1.08 | - | $ 1.15 | $ 1.53 | (29)% | - | (25)% | $ 1.38 | - | $ 1.45 | |||||||||||||||
Adjusted EPS | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Effective Tax Rate | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! |
Depr-Amort (Qtrly Analysis)
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
March 31, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
March 31, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 445 | 445 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 445 | 445 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 99 | - 0 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,408 | 52 | 1,460 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 2,104 | 52 | ||||
Prince Agri - MN | 477 | 16 | 493 | - 0 | - 0 | - 0 | - 0 | 136 | 136 | 629 | 152 | ||||
Osprey Biotechnics | 40 | 5 | 45 | - 0 | - 0 | - 0 | 305 | 459 | 764 | 809 | 464 | ||||
Phibro-Tech | 410 | - 0 | 410 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 410 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 149 | 10 | 159 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 819 | 10 | ||||
PAH Foreign | 2,313 | 456 | 2,769 | - 0 | - 0 | - 0 | 44 | 77 | 121 | 2,890 | 533 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,797 | 1,027 | 5,824 | - 0 | 99 | - 0 | 1,653 | 672 | 2,424 | 8,248 | 1,699 | ||||
December 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/19 | 12/31/19 | 12/31/19 | |||||
Phibro Corporate | - 0 | 798 | 798 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 798 | 798 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 24 | - 0 | - 0 | - 0 | 24 | 24 | - 0 | ||||
Phibrochem-EPG | - 0 | 81 | 81 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 81 | 81 | ||||
Prince Agri - NS | 2,712 | 98 | 2,810 | - 0 | - 0 | - 0 | 1,286 | - 0 | 1,286 | 4,096 | 98 | ||||
Prince Agri - MN | 938 | 32 | 970 | - 0 | - 0 | - 0 | - 0 | 272 | 272 | 1,242 | 304 | ||||
Osprey Biotechnics | 67 | 8 | 75 | - 0 | - 0 | - 0 | 508 | 765 | 1,273 | 1,348 | 773 | ||||
Phibro-Tech | 770 | - 0 | 770 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 770 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 291 | 46 | 337 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,657 | 46 | ||||
PAH Foreign | 4,832 | 898 | 5,730 | - 0 | - 0 | - 0 | 28 | 155 | 183 | 5,913 | 1,053 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 9,610 | 1,961 | 11,571 | - 0 | 24 | - 0 | 3,142 | 1,192 | 4,358 | 15,929 | 3,153 | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
March 31, 2019 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 439 | 439 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 439 | 439 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 13 | 1 | ||||
Phibrochem-EPG | - 0 | 40 | 40 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 40 | 40 | ||||
Prince Agri - NS | 1,268 | 46 | 1,314 | - 0 | - 0 | - 0 | 643 | - 0 | 643 | 1,957 | 46 | ||||
Prince Agri - MN | 434 | 11 | 445 | - 0 | - 0 | - 0 | - 0 | 147 | 147 | 592 | 158 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | 260 | - 0 | 260 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 260 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 142 | 29 | 171 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 831 | 29 | ||||
PAH Foreign | 2,186 | 469 | 2,655 | - 0 | - 0 | - 0 | 14 | 74 | 88 | 2,743 | 543 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,290 | 1,035 | 5,325 | - 0 | 12 | - 0 | 1,317 | 221 | 1,550 | 6,875 | 1,256 | ||||
September 30, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 09/30/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 09/30/18 | 09/30/18 | 09/30/18 | |||||
Phibro Corporate | - 0 | 465 | 465 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 465 | 465 | ||||
Phibrochem-ESS | - 0 | 3 | 3 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 15 | 3 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,255 | 52 | 1,307 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 1,951 | 52 | ||||
Prince Agri - MN | 436 | 17 | 453 | - 0 | - 0 | - 0 | - 0 | 144 | 144 | 597 | 161 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 258 | - 0 | 258 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 258 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 125 | 29 | 154 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 814 | 29 | ||||
PAH Foreign | 2,086 | 417 | 2,503 | - 0 | - 0 | - 0 | 14 | 31 | 45 | 2,548 | 448 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,160 | 1,026 | 5,186 | - 0 | 12 | - 0 | 1,318 | 175 | 1,505 | 6,691 | 1,201 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #4
Consolidated | |||||||||||||||||||||||||
For the years ended June 30 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
(in millions, except per share) | 2017 Guidance | 2016 | Growth | Actual | Low Range | High Range | |||||||||||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||
Less: depreciation | (17.9) | (21.1) | (21.1) | ||||||||||||||||||||||
Net sales | $ 750 | - | $ 770 | $ 752 | (0)% | - | 2% | Less: Interest | (15.1) | (16.6) | (16.6) | ||||||||||||||
Income before Taxes | 81.1 | 78.3 | 82.3 | ||||||||||||||||||||||
Adjusted EBITDA | $ 116 | - | $ 120 | $ 114 | 2% | - | 5% | Provision for income taxes | (23.9) | (23.1) | (24.3) | ||||||||||||||
ratio | 15.5% | 15.6% | 15.2% | +30bps | Adjusted Net Income | 57.2 | 55.2 | 58.0 | |||||||||||||||||
Adjusted EPS | $ 1.38 | - | $ 1.5 | $ 1.43 | (3)% | - | 1% | ||||||||||||||||||
Weighted Average Shares | 40.0 | 40.0 | 40.0 | ||||||||||||||||||||||
Adjusted EPS | 1.43 | 1.38 | 1.45 | ||||||||||||||||||||||
Effective Tax Rate | 29.5% | 29.5% | 29.5% |
Other SegmentsQ4 – June 2020
Mineral Nutrition- Sales decreased due to lower average selling
prices and lower overall volumes
- Adjusted EBITDA decrease driven primarily by lower gross profit, as lower average selling prices outpaced favorable raw material costs.
Performance Products- Sales volume declines in copper-based and
industrial chemical products contributed to lower gross profit and a decline in Adjusted EBITDA
Corporate- Comparable to the prior year
8 August 27, 2020 Webcast and Conference Call
For the three months ended June 30 2020 2019
Net sales 49.9$ 56.0$ (6.1)$ (11)%
Adjusted EBITDA 3.5$ 3.8$ (0.3)$ (8)%
% of segment net sales 6.9% 6.7% +20bps
Net sales 13.6$ 15.9$ (2.3)$ (14)%
Adjusted EBITDA 0.7$ 1.2$ (0.4)$ (38)%
% of segment net sales 5.3% 7.4% -210bps
Adjusted EBITDA (9.9)$ (9.8)$ (0.1)$ *
* Calculation not meaningful
Performance Products
Corporate
Change
(in millions, except percentages)
Mineral Nutrition
Summary
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Net sales | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | |||||||||||||||||||||||||||
Cost of goods sold | 125,319 | 138,580 | (13,261) | (10)% | 543,472 | 563,371 | (19,899) | (4)% | 418,153 | 424,791 | Cost of goods sold | 543,472 | 563,371 | 553,103 | 512,494 | 515,311 | (19,899) | (4)% | 40,609 | 8% | (2,817) | (1)% | |||||||||||||||||||||||||||
Gross profit | 60,564 | 65,303 | (4,739) | (7)% | 256,882 | 264,624 | (7,742) | (3)% | 196,318 | 199,321 | Gross profit | 256,882 | 264,624 | 266,879 | 239,032 | 233,280 | (7,742) | (3)% | (2,255) | (1)% | 27,847 | 12% | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,445 | 53,204 | (10,759) | (20)% | 187,688 | 181,398 | 6,290 | 3% | 145,243 | 128,194 | Selling, general and administrative expenses | 187,688 | 181,398 | 167,953 | 153,288 | 145,612 | 6,290 | 3% | 13,445 | 8% | 14,665 | 10% | |||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | 51,075 | 71,127 | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | |||||||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Income before income taxes | 16,381 | 9,211 | 7,170 | 78% | 55,512 | 71,505 | (15,993) | (22)% | 39,131 | 62,294 | Income before income taxes | 55,512 | 71,505 | 88,070 | 76,761 | 78,763 | (15,993) | (22)% | (16,565) | (19)% | 11,309 | 15% | |||||||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | * | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $27,910 | $45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | |||||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | basic | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.11 | $1.55 | $ (0.52) | $ (0.26) | $ (0.50) | ||||||||||||||||||||||||||||||||||
diluted | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | diluted | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.07 | $1.51 | $ (0.52) | $ (0.26) | $ (0.46) | ||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding | Weighted average number of shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | 40,454 | 40,454 | 40,454 | 40,412 | basic | 40,454 | 40,412 | 40,181 | 39,254 | 38,969 | |||||||||||||||||||||||||||||||||||||||
diluted | 40,504 | 40,536 | 40,504 | 40,523 | diluted | 40,504 | 40,523 | 40,385 | 39,962 | 39,815 | |||||||||||||||||||||||||||||||||||||||
Ratio to net sales | Ratio to net sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | Gross profit | 32.1% | 32.0% | 32.5% | 31.8% | 31.2% | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 22.8% | 26.1% | 23.5% | 21.9% | Selling, general and administrative expenses | 23.5% | 21.9% | 20.5% | 20.4% | 19.5% | |||||||||||||||||||||||||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | Operating income | 8.6% | 10.1% | 12.1% | 11.4% | 11.7% | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | Income before income taxes | 6.9% | 8.6% | 10.7% | 10.2% | 10.5% | |||||||||||||||||||||||||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | Net income | 4.2% | 6.6% | 7.9% | 11.0% | 8.1% | |||||||||||||||||||||||||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | Effective tax rate | 39.6% | 23.5% | 26.3% | (7.8)% | 23.5% | |||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful |
&Z&F&D &T
Adj EBITDA Rec - Segments
Three Months | Twelve Months | Nine Months | Change | |||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||
Net sales | (in thousands, except percentages) | Net sales | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ 72,641 | $ 86,315 | $ (13,674) | (16)% | $ 322,300 | $ 350,468 | $ (28,168) | (8)% | $ 249,659 | $ 264,153 | MFAs and other | $ 322,300 | $ 350,468 | $ 336,666 | $ 339,916 | $ 335,735 | $ (28,168) | (8)% | $ 13,802 | 4% | $ (3,250) | (1)% | ||||||||||||||||||||||||
Nutritional specialties | 31,133 | 28,558 | 2,575 | 9% | 129,264 | 113,215 | 16,049 | 14% | 98,131 | 84,657 | Nutritional specialties | 129,264 | 113,215 | 122,978 | 94,084 | 81,702 | 16,049 | 14% | (9,763) | (8)% | 28,894 | 31% | ||||||||||||||||||||||||
Vaccines | 18,617 | 17,161 | 1,456 | 8% | 75,340 | 68,291 | 7,049 | 10% | 56,723 | 51,130 | Vaccines | 75,340 | 68,291 | 72,083 | 52,140 | 53,363 | 7,049 | 10% | (3,792) | (5)% | 19,943 | 38% | ||||||||||||||||||||||||
Animal Health | 122,391 | 132,034 | (9,643) | (7)% | 526,904 | 531,974 | (5,070) | (1)% | $ 404,513 | $ 399,940 | Animal Health | 526,904 | 531,974 | 531,727 | 486,140 | 470,800 | (5,070) | (1)% | 247 | 0% | 45,587 | 9% | ||||||||||||||||||||||||
Mineral Nutrition | 49,878 | 55,972 | (6,094) | (11)% | 214,412 | 233,782 | (19,370) | (8)% | 164,534 | 177,810 | Mineral Nutrition | 214,412 | 233,782 | 234,922 | 216,685 | 227,102 | (19,370) | (8)% | (1,140) | (0)% | 18,237 | 8% | ||||||||||||||||||||||||
Performance Products | 13,614 | 15,877 | (2,263) | (14)% | 59,038 | 62,239 | (3,201) | (5)% | 45,424 | 46,362 | Performance Products | 59,038 | 62,239 | 53,333 | 48,701 | 50,689 | (3,201) | (5)% | 8,906 | 17% | 4,632 | 10% | ||||||||||||||||||||||||
Total | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Total | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | ||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ 29,572 | $ 31,167 | $ (1,595) | (5)% | $ 123,106 | $ 136,049 | $ (12,943) | (10)% | $ 93,534 | $ 104,882 | Animal Health | $ 123,106 | $ 136,049 | $ 141,914 | $ 127,442 | $ 120,259 | $ (12,943) | (10)% | $ (5,865) | (4)% | $ 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Mineral Nutrition | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Performance Products | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Corporate | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Total | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Total | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | ||||||||||||||||||||||||
Adjusted EBITDA ratio to segment net sales | Adjusted EBITDA ratio to segment net sales | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | 23.1% | 26.2% | Animal Health | 23.4% | 25.6% | 26.7% | 26.2% | 25.5% | ||||||||||||||||||||||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | 6.8% | 6.7% | Mineral Nutrition | 6.8% | 6.7% | 7.9% | 6.9% | 6.4% | ||||||||||||||||||||||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | 8.4% | 7.7% | Performance Products | 7.7% | 7.6% | 3.5% | 2.0% | 5.2% | ||||||||||||||||||||||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | (4.9%) | (4.6%) | Corporate (1) | (5.0)% | (4.6)% | (4.1)% | (3.9)% | (3.6%) | ||||||||||||||||||||||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | 12.7% | 14.7% | Total (1) | 12.8% | 14.3% | 15.7% | 15.2% | 14.7% | ||||||||||||||||||||||||||||||||||
(1) reflects ratio to total net sales | (1) reflects ratio to total net sales | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to adjusted EBITDA | Reconciliation of operating income to adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 2020 | 2019 | 2020 / 2019 | 2020 | 2019 | 2020 / 2019 | For the Years Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||||
(in thousands) | Animal Health | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 23,045 | $ 25,275 | $ (2,230) | (9)% | $ 96,539 | $ 113,737 | $ (17,198) | (15)% | $ 73,494 | $ 88,462 | Operating income | $ 96,539 | $ 113,737 | $ 118,112 | $ 106,047 | $ 104,082 | $ (17,198) | (15)% | $ (4,375) | (4)% | $ 12,065 | 11% | ||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||
Acquisition-related other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Acquisition-related other, net | - 0 | - 0 | (468) | - 0 | - 0 | * | 468 | * | - 0 | * | |||||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Other, net | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | 6,527 | 5,892 | 635 | 11% | 26,287 | 22,312 | 3,975 | 18% | 19,760 | 16,420 | Depreciation and amortization | 26,287 | 22,312 | 21,447 | 17,149 | 15,430 | 3,975 | 18% | 865 | 4% | 4,298 | 25% | ||||||||||||||||||||||||
Adjusted EBITDA | 29,572 | 31,167 | (1,595) | (5)% | 123,106 | 136,049 | (12,943) | (10)% | 93,534 | 104,882 | Adjusted EBITDA | 123,106 | 136,049 | 141,914 | 127,442 | 120,259 | (12,943) | (10)% | (5,865) | (4)% | 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,813 | 3,264 | (451) | (14)% | 12,156 | 13,393 | (1,237) | (9)% | 9,343 | 10,129 | Operating income | 12,156 | 13,393 | 16,212 | 12,504 | 11,961 | (1,237) | (9)% | (2,819) | (17)% | 3,708 | 30% | ||||||||||||||||||||||||
Depreciation and amortization | 651 | 514 | 137 | 27% | 2,522 | 2,319 | 203 | 9% | 1,871 | 1,805 | Depreciation and amortization | 2,522 | 2,319 | 2,371 | 2,467 | 2,468 | 203 | 9% | (52) | (2)% | (96) | (4)% | ||||||||||||||||||||||||
Adjusted EBITDA | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Adjusted EBITDA | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | Performance Products | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 162 | 866 | (704) | (81)% | 2,674 | 3,601 | (927) | (26)% | 2,512 | 2,735 | Operating income | 2,674 | 3,601 | 852 | 163 | 2,069 | (927) | (26)% | 2,749 | 323% | 689 | 423% | ||||||||||||||||||||||||
Depreciation and amortization | 557 | 302 | 255 | 84% | 1,860 | 1,127 | 733 | 65% | 1,303 | 825 | Depreciation and amortization | 1,860 | 1,127 | 1,029 | 807 | 577 | 733 | 65% | 98 | 10% | 222 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Adjusted EBITDA | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,901) | (17,306) | 9,405 | * | (42,175) | (47,505) | 5,330 | * | (34,274) | (30,199) | Operating income | (42,175) | (47,505) | (36,250) | (32,970) | (30,444) | 5,330 | * | (11,255) | * | (3,280) | * | ||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Recovery of insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | 167 | (1,506) | Acquisition related other, net | (2,821) | - 0 | - 0 | (2,821) | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | 6,281 | * | - 0 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 429 | 449 | (20) | (4)% | 1,672 | 1,806 | (134) | (7)% | 1,243 | 1,357 | Depreciation and amortization | 1,672 | 1,806 | 2,096 | 3,029 | 3,129 | (134) | (7)% | (290) | (14)% | (933) | (31)% | ||||||||||||||||||||||||
Adjusted EBITDA | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Adjusted EBITDA | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | ||||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | Acquisition related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | * | 468 | * | (468) | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | - 0 | 6,281 | (5,856) | (93)% | Restructuring costs | 425 | 6,281 | - 0 | - 0 | - 0 | (5,856) | (93)% | 6,281 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | - 0 | - 0 | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 17,149 | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | ||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 131,209 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ (2,251) | (2)% | ||||||||||||||||||||||||||
EBDITA % of Total before Corporate | EBDITA % of Total before Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 88% | 86% | 87% | 87% | Animal Health | 87% | 87% | 87% | 79% | 88% | ||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 10% | 10% | 10% | 10% | Mineral Nutrition | 10% | 10% | 11% | 9% | 11% | ||||||||||||||||||||||||||||||||||||
Performance Products | 2% | 3% | 3% | 3% | Performance Products | 3% | 3% | 1% | 1% | 2% | ||||||||||||||||||||||||||||||||||||
% of Total Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | 39% | 42% | 40% | 42% | MFAs and other | 40% | 42% | 41% | 45% | 45% |
&Z&F&D &T
Adjusted EBITDA Rec
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020/ 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $ 27,910 | $ 27,910 | $ 45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $ 60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | ||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | 2526% | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | 24,177 | 20,407 | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | |||||||||||||||||||||||
EBITDA | 27,352 | 19,415 | 7,937 | 41% | 100,709 | 110,845 | (10,136) | (9)% | 73,357 | 91,430 | EBITDA | 100,709 | 110,845 | 126,923 | 116,805 | 114,672 | (10,136) | (9)% | (16,078) | (13)% | 10,118 | 9% | |||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | - 0 | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | |||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | |||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | |||||||||||||||||||||||
Acquisition-related other, net | (2,988) | - 0 | (2,988) | * | (2,821) | - 0 | (2,821) | * | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | (2,821) | * | 468 | * | |||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | * | - 0 | (1,506) | 1,506 | * | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | * | (1,506) | * | (468) | * | |||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets | ||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | |||||||||||||||||||||||||||||||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
&Z&F&D &T
Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 23,187 | $ 15,928 | |||||||||||
Effective income tax rate | 26.3% | 19.8% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (3,773) | $ (3,096) | |||||||||||
Mandatory toll charge | 403 | - | |||||||||||
Reduction of domestic deferred tax assets | 2,289 | - | |||||||||||
Reduction of foreign deferred tax assets | 1,156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Reclassification from accumulated other comprehensive income | 527 | - | |||||||||||
Release of unrecognized tax benefits | (994) | (500) | |||||||||||
Release of foreign valuation allowance | - | (4,118) | |||||||||||
Total | $ (957) | $ (7,714) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 24,144 | $ 23,642 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 29.3% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 1,408 | $ 1,841 | |||||||||||
Effective income tax rate | 6.0% | 10.7% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (376) | $ (1,654) | |||||||||||
Mandatory toll charge | (3,846) | - | |||||||||||
Adjustment to domestic deferred tax assets | (161) | - | |||||||||||
Reduction of foreign deferred tax assets | 156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Release of unrecognized tax benefits | (236) | (500) | |||||||||||
Release of foreign valuation allowance | - | (338) | |||||||||||
Total | $ (5,028) | $ (2,492) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,436 | $ 4,333 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 25.1% |
&8&F&A&8&D&T
Cash Flows
MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2019 | 2018 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
Cash provided by/(used in): | (in thousands) | (in thousands) | Cash provided by/(used in): | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Investing activities | (9,533) | 14,743 | (24,276) | (120,390) | (14,133) | (106,257) | (110,857) | (28,876) | Investing activities | (120,390) | (14,133) | (84,612) | (82,791) | (34,464) | (106,257) | 70,479 | (1,821) | ||||||||||||||||||||||
Financing activities | 14,985 | (7,999) | 22,984 | 40,936 | (4,107) | 45,043 | 25,951 | 3,892 | Financing activities | 40,936 | (4,107) | (11,775) | 50,380 | (15,351) | 45,043 | 7,668 | (62,155) | ||||||||||||||||||||||
Effect of exchange-rate changes on cash | Effect of exchange-rate changes on cash | ||||||||||||||||||||||||||||||||||||||
and cash equivalents | 266 | 74 | 192 | (1,124) | (524) | (600) | (1,390) | (598) | and cash equivalents | (1,124) | (524) | (536) | (418) | (1,494) | (600) | 12 | (118) | ||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ 9,595 | $ 21,697 | $ (12,102) | $ (21,230) | $ 28,405 | $ (49,635) | $ (30,825) | $ 6,708 | Net increase/(decrease) in cash and cash equivalents | $ (21,230) | $ 28,405 | $ (26,915) | $ 4,389 | $ 17,395 | $ (49,635) | $ 55,320 | $ (31,304) | ||||||||||||||||||||||
Net cash provided (used) by operating activities is comprised of the following items: | Net cash provided (used) by operating activities is comprised of the following items: | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
EBITDA | $ 27,352 | $ 19,415 | $ 7,937 | $ 100,709 | $ 110,845 | $ (10,136) | $ 73,357 | $ 91,430 | EBITDA | $ 100,709 | $ 110,845 | $ 126,923 | $ 116,805 | $ 114,672 | $ (10,136) | $ (16,078) | $ 10,118 | ||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | 425 | 6,281 | (5,856) | 425 | $ - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | 6,281 | ||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 2,259 | 2,259 | - 0 | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 1,925 | 334 | |||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 280 | - 0 | 280 | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | (1,671) | (895) | ||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | (1,152) | (528) | ||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | 462 | 213 | 249 | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | (187) | (218) | ||||||||||||||||||||||
Acquisition related other, net | (2,988) | - 0 | (2,988) | (2,821) | - 0 | (2,821) | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | 468 | |||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | (1,506) | 1,506 | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | (1,506) | - 0 | ||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
- 0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | 826 | (55) | 881 | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | 999 | 6,555 | ||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Interest paid, net | (2,406) | (4,559) | 2,153 | (11,577) | (12,250) | 673 | (9,171) | (7,691) | Interest paid, net | (11,577) | (12,250) | (11,208) | (14,215) | (12,912) | 673 | (1,042) | 3,007 | ||||||||||||||||||||||
Income taxes paid | (5,821) | (3,046) | (2,775) | (20,866) | (16,215) | (4,651) | (15,045) | (13,169) | Income taxes paid | (20,866) | (16,215) | (15,191) | (16,828) | (10,780) | (4,651) | (1,024) | 1,637 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (11,756) | (3,831) | (7,925) | (10,349) | (42,403) | 32,054 | 1,407 | (38,572) | Changes in operating assets and liabilities and other items | (10,349) | (42,403) | (32,551) | (45,181) | (12,337) | 32,054 | (9,852) | 12,630 | ||||||||||||||||||||||
Cash provided by gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | (5,286) | - 0 | - 0 | - 0 | ||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash used for acquisition-related transaction costs | - 0 | (618) | - 0 | - 0 | - 0 | 618 | |||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Net cash provided by operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful | ||||||||||||||||||||||||||||||||||||||
- 0 |
&Z&F&D &T
Liquidity
June 30, | June 30, | June 30, | Change | |||||||||||||||||||||||||||
As of | 2020 | 2019 | 2018 | Change | As of June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||
(in thousands, except ratios) | (in thousands, except ratios) | |||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $9,770 | Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $33,605 | $29,216 | $9,770 | $2,405 | $45,563 | |||||||||||||||||
Working capital | 222,006 | 242,902 | 205,651 | (20,896) | Working capital | 222,006 | 242,902 | 205,651 | $203,356 | $175,988 | (20,896) | 37,251 | 2,295 | |||||||||||||||||
Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | 2.92:1 | 2.62:1 | |||||||||||||||||||||
360,494 | 384,589 | 336,293 | 360,494 | 384,589 | 336,293 | 309,226 | 284,512 | |||||||||||||||||||||||
138,488 | 141,687 | 130,642 | 138,488 | 141,687 | 130,642 | 105,870 | 108,524 | |||||||||||||||||||||||
2.60 | 2.71 | 2.57 | 2.60 | 2.71 | 2.57 | 2.92 | 2.62 |
&Z&F&D &T
Working Capital
Phibro Animal Health Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Changes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2013 | Change | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2010 | 2010 | Change | 2010 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,343 | 57,573 | (21,230) | 57,573 | 29,168 | 28,405 | 29,168 | 56,083 | (26,915) | 30,553 | 56,083 | (25,530) | 40,185 | 56,083 | (15,898) | 62,097 | 56,083 | 6,014 | 56,083 | 33,605 | 22,478 | 49,310 | 33,605 | 15,705 | 39,220 | 33,605 | 5,615 | 37,415 | 33,605 | 3,810 | 33,605 | 29,216 | 4,389 | 32,225 | 29,216 | 3,009 | 25,372 | 29,216 | (3,844) | 31,817 | 29,216 | 2,601 | 29,216 | 11,821 | 17,395 | 20,804 | 11,821 | 20,689 | 11,821 | 19,749 | 11,821 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,369 | 36,851 | 27,369 | 27,369 | 53,900 | (26,531) | 27,995 | 53,900 | (25,905) | 27,023 | 53,900 | (26,877) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 48,598 | (14,940) | 49,373 | 48,598 | 775 | 47,089 | 48,598 | (1,509) | 48,598 | 62,705 | (14,107) | 41,517 | 62,705 | (21,188) | 20,066 | 62,705 | (42,639) | 12,068 | 62,705 | (50,637) | ||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | 55,000 | 24,000 | 24,000 | 50,000 | 50,000 | 45,000 | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | 159,022 | 135,742 | 135,742 | 125,847 | 127,044 | 125,847 | 132,242 | 125,847 | 136,337 | 125,847 | 125,847 | 123,790 | 113,130 | 123,790 | 124,131 | 123,790 | 119,607 | 123,790 | 123,790 | 111,099 | 116,233 | 111,099 | 114,572 | 111,099 | 113,710 | 111,099 | 111,099 | 113,858 | 115,152 | 113,858 | 114,264 | 113,858 | 110,756 | 113,858 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | 198,322 | 178,170 | 178,170 | 161,233 | 184,478 | 161,233 | 173,613 | 161,233 | 170,928 | 161,233 | 161,233 | 167,691 | 163,831 | 167,691 | 158,819 | 167,691 | 162,644 | 167,691 | 167,691 | 149,786 | 168,293 | 149,786 | 154,422 | 149,786 | 147,294 | 149,786 | 149,786 | 143,184 | 136,368 | 143,184 | 144,858 | 143,184 | 146,382 | 143,184 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 27,245 | 22,381 | 22,381 | 20,502 | 20,351 | 20,502 | 23,407 | 20,502 | 25,193 | 20,502 | 20,502 | 17,745 | 21,273 | 17,745 | 16,839 | 17,745 | 20,102 | 17,745 | 17,745 | 23,627 | 15,847 | 23,627 | 15,807 | 23,627 | 24,170 | 23,627 | 23,627 | 30,426 | 27,728 | 30,426 | 26,932 | 30,426 | 26,967 | 30,426 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (18,750) | (12,540) | (12,540) | (12,579) | (12,579) | (6,250) | (11,020) | (6,250) | (9,458) | (6,250) | (7,895) | (6,250) | (6,250) | (2,803) | (2,900) | (2,803) | (2,901) | (2,803) | (2,903) | (2,803) | (2,803) | (2,809) | (2,809) | (2,809) | (2,814) | (2,809) | (2,819) | (2,809) | (2,809) | (2,969) | (2,813) | (2,969) | (2,828) | (2,969) | (2,950) | (2,969) | (2,969) | (64) | (72) | (64) | (9,994) | (64) | (9,966) | (64) | (64) | (5,350) | 5,286 | (79) | (5,350) | 5,271 | (29,361) | (5,350) | (24,011) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,526) | 243 | (5,650) | (5,526) | (124) | (5,565) | (5,526) | (39) | (5,526) | (5,557) | 31 | (5,434) | (5,557) | 123 | (5,829) | (5,557) | (272) | (5,704) | (5,557) | (147) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | (73,189) | (59,498) | (59,498) | (56,894) | (64,127) | (56,894) | (64,779) | (56,894) | (61,732) | (56,894) | (56,894) | (60,167) | (53,271) | (60,167) | (54,826) | (60,167) | (54,274) | (60,167) | (60,167) | (63,061) | (51,852) | (63,061) | (61,226) | (63,061) | (59,469) | (63,061) | (63,061) | (59,608) | (56,920) | (59,608) | (56,762) | (59,608) | (64,544) | (59,608) | (59,608) | (57,902) | (60,572) | (57,902) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (68,498) | (71,144) | (71,144) | (52,652) | (53,397) | (52,652) | (52,999) | (52,652) | (51,480) | (52,652) | (52,652) | (45,703) | (50,126) | (45,703) | (45,602) | (45,703) | (44,159) | (45,703) | (45,703) | (45,463) | (45,119) | (45,463) | (50,491) | (45,463) | (46,039) | (45,463) | (45,463) | (49,861) | (45,751) | (49,861) | (41,788) | (49,861) | (39,293) | (49,861) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294,599 | 311,935 | 311,935 | 272,240 | 272,240 | 247,869 | 278,882 | 247,869 | 269,211 | 247,869 | 273,448 | 247,869 | 247,869 | 234,158 | 241,247 | 234,158 | 235,680 | 234,158 | 238,432 | 234,158 | 234,158 | 202,395 | 232,818 | 202,395 | 195,642 | 202,395 | 208,664 | 202,395 | 202,395 | 186,851 | 194,568 | 186,851 | 205,365 | 186,851 | 197,067 | 186,851 | 186,851 | 180,982 | 177,840 | 180,982 | 179,901 | 180,982 | 193,200 | 181,380 | 181,330 | 175,387 | 5,943 | 192,205 | 175,387 | 16,818 | 145,983 | 175,387 | (29,404) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 178,508 | (6,899) | 173,827 | 178,508 | (4,681) | 171,756 | 178,508 | (6,752) | 178,508 | 178,828 | (320) | 171,094 | 178,828 | (7,734) | 143,144 | 178,828 | (35,684) | 139,187 | 178,828 | (39,641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Dec | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | September | June | September | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | (32,500) | 159,022 | 135,742 | 23,280 | 135,742 | 125,847 | 9,895 | 127,044 | 125,847 | 1,197 | 132,242 | 125,847 | 6,395 | 136,337 | 125,847 | 10,490 | 125,847 | 123,790 | 2,057 | 113,130 | 123,790 | (10,660) | 124,131 | 123,790 | 341 | 119,607 | 123,790 | (4,183) | 123,790 | 111,099 | 12,691 | 116,233 | 111,099 | 5,134 | 114,572 | 111,099 | 3,473 | 113,710 | 111,099 | 2,611 | 111,099 | 113,858 | (2,759) | 115,152 | 113,858 | 1,294 | 114,264 | 113,858 | 406 | 110,756 | 113,858 | (3,102) | 113,858 | 99,137 | 14,721 | 107,705 | 99,137 | 8,568 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | (1,663) | 198,322 | 178,170 | 20,152 | 178,170 | 161,233 | 16,937 | 184,478 | 161,233 | 23,245 | 173,613 | 161,233 | 12,380 | 170,928 | 161,233 | 9,695 | 161,233 | 167,691 | (6,458) | 163,831 | 167,691 | (3,860) | 158,819 | 167,691 | (8,872) | 162,644 | 167,691 | (5,047) | 167,691 | 149,786 | 17,905 | 168,293 | 149,786 | 18,507 | 154,422 | 149,786 | 4,636 | 147,294 | 149,786 | (2,492) | 149,786 | 143,184 | 6,602 | 136,368 | 143,184 | (6,816) | 144,858 | 143,184 | 1,674 | 146,382 | 143,184 | 3,198 | 143,184 | 140,032 | 3,152 | 142,804 | 140,032 | 2,772 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 10,068 | 27,245 | 22,381 | 4,864 | 22,381 | 20,502 | 1,879 | 20,351 | 20,502 | (151) | 23,407 | 20,502 | 2,905 | 25,193 | 20,502 | 4,691 | 20,502 | 17,745 | 2,757 | 21,273 | 17,745 | 3,528 | 16,839 | 17,745 | (906) | 20,102 | 17,745 | 2,357 | 17,745 | 23,627 | (5,882) | 15,847 | 23,627 | (7,780) | 15,807 | 23,627 | (7,820) | 24,170 | 23,627 | 543 | 23,627 | 30,426 | (6,799) | 27,728 | 30,426 | (2,698) | 26,932 | 30,426 | (3,494) | 26,967 | 30,426 | (3,459) | 30,426 | 29,848 | 578 | 31,159 | 29,848 | 1,311 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | 7,098 | (73,189) | (59,498) | (13,691) | (59,498) | (56,894) | (2,604) | (64,127) | (56,894) | (7,233) | (64,779) | (56,894) | (7,885) | (61,732) | (56,894) | (4,838) | (56,894) | (60,167) | 3,273 | (53,271) | (60,167) | 6,896 | (54,826) | (60,167) | 5,341 | (54,274) | (60,167) | 5,893 | (60,167) | (63,061) | 2,894 | (51,852) | (63,061) | 11,209 | (61,226) | (63,061) | 1,835 | (59,469) | (63,061) | 3,592 | (63,061) | (59,608) | (3,453) | (56,920) | (59,608) | 2,688 | (56,762) | (59,608) | 2,846 | (64,544) | (59,608) | (4,936) | (59,608) | (57,902) | (1,706) | (60,752) | (57,902) | (2,850) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (3,899) | (68,498) | (71,144) | 2,646 | (71,144) | (52,652) | (18,492) | (53,397) | (52,652) | (745) | (52,999) | (52,652) | (347) | (51,480) | (52,652) | 1,172 | (52,652) | (45,703) | (6,949) | (50,126) | (45,703) | (4,423) | (45,602) | (45,703) | 101 | (44,159) | (45,703) | 1,544 | (45,703) | (45,463) | (240) | (45,119) | (45,463) | 344 | (50,491) | (45,463) | (5,028) | (46,039) | (45,463) | (576) | (45,463) | (49,861) | 4,398 | (45,751) | (49,861) | 4,110 | (41,788) | (49,861) | 8,073 | (39,293) | (49,861) | 10,568 | (49,861) | (57,438) | 7,577 | (54,513) | (57,438) | 2,925 | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222,006 | 242,902 | (20,896) | 242,902 | 205,651 | 37,251 | 205,651 | 198,036 | 7,615 | 214,349 | 198,036 | 16,313 | 211,484 | 198,036 | 13,448 | 219,246 | 198,036 | 21,210 | 198,036 | 203,356 | (5,320) | 194,837 | 203,356 | (8,519) | 199,361 | 203,356 | (3,995) | 203,920 | 203,356 | 564 | 203,356 | 175,988 | 27,368 | 203,402 | 175,988 | 27,414 | 173,084 | 175,988 | (2,904) | 179,666 | 175,988 | 3,678 | 175,988 | 177,999 | (2,011) | 176,577 | 177,999 | (1,422) | 187,504 | 177,999 | 9,505 | 180,268 | 177,999 | 2,269 | 177,999 | 153,677 | 24,322 | 166,403 | 153,677 | 12,726 | 159,421 | 153,677 | 166,315 | 154,075 | 154,025 | 126,837 | 27,188 | 164,289 | 126,837 | 37,452 | 148,321 | 126,837 | 21,484 | 143,496 | 126,837 | 16,659 | 126,837 | 135,436 | (8,599) | 143,234 | 135,436 | 7,798 | 130,104 | 135,436 | (5,332) | 130,232 | 135,436 | (5,204) | 135,436 | 121,680 | 13,756 | 135,011 | 121,680 | 13,331 | 128,907 | 121,680 | 7,227 | 132,823 | 121,680 | 11,143 | ||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 27,369 | 27,369 | 19,749 | 27,369 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,023 | 36,851 | 41,853 | 27,369 | 33,658 | (6,289) | 27,995 | 33,658 | (5,663) | 27,023 | 49,373 | (22,350) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 41,517 | (7,859) | 49,373 | 20,066 | 29,307 | 47,089 | 12,068 | 35,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 96,123 | 94,446 | 95,949 | 109,816 | 106,456 | 3,360 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 128,954 | 141,376 | 123,501 | 140,157 | 118,452 | 21,705 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 30,728 | 31,979 | 29,680 | 19,644 | 20,200 | (556) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (64) | (64) | (2,950) | (64) | (2,969) | (64) | (72) | (64) | (9,994) | (29,361) | (9,966) | (29,198) | (64) | (5,283) | 5,219 | (79) | (5,283) | 5,204 | (29,361) | (5,650) | (23,711) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,434) | 151 | (5,650) | (5,829) | 179 | (5,565) | (5,704) | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (60,109) | (59,699) | (52,739) | (63,758) | (58,432) | (58,555) | 123 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (47,084) | (48,747) | (41,876) | (57,160) | (43,319) | (13,841) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182,924 | 182,924 | 197,067 | 182,924 | 186,851 | 182,924 | 177,840 | 182,924 | 179,901 | 146,684 | 193,200 | 156,151 | 181,330 | 171,609 | 9,721 | 192,205 | 171,609 | 20,596 | 145,983 | 173,827 | (27,844) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 171,094 | 515 | 173,827 | 143,144 | 30,683 | 171,756 | 139,187 | 32,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 8,568 | 103,253 | 96,123 | 7,130 | 94,446 | 95,949 | 109,816 | 105,721 | 4,095 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 96,469 | (520) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 2,772 | 140,445 | 128,954 | 11,491 | 141,376 | 123,501 | 140,157 | 118,372 | 21,785 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 123,026 | 475 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 1,311 | 28,359 | 30,728 | (2,369) | 31,979 | 29,680 | 19,644 | 22,190 | (2,546) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 15,888 | 13,792 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (4,612) | (60,109) | (59,699) | (410) | (52,739) | (63,758) | (58,432) | (66,806) | 8,374 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (64,579) | 821 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | 3,275 | (52,527) | (47,084) | (5,443) | (48,747) | (41,876) | (57,160) | (52,640) | (4,520) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (40,572) | (1,304) | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155,619 | 155,619 | 180,268 | 155,619 | 177,999 | 155,619 | 166,933 | 155,619 | 11,314 | 159,421 | 149,022 | 10,399 | 166,315 | 143,496 | 22,819 | 154,025 | 126,837 | 27,188 | 164,289 | 143,234 | 21,055 | 148,321 | 130,104 | 18,217 | 143,496 | 130,232 | 13,264 | 126,837 | 135,436 | (8,599) | 143,234 | 135,011 | 8,223 | 130,104 | 128,907 | 1,197 | 130,232 | 132,823 | (2,591) |
&Z&F&D &T
DSO & Inventories
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accounts receivable - trade | $ 126,522 | $ 159,022 | $ 135,742 | $ 111,099 | $ 99,137 | 12% | $ 99,137 | $ 99,140 | 97,566 | $ 24,643 | $ (32,500) | $ 23,280 | |||||||||||||
DSO | 61 | 70 | 58 | 54 | 53 | 2% | 54 | 53 | 55 | ||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Inventories | $ 196,659 | $ 198,322 | $ 178,170 | $ 149,786 | $ 140,032 | 7% | $ 140,032 | $ 120,123 | 97,566 | $ 28,384 | $ (1,663) | $ 20,152 |
&Z&F&D &T
Business Segments
Segments | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 340 | $ 340 | $ 336 | $ 327 | $ 4 | 1% | $ 9 | 3% | ||||||||||||||||||
Nutritional Specialties | 94 | 94 | 82 | 63 | 12 | 15% | 19 | 30% | ||||||||||||||||||
Vaccines | 52 | 52 | 53 | 41 | (1) | (2)% | 12 | 29% | ||||||||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ 0 | 0% | $ 61 | 13% | 66% | 64% | 65% | 63% | ||||||||||||
Mineral Nutrition | 214 | 234 | 235 | 227 | (19) | (8)% | (1) | (0)% | 8 | 3% | 27% | 28% | 29% | 30% | ||||||||||||
Performance Products | 59 | 62 | 53 | 51 | (3) | (5)% | 9 | 17% | 3 | 5% | 7% | 8% | 7% | 7% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 301 | $ 316 | $ 321 | $ 280 | $ (15) | (5)% | $ (5) | (2)% | $ 41 | 15% | 38% | 38% | 39% | 37% | ||||||||||||
Dairy | 163 | 170 | 177 | 135 | (7) | (4)% | (7) | (4)% | 42 | 31% | 20% | 21% | 22% | 18% | ||||||||||||
Cattle | 94 | 88 | 80 | 100 | 6 | 7% | 8 | 10% | (20) | (20)% | 12% | 11% | 10% | 13% | ||||||||||||
Swine | 81 | 101 | 100 | 102 | (20) | (20)% | 1 | 1% | (2) | (2)% | 10% | 12% | 12% | 14% | ||||||||||||
Other (1) | 161 | 153 | 142 | 132 | 8 | 5% | 11 | 8% | 10 | 7% | 20% | 18% | 17% | 18% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Regions (2) | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 472 | $ 481 | $ 491 | $ 483 | $ (9) | (2)% | $ (10) | (2)% | $ 8 | 2% | 59% | 58% | 60% | 65% | ||||||||||||
Latin America and Canada | 159 | 152 | 143 | 107 | 7 | 5% | 9 | 6% | 36 | 33% | 20% | 18% | 17% | 14% | ||||||||||||
Europe, Middle East and Africa | 112 | 105 | 110 | 61 | 7 | 7% | (5) | (5)% | 49 | 79% | 14% | 13% | 13% | 8% | ||||||||||||
Asia Pacific | 57 | 90 | 76 | 97 | (33) | (37)% | 14 | 18% | (21) | (21)% | 7% | 11% | 9% | 13% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
(1) | Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry | |||||||||||||||||||||||||
(2) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
Adjusted EBITDA(1) | Change | Percentage of total (2) | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | * | $ - 0 | * | ||||||||||||||||||
Nutritional Specialties | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Vaccines | - 0 | 0 | 0 | 4 | - 0 | 0% | (4) | (96)% | ||||||||||||||||||
Animal Health | $ 123 | $ 136 | $ 142 | $ 120 | $ (13) | (10)% | $ (6) | (4)% | $ 22 | 18% | 87% | 87% | 87% | 88% | ||||||||||||
Mineral Nutrition | 15 | 16 | 19 | 14 | (1) | (7)% | (3) | (15)% | 5 | 33% | 10% | 10% | 11% | 10% | ||||||||||||
Performance Products | 5 | 5 | 2 | 3 | (0) | (4)% | 3 | 151% | (1) | (37)% | 3% | 3% | 1% | 2% | ||||||||||||
Corporate | (40) | (38) | (33) | (27) | (2) | * | (5) | * | (6) | * | ||||||||||||||||
Total | $ 102 | $ 118 | $ 129 | $ 110 | $ (16) | (13)% | $ (11) | (8)% | $ 19 | 17% | ||||||||||||||||
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA. | |||||||||||||||||||||||||
(2) | Before unallocated corporate costs | |||||||||||||||||||||||||
Net Identifiable Assets | Change | Percentage of total | ||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 23 | $ 23 | $ 22 | $ 21 | $ 2 | 9% | $ 0 | 1% | ||||||||||||||||||
Nutritional Specialties | 114 | 114 | 110 | 91 | 4 | 4% | 19 | 21% | ||||||||||||||||||
Vaccines | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Animal Health | $ 561 | $ 509 | $ 456 | $ 349 | $ 52 | 10% | $ 53 | 12% | $ 107 | 31% | 71% | 70% | 68% | 71% | ||||||||||||
Mineral Nutrition | 66 | 68 | 70 | 59 | (2) | (2)% | (2) | (3)% | 11 | 19% | 8% | 9% | 10% | 12% | ||||||||||||
Performance Products | 31 | 33 | 24 | 22 | (2) | (6)% | 9 | 37% | 2 | 10% | 4% | 5% | 4% | 4% | ||||||||||||
Corporate | 127 | 117 | 122 | 60 | 10 | 8% | (5) | (4)% | 62 | 102% | 16% | 16% | 18% | 12% | ||||||||||||
Total | $ 785 | $ 727 | $ 672 | $ 490 | $ 58 | 8% | $ 55 | 8% | $ 182 | 37% | ||||||||||||||||
Adjusted value down to $784M to agree in total - all individual amounts rounded up. |
&Z&F&D &T
Animal Health
Product Groups | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 322 | $ 350 | $ 337 | $ 336 | $ (28) | (8)% | $ 13 | 4% | $ 1 | 0% | 61% | 66% | 63% | 71% | ||||||||||||
Nutritional specialties | 129 | 113 | 123 | 82 | 16 | 14% | (10) | (8)% | 41 | 50% | 25% | 21% | 23% | 17% | ||||||||||||
Vaccines | 75 | 68 | 72 | 53 | 7 | 10% | (4) | (5)% | 19 | 36% | 14% | 13% | 14% | 11% | ||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ (0) | (0)% | $ 61 | 13% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 253 | $ 251 | $ 255 | $ 231 | $ 2 | 1% | $ (4) | (2)% | $ 24 | 10% | 48% | 47% | 48% | 49% | ||||||||||||
Swine | 43 | 62 | 59 | 65 | (19) | (31)% | 3 | 5% | (6) | (9)% | 8% | 12% | 11% | 14% | ||||||||||||
Dairy | 117 | 116 | 120 | 83 | 1 | 1% | (4) | (3)% | 37 | 44% | 22% | 22% | 23% | 18% | ||||||||||||
Cattle | 44 | 47 | 42 | 43 | (3) | (6)% | 5 | 12% | (1) | (3)% | 8% | 9% | 8% | 9% | ||||||||||||
Other | 70 | 56 | 56 | 48 | 14 | 25% | - 0 | 0% | 8 | 17% | 13% | 11% | 11% | 10% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
Regions (1) | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 214 | $ 199 | $ 220 | $ 219 | $ 15 | 8% | $ (21) | (10)% | $ 1 | 1% | 41% | 37% | 41% | 46% | ||||||||||||
Latin America and Canada | 148 | 142 | 129 | 99 | 6 | 4% | 13 | 10% | 30 | 31% | 28% | 27% | 24% | 21% | ||||||||||||
Europe, Middle East and Africa | 109 | 103 | 108 | 61 | 6 | 6% | (5) | (5)% | 47 | 76% | 21% | 19% | 20% | 13% | ||||||||||||
Asia Pacific | 56 | 88 | 75 | 92 | (32) | (36)% | 13 | 17% | (17) | (19)% | 11% | 17% | 14% | 20% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
(1) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
% of Sales | ||||||||||||||||||||||||||
U.S. | 41% | 37% | 41% | |||||||||||||||||||||||
Foreign | 59% | 63% | 59% | |||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||
Page 18 of the 10K |
&Z&F&D &T
Mineral Nutrition
Species | Change | Percentage of total | ||||||||||||||||
For the Years Ended June 30 | 2017 | 2016 | 2015 | 2017 / 2016 | 2016 / 2015 | 2017 | 2016 | 2015 | ||||||||||
($ in millions) | ||||||||||||||||||
Poultry | $ - 0 | $ 54 | $ 52 | $ (54) | * | $ 2 | 4% | ERROR:#DIV/0! | 25% | 23% | ||||||||
Swine | - 0 | 35 | 28 | (35) | * | 7 | 27% | ERROR:#DIV/0! | 16% | 12% | ||||||||
Dairy | - 0 | 48 | 48 | (48) | * | 0 | 0% | ERROR:#DIV/0! | 22% | 21% | ||||||||
Cattle | - 0 | 52 | 74 | (52) | * | (22) | (30)% | ERROR:#DIV/0! | 24% | 33% | ||||||||
Other | - 0 | 28 | 26 | (28) | * | 2 | 8% | ERROR:#DIV/0! | 13% | 11% | ||||||||
Total | $ - 0 | $ 217 | $ 227 | $ (217) | * | $ (10) | (5)% |
PR Table #1 - Summary P&L in MM
Phibro Animal Health Corporation | ||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||||
Cost of goods sold | 125.3 | 138.6 | (13.3) | (10)% | 543.5 | 563.4 | (19.9) | (4)% | ||||||||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | 256.9 | 264.6 | (7.7) | (3)% | ||||||||||||
Selling, general and administrative | 42.4 | 53.2 | (10.8) | (20)% | 187.7 | 181.4 | 6.3 | 3% | ||||||||||||
Operating income | 18.1 | 12.1 | 6.0 | 50% | 69.2 | 83.2 | (14.0) | (17)% | ||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | ||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||||
Income before income taxes | 16.4 | 9.2 | 7.2 | 78% | 55.5 | 71.5 | (16.0) | (22)% | ||||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | ||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||||
Net income per share | ||||||||||||||||||||
basic | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
diluted | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
basic | 40.5 | 40.5 | 40.5 | 40.4 | ||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||
Ratio to net sales | ||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | ||||||||||||||||
Selling, general and administrative | 22.8% | 26.1% | 23.5% | 21.9% | ||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | ||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | ||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | ||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | ||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||
* Calculation not meaningful |
PR Table #2 - Seg Rev & EBITDA
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | ||||||||||||||||||
Segment Net Sales and Adjusted EBITDA | |||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||
(in millions, except percentages) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | 129.3 | 113.2 | 16.0 | 14% | |||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | 75.3 | 68.3 | 7.0 | 10% | |||||||||||
Animal Health | 122.4 | 132.0 | (9.6) | (7)% | 526.9 | 532.0 | (5.1) | (1)% | |||||||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | 214.4 | 233.8 | (19.4) | (8)% | |||||||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | 59.0 | 62.2 | (3.2) | (5)% | |||||||||||
Total | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted EBITDA | |||||||||||||||||||
Animal Health | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||||||
Mineral Nutrition | 3.5 | 3.8 | (0.3) | (8)% | 14.7 | 15.7 | (1.0) | (7)% | |||||||||||
Performance Products | 0.7 | 1.2 | (0.4) | (38)% | 4.5 | 4.7 | (0.2) | * | |||||||||||
Corporate | (9.9) | (9.8) | (0.1) | * | (40.2) | (38.5) | (1.7) | * | |||||||||||
Total | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
Ratio to segment net sales | |||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | Make sure all cells are linked | ||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | |||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | |||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | |||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | |||||||||||||||
(1)reflects ratio to total net sales | |||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | |||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | |||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | |||||||||||
Depreciation and amortization | 8.2 | 7.2 | 1.0 | 14% | 32.3 | 27.6 | 4.8 | 17% | |||||||||||
EBITDA | 27.4 | 19.4 | 7.9 | 41% | 100.7 | 110.8 | (10.1) | (9)% | |||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | |||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | |||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | |||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | |||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | |||||||||||
Other, net (1) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | |||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | |||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | |||||||||||||||||||
(2) Acquisition-related other, net includes the adjustment to contingent consideration | |||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||
* Calculation not meaningful |
PR Table #3 - ANI in MM
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||
Adjusted Net Income | Make sure all cells are linked | |||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||
Adjusted cost of goods sold | $ 123.8 | $ 137.3 | $ (13.5) | (10)% | $ 536.9 | $ 558.1 | $ (21.2) | (4)% | ||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | 263.5 | 269.9 | (6.4) | (2)% | ||||||||||
Adjusted selling, general and administrative | 44.2 | 45.9 | (1.7) | (4)% | 184.8 | 173.3 | 11.5 | 7% | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | 12.6 | 11.8 | 0.8 | 7% | ||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | 66.1 | 84.8 | (18.7) | (22)% | ||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | 22.3 | 22.8 | (0.5) | (2)% | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Adjusted net income per share | ||||||||||||||||||
diluted | $0.17 | $0.33 | ($0.16) | (48%) | $1.08 | $1.53 | ($0.45) | (29)% | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||
Ratio to net sales | ||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | 32.9% | 32.6% | ||||||||||||||
Adjusted selling, general and administrative | 23.8% | 22.5% | 23.1% | 20.9% | ||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | 8.3% | 10.2% | ||||||||||||||
Adjusted net income | 3.6% | 6.7% | 5.5% | 7.5% | ||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | 33.7% | 26.9% | ||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | ||||||||||
Stock-based compensation (1) | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | ||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Acquisition-related intangible amortization(2) | 1.5 | 1.3 | 0.2 | 17% | 6.3 | 5.3 | 1.1 | 20% | ||||||||||
Acquisition-related intangible amortization(1) | 0.7 | 0.2 | 0.4 | 197% | 2.5 | 0.8 | 1.7 | 208% | ||||||||||
Acquisition-related accrued compensation(1) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related transaction costs(1) | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | ||||||||||
Acquisition-related other, net (1) | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | ||||||||||
Other, net(1) (3) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | ||||||||||
Pension settlement cost (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Gain on insurance settlement (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related accrued interest | 0.1 | 0.0 | 0.1 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Foreign currency (gains) losses, net(4) | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Adjustments to income taxes(5) | 2.3 | (3.7) | 6.0 | * | (0.3) | (6.0) | 5.7 | * | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||
* Calculation not meaningful | ||||||||||||||||||
(1)Included in selling, general and administrative | ||||||||||||||||||
(2)Included in cost of goods sold | ||||||||||||||||||
(3) Acquisition-related other, net includes the adjustment to contingent consideration | ||||||||||||||||||
(3)Relates to the cancellation of a certain business arrangement | ||||||||||||||||||
(4)Primarily related to intercompany balances | ||||||||||||||||||
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||
(6) Acquisition-related other, net includes ……. | ||||||||||||||||||
Depreciation and amortization | 8.164 | 7.157 | (1.0) | $ (0.02) | 32.341 | 27.564 | (4.8) | $ (0.12) | ||||||||||
Less: amortization | (1.803) | (1.623) | 0.2 | $ 0.00 | (6.598) | (5.575) | 1.0 | $ 0.03 | ||||||||||
Depreciation | 6.361 | 5.534 | (0.8) | $ (0.02) | 25.743 | 21.989 | (3.8) | $ (0.09) | ||||||||||
Interest | 2.732 | 3.036 | 0.3 | $ 0.01 | 12.581 | 11.776 | (0.8) | $ (0.02) | ||||||||||
Taxes | 8.401 | 4.104 | (4.3) | $ (0.11) | 22.290 | 22.776 | 0.5 | $ 0.01 | ||||||||||
Subtotal | 17.494 | 12.674 | (4.8) | $ (0.12) | 60.614 | 56.541 | (4.1) | $ (0.10) | ||||||||||
EBITDA | 23.860 | 26.315 | (2.5) | $ (0.06) | 102.140 | 118.037 | (15.9) | $ (0.39) | ||||||||||
Adjusted net income | (7.3) | $ (0.18) | (20.0) | $ (0.49) |
PR Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 16,792 | $ 23,187 | |||||||||||
Effective income tax rate | 23.5% | 26.3% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (310) | $ (3,773) | |||||||||||
Mandatory toll charge | (360) | 403 | |||||||||||
Reduction of domestic deferred tax assets | - | 2,289 | |||||||||||
Reduction of foreign deferred tax assets | - | 1,156 | |||||||||||
Recognition of federal and foreign tax credits | (1,417) | (565) | |||||||||||
Reclassification from accumulated other comprehensive income | - | 527 | |||||||||||
Release of unrecognized tax benefits | (1,271) | (994) | |||||||||||
Total | $ (3,358) | $ (957) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 20,150 | $ 24,144 | |||||||||||
Effective income tax rate, excluding certain items | 28.2% | 27.4% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 409 | $ 1,408 | |||||||||||
Effective income tax rate | 4.4% | 6.0% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ - | $ (376) | |||||||||||
Mandatory toll charge | - | (3,846) | |||||||||||
Reduction of domestic deferred tax assets | - | (161) | |||||||||||
Reduction of foreign deferred tax assets | - | 156 | |||||||||||
Recognition of federal and foreign tax credits | (385) | (565) | |||||||||||
Release of unrecognized tax benefits | (1,271) | (236) | |||||||||||
Total | $ (1,656) | $ (5,028) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 2,065 | $ 6,436 | |||||||||||
Effective income tax rate, excluding certain items | 22.4% | 27.4% |
&8&F&A&8&D&T
ANI Worksheet
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | For the Nine Months Ended March 31 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Cost of goods sold: | Cost of goods sold: | Cost of goods sold: | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Acquisition-related cost of goods sold | - 0 | - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | |||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | (1.540) | (1.317) | Acquisition-related intangible amortization | $ (6.335) | $ (5.269) | Acquisition-related intangible amortization | $ (4.795) | $ (3.952) | ||||||||||||||||||||||||||||||||
Net sales | $185.9 | $203.9 | $ - 0 | $ - 0 | $185.9 | $203.9 | Total | (1.540) | (1.317) | Total | $ (6.615) | $ (5.269) | Total | $ (5.075) | $ (3.952) | |||||||||||||||||||||||||
Cost of goods sold | 125.3 | 138.6 | (1.5) | (1.3) | 123.8 | 137.3 | . | . | ||||||||||||||||||||||||||||||||
Gross profit | 60.6 | 65.3 | 1.5 | 1.3 | 62.1 | 66.6 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.4 | 53.2 | 1.8 | (7.3) | 44.2 | 45.9 | Selling, general and administrative expenses: | Selling, general and administrative expenses: | Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
Restructuring Costs | - 0 | (6.281) | Restructuring Costs | $ (0.425) | $ (6.281) | Restructuring Costs | $ (0.425) | $ - 0 | ||||||||||||||||||||||||||||||||
Operating income | 18.1 | 12.1 | (0.2) | 8.6 | 17.9 | 20.7 | Acquisition-related intangible amortization | (0.669) | (0.225) | Acquisition-related intangible amortization | $ (2.533) | $ (0.823) | Acquisition-related intangible amortization | $ (1.864) | $ (0.598) | |||||||||||||||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.1) | (0.0) | 2.7 | 3.0 | Acquisition-related accrued compensation | - 0 | - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | 1.1 | 0.2 | - 0 | - 0 | Acquisition-related transaction costs | - 0 | (0.213) | Acquisition-related transaction costs | $ (0.462) | $ (0.213) | Acquisition-related transaction costs | $ (0.462) | $ - 0 | |||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Stock-based compensation | (0.565) | (0.565) | Stock-based compensation | $ (2.259) | $ (2.259) | Stock-based compensation | $ (1.694) | $ (1.694) | |||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | Pension settlement expense | $ - 0 | $ - 0 | Pension settlement expense | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Income before income taxes | 16.4 | 9.2 | (1.2) | 8.5 | 15.2 | 17.7 | Acquisition-related other, net | 2.988 | - 0 | Acquisition-related other, net | $ 2.821 | $ - 0 | Acquisition-related other, net | $ (0.167) | $ - 0 | |||||||||||||||||||||||||
Provision for income taxes | 10.7 | 0.4 | (2.3) | 3.7 | 8.4 | 4.1 | Other, net | - 0 | - 0 | Other, net | $ - 0 | $ 1.506 | Other, net | $ - 0 | $ 1.506 | |||||||||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ 1.1 | $ 4.8 | $ 6.8 | $ 13.6 | Gain on insurance settlement | - 0 | - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Total | 1.754 | (7.284) | Total | $ (2.858) | $ (8.070) | Total | $ (4.612) | $ (0.786) | ||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 0.14 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.33 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | Interest expense, net: | Interest expense, net: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | Acquisition-related accrued interest | (0.075) | (0.011) | Acquisition-related accrued interest | $ (0.275) | $ - 0 | Acquisition-related accrued interest | $ (0.200) | $ 0.011 | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | ||||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | Primarily related to intercompany balances | 1.069 | 0.159 | Primarily related to intercompany balances | $ (0.826) | $ 0.055 | Primarily related to intercompany balances | $ (1.895) | $ (0.104) | |||||||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Loss on extinguishment of debt: | Loss on extinguishment of debt: | Loss on extinguishment of debt: | |||||||||||||||||||||||||||||||||||||
Related to refinancing | - 0 | - 0 | Related to refinancing | $ - 0 | $ - 0 | Related to refinancing | $ - 0 | $ - 0 | ||||||||||||||||||||||||||||||||
Net sales | $800.4 | $828.0 | $0.0 | $0.0 | $800.4 | $828.0 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | $543.5 | $563.4 | ($6.6) | ($5.3) | $536.9 | $558.1 | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | |||||||||||||||||||||||||||||||
Gross profit | $256.9 | $264.6 | $6.6 | $5.3 | $263.5 | $269.9 | Adjustments | (2.338) | 3.695 | Adjustments | $ 0.330 | $ 5.984 | Adjustments | $ 2.668 | $ 2.289 | |||||||||||||||||||||||||
Selling, general and administrative expenses | $187.7 | $181.4 | ($2.9) | ($8.1) | $184.8 | $173.3 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $69.2 | $83.2 | $9.5 | $13.3 | $78.7 | $96.6 | ||||||||||||||||||||||||||||||||||
Interest expense, net | $12.9 | $11.8 | ($0.3) | $0.0 | $12.6 | $11.8 | ||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | $0.8 | ($0.1) | ($0.8) | $0.1 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Income before income taxes | $55.5 | $71.5 | $10.6 | $13.3 | $66.1 | $84.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $22.0 | $16.8 | $0.3 | $6.0 | $22.3 | $22.8 | ||||||||||||||||||||||||||||||||||
Net income | $33.6 | $54.7 | $10.2 | $7.3 | $43.8 | $62.0 | ||||||||||||||||||||||||||||||||||
Net income per share - diluted | $0.83 | $1.35 | $1.08 | $1.53 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||
(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period. | ||||||||||||||||||||||||||||||||||||||||
(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014. |
&Z&F&D &T
Cognos_Office_Connection_Cache
PR Table #4 - Cash Flows in MM
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||
Operating and Investing Cash Flows | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||
Three Months | Twelve Months | Change | Nine Months | |||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2014 / 2013 | 2013 / 2012 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
EBITDA | $ 27.4 | $ 19.4 | $ 7.9 | 41% | $ 100.7 | $ 110.8 | $ (10.1) | $ (10.1) | $ (10) | (9)% | $ 121 | * | $ 73.4 | $ 91.4 | ||||||||||||||
Adjustments | ||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | 0.4 | 6.3 | (5.9) | 0.4 | - 0 | ||||||||||||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 2.3 | 2.3 | - 0 | 1.7 | 1.7 | ||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 0.3 | - 0 | 0.3 | 0.3 | - 0 | ||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | 0.5 | 0.2 | 0.2 | 0.5 | - 0 | ||||||||||||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | (2.8) | - 0 | (2.8) | 0.2 | - 0 | ||||||||||||||||||||
Other, net (1) | - 0 | - 0 | - 0 | - 0 | (1.5) | 1.5 | - 0 | (1.5) | ||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | 0.8 | (0.1) | 0.9 | 1.9 | 0.1 | ||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Interest paid, net | (2.4) | (3.2) | 0.8 | * | (11.6) | (12.3) | 0.7 | 0.7 | 1 | * | (13) | * | (9.2) | (9.1) | ||||||||||||||
Income taxes paid | (5.8) | (3.0) | (2.8) | * | (20.9) | (16.2) | (4.7) | (4.7) | (5) | * | (12) | * | (15.0) | (13.2) | ||||||||||||||
Changes in operating assets and liabilities and other items | (11.7) | (5.2) | (6.5) | * | (10.3) | (42.4) | 32.1 | 32.1 | 32 | * | (74) | * | 1.4 | (37.2) | ||||||||||||||
Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Net cash provided by operating activities | $ 3.9 | $ 14.9 | $ (11.0) | (74)% | $ 59.3 | $ 47.2 | $ 12.2 | $ 12.2 | $ 12 | 26% | $ 35 | 287% | $ 55.5 | $ 32.3 | ||||||||||||||
Short-term investments, net | $ - 0 | $ 25.0 | $ (25.0) | $ (31.0) | $ 26.0 | $ (57.0) | $ (57.0) | $ (31.0) | $ 1.0 | |||||||||||||||||||
Capital expenditures | (10.0) | (10.1) | 0.1 | (34.0) | (29.9) | (4.1) | (4.1) | (24.0) | (19.8) | |||||||||||||||||||
Business acquisitions | - 0 | - 0 | - 0 | (54.5) | (9.8) | (44.7) | (44.7) | (54.5) | (9.8) | |||||||||||||||||||
Other investing, net | 0.5 | (0.1) | 0.6 | (0.8) | (0.4) | (0.4) | (1.3) | (0.3) | ||||||||||||||||||||
Net cash provided (used) by investing activities | $ (9.5) | $ 14.7 | $ (24.2) | $ (120.3) | $ (14.1) | $ (106.2) | $ (106.2) | $ (110.8) | $ (28.9) | |||||||||||||||||||
Net cash flow before financing activities | $ (5.6) | $ 29.6 | $ (35.2) | $ (61.0) | $ 33.0 | $ (94.0) | $ (94.0) | $ (55.3) | $ 3.4 | |||||||||||||||||||
Proforma adjustments | ||||||||||||||||||||||||||||
Add: actual interest paid | - 0 | 3.2 | (3.2) | 11.6 | 12.3 | (0.7) | ||||||||||||||||||||||
Less: proforma interest paid(1) | - 0 | (3.2) | 3.2 | (12.9) | (13.0) | 0.2 | ||||||||||||||||||||||
Add: payment of premiums and costs on extinguished debt | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Proforma net cash flow before financing activities | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented | ||||||||||||||||||||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments |
PR Table #5 - Guidance
Phibro Animal Health Corporation | |||||||||||
Guidance for fiscal year 2017 | |||||||||||
FY 2017 Guidance - adjusted basis | FY 2016 adjusted | Growth - adjusted basis | FY 2016 reported | ||||||||
low | high | low | high | ||||||||
(in millions, except per share amounts and percentages) | |||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | $ 486 | |||
Net sales | 750 | - | 770 | 752 | (0)% | - | 2% | 752 | |||
Adjusted EBITDA | 116 | - | 120 | 114 | 2% | - | 5% | ||||
Depreciation expense | 21 | - | 21 | 18 | 18% | - | 18% | ||||
Operating income | 95 | - | 99 | 96 | (1)% | - | 3% | 86 | |||
Interest expense, net | 17 | - | 17 | 15 | 10% | - | 10% | 17 | |||
Foreign currency (gains) losses, net | - 0 | - 0 | - 0 | * | * | (8) | |||||
Income before income taxes | 78 | - | 82 | 81 | (3)% | - | 2% | 77 | |||
Provision (benefit) for income taxes | 23 | - | 24 | 24 | (3)% | - | 2% | (6) | |||
Net income | $ 55 | - | $ 58 | $ 57 | (3)% | - | 2% | $ 83 | |||
Net income per share - diluted | $ 1.38 | - | $ 1.45 | $ 1.43 | (3)% | - | 1% | $ 2.07 | |||
Weighted average common shares outstanding | |||||||||||
Diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | ||||||
Ratio to net sales | |||||||||||
Adjusted EBITDA | 15.5% | - | 15.6% | 15.2% | |||||||
Effective tax rate | 29.6% | - | 29.6% | 29.6% | |||||||
* Calculation not meaningful | |||||||||||
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016. |
PR Table #5 Guidance NEW
Phibro Animal Health Corporation | Input | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidance for fiscal year 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 GAAP - updated | FY 2016 GAAP | Growth | FY 2017 GAAP - initial | YTD March 31, 2017 | Q4 Forecast | Q4 Low | Q4 High | FY 2017 GAAP - updated | FY 2017 GAAP - updated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Schedule 1 | low | high | Q1 | Q2 | Q3 | March YTD | Q4 Forecast | Q4 Low | Q4 High | low | high | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | Operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | 527 | 125 | 121 | 126 | 648 | 653 | Net Sales | 187,987 | 191,598 | 185,883 | 565,468 | 193,871 | 191,000 | 196,000 | 756,468 | 761,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 648 | - | $ 653 | $ 486 | 33% | - | 34% | $ 495 | - | $ 510 | Schedule 1 | Net sales | 800 | 194 | 191 | 196 | 991 | 996 | COGS | 126,988 | 128,100 | 125,319 | 380,407 | 132,292 | 130,924 | 133,336 | 511,331 | 513,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 991 | - | 996 | 752 | 32% | - | 33% | 750 | - | 770 | Schedule 1 | GM | 60,999 | 63,498 | 60,564 | 185,061 | 61,579 | 60,076 | 62,664 | 245,137 | 247,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A | 39,186 | 40,870 | 42,445 | 122,501 | 40,393 | 40,393 | 40,981 | 162,894 | 163,482 | 0.3176287325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 89 | - | 91 | 86 | 4% | - | 6% | na | na | Schedule 2 | Schedule 2 | Operating Income | 21,813 | 22,628 | 18,119 | 62,560 | 21,186 | 19,683 | 21,683 | 82,243 | 84,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 17 | - | 17 | 17 | 1% | - | 1% | na | na | Schedule 2 | Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1 | - | 1 | (8) | * | * | na | na | Schedule 2 | Operating income | 69 | 21 | 20 | 21.68 | 89 | 91 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 71 | - | 73 | 77 | (7)% | - | (5)% | na | na | Interest expense, net | 13 | 4 | 4 | 3.90 | 17 | 17 | Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 27 | - | 27 | (6) | * | - | * | na | na | Schedule 3 | Foreign currency (gains) losses, net | 1 | - 0 | - 0 | - 0 | 1 | 1 | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 45 | - | $ 46 | $ 83 | (46)% | - | (44)% | na | na | Net income | 12,177 | 13,349 | 3,854 | 29,380 | 12,017 | 10,972 | 12,362 | 40,352 | 41,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 1.11 | - | $ 1.15 | $ 2.07 | (46)% | - | (44)% | na | na | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 3 | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | - | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 22 | 5 | 4.82 | 5.43 | 27 | 27 | Net income | 12,177 | 13,417 | 5,642 | 31,236 | 12,017 | 10,972 | 12,362 | 42,208 | 43,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 Adjusted - updated | FY 2016 Adjusted | Growth | FY 2017 Adjusted - initial | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Depreciation and amortization | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | EBITDA | 27,797 | 29,688 | 27,152 | 84,637 | 28,260 | 26,757 | 28,757 | 111,394 | 113,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 115 | - | $ 117 | $ 114 | 1% | - | 3% | $ 116 | - | $ 120 | Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 20.715 | - | 20.715 | 18 | 16% | - | 16% | 21 | - | 21 | Acquisition-related transaction costs | 1,274 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense, net | 13.899 | - | 13.899 | 15 | (8)% | - | (8)% | 17 | - | 17 | Pension settlement cost | - 0 | 1,702 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | 80 | - | 82 | 81 | (1)% | - | 2% | 78 | - | 82 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 26 | - | 26 | 24 | 8% | - | 10% | 23 | - | 24 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ 55 | - | $ 56 | $ 57 | (4)% | - | (2)% | $ 55 | - | $ 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 29,825 | 31,262 | 26,749 | 87,836 | 28,680 | 27,177 | 29,177 | 115,013 | 117,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.36 | - | $ 1.40 | $ 1.43 | (5)% | - | (2)% | $ 1.38 | - | $ 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | Interest expense, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
na GAAP guidance was not initially provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Interest | 690 | 463 | 349 | 1,502 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 1,779 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Letters of Credit Fee | 84 | 77 | 84 | 245 | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 349 | 349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Unused Line Fee | 153 | 168 | 185 | 506 | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Def Charges Amort | 96 | 96 | 95 | 287 | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 382 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Interest | 2,905 | 2,866 | 2,859 | 8,630 | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 11,450 | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - OID Amort | 27 | 26 | 26 | 79 | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 105 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Def Charge Amort | 132 | 133 | 132 | 397 | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 529 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term care agreement | 33 | 33 | 33 | 99 | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri | 16 | 13 | - 0 | 29 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 24 | 21 | 22 | 67 | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 89 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CP Chemicals | 2 | 2 | 2 | 6 | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | 2 | 1 | 1 | 4 | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related accrued interest | 393 | 462 | 459 | 1,314 | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 1,773 | 1,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 30 | 68 | 3 | 101 | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 131 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (680) | (489) | (321) | (1,490) | (300) | (300) | (300) | (1,790) | (1,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,304 | 16,381 | 53,257 | 17,290 | 15,787 | 17,788 | 69,044 | 71,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 30.7% | 30.5% | 65.6% | 41.3% | 30.5% | 30.5% | 30.5% | 38.9% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 655 | 665 | 1,980 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,645 | 2,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 13 | 26 | 13 | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 1,604 | 1,682 | 1,951 | 5,237 | 2,183 | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 7,420 | 7,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 542 | 542 | 610 | 1,694 | 610 | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,304 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 799 | 800 | 817 | 2,416 | 817 | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,449 | 2,488 | 2,504 | 7,441 | 2,504 | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,945 | 9,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 656 | 665 | 1,981 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,646 | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 5 | 18 | 5 | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 893 | 1,062 | 1,331 | 3,286 | 1,331 | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 4,849 | 4,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 404 | 405 | 472 | 1,281 | 472 | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,753 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 153 | 155 | 171 | 479 | 171 | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,357 | 2,398 | 2,474 | 7,229 | 2,474 | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,703 | 9,703 | |||||||||||||||||||||||||||||||||||||||||
Total | 4,730 | 4,953 | 5,400 | 15,083 | 5,400 | 5,632 | 5,632 | 20,715 | 20,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquistion-related cost of goods sold | 1,265 | 1,265 | 1,266 | 3,796 | 1,266 | 1,266 | 1,266 | 5,062 | 5,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | 263 | 169 | 170 | 602 | 170 | 170 | 170 | 772 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | 1,274 | - 0 | - 0 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | - 0 | 1,702 | - 0 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued interest | 393 | 461 | 460 | 1,314 | 460 | 460 | 460 | 1,774 | 1,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before taxes | 21,521 | 22,705 | 16,086 | 60,312 | 19,606 | 18,103 | 20,104 | 78,415 | 80,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,967 | 7,334 | 5,982 | 20,283 | 5,980 | 5,522 | 6,132 | 25,805 | 26,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | 14,554 | 15,371 | 10,104 | 40,029 | 13,626 | 12,582 | 13,972 | 52,611 | 54,001 |
depreciation & amort
Depreciation and Amortization | |||||||||||
Depreciation | Amortization | Depreciation and Amortization | |||||||||
FY16 | FY17 | increase | FY16 | FY17 | increase | FY16 | FY17 | increase | |||
Corporate | 3,029 | 2,936 | (93) | - 0 | - 0 | - 0 | 3,029 | 2,936 | (93) | ||
PChem | 19 | 22 | 3 | - 0 | - 0 | - 0 | 19 | 22 | 3 | ||
EPG | 172 | 204 | 32 | - 0 | - 0 | - 0 | 172 | 204 | 32 | ||
PAP | 4,201 | 6,340 | 2,139 | 3,581 | 3,170 | (411) | 7,782 | 9,510 | 1,728 | ||
PTech | 787 | (787) | 940 | (940) | 787 | 940 | 153 | ||||
Non - PAH | 8,208 | 9,502 | 1,294 | 4,521 | 3,170 | (1,351) | 11,789 | 13,612 | 1,823 | ||
PAH Domestic | - 0 | - 0 | - 0 | 1,901 | (1,901) | ||||||
Brazil | - 0 | - 0 | 2,940 | (2,940) | |||||||
Israel | - 0 | - 0 | 6,203 | (6,203) | |||||||
EPG Brazil | - 0 | - 0 | 13 | (13) | |||||||
Ferro | - 0 | - 0 | 1 | 1 | - 0 | ||||||
PAH Foreign Other | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 605 | 13,721 | 13,116 | ||
Tota PAH | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 11,663 | 13,722 | 2,059 | ||
Total | 17,893 | 21,050 | 3,157 | 5,559 | 6,284 | 725 | 23,452 | 27,334 | 3,882 | ||
Q4 run rate | Q4 run rate | ||||||||||
20,812 | 6,284 |
interest expense
Interest expense | ||||||
2016 Interest | 2017 Interest | change | Principal | Interest Rate | ||
Term B Q1 | 2.935 | 2.842 | (0.093) | 284.2 | 1% | |
Term B Q2 | 2.927 | 2.835 | (0.092) | 283.5 | 1% | |
Term B Q3 | 2.888 | 2.827 | (0.061) | 282.7 | 1% | |
Term B Q4 | 2.881 | 2.820 | (0.061) | 282.0 | 1% | |
Revolver | 1.410 | 2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | 0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | |||
Letters of Credit | 0.301 | 0.374 | 0.073 | 14.2 | 2.6% | |
Unused Line Fee | 0.445 | 0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | 0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | |||
Ticking Fee | - 0 | 0.750 | 0.750 | |||
LT care agreement | 0.181 | 0.132 | (0.049) | |||
Prince | 0.062 | 0.031 | (0.031) | |||
Ptech | 0.093 | 0.093 | - 0 | |||
CP Chemicals | 0.008 | - 0 | (0.008) | |||
Capital Leases | 0.006 | - 0 | (0.006) | |||
Other, net | (0.010) | - 0 | 0.010 | |||
Term B OID | 0.104 | 0.104 | (0.000) | |||
Term B Deferred Costs | 0.530 | 0.530 | (0.000) | |||
Revolver Deferred Costs - New | 0.355 | 0.381 | 0.026 | |||
15.116 | 16.594 | 1.478 | ||||
Acq-related accrued interest | 1.476 | |||||
Total | 16.592 |
Webcast #1 NEW
Consolidated | Consolidated | ||||||||||||||||||
Make sure all cells are linked | |||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | ||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Net income | 5.6 | 8.8 | (3.2) | (36)% | Net income | 33.6 | 54.7 | (21.2) | (39)% | ||||||||||
Diluted EPS | $ 0.14 | $ 0.22 | $ (0.08) | (36)% | Diluted EPS | $ 0.83 | $ 1.35 | $ (0.52) | (39)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
Adjusted net income | 6.8 | 13.6 | (6.8) | (50)% | Adjusted net income | 43.8 | 62.0 | (18.2) | (29)% | ||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% |
Webcast #2 NEW
Consolidated | Consolidated | |||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | |||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | Adjusted gross profit | 263.5 | 269.9 | (6.4) | (2)% | |||||||||||
Adjusted SG&A | 44.2 | 45.9 | (1.7) | (4)% | Adjusted SG&A | 184.8 | 173.3 | 11.5 | 7% | |||||||||||
Adjusted EBITDA | 23.9 | 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | 102.1 | 118.0 | (15.9) | (13)% | |||||||||||
Depreciation expense | 5.9 | 5.6 | 0.3 | 5% | Depreciation expense | 23.3 | 21.4 | 1.8 | 9% | UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | Adjusted interest expense, net | 12.6 | 11.8 | 0.8 | 7% | |||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | Adjusted income before income taxes | 66.1 | 84.8 | (18.7) | (22)% | |||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | Adjusted provision for income taxes | 22.3 | 22.8 | (0.5) | (2)% | |||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | Adjusted net income | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | |||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% | |||||||||||
Ratio to net sales | Ratio to net sales | |||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | Adjusted gross profit | 32.9% | 32.6% | |||||||||||||||
Adjusted SG&A | 23.8% | 22.5% | Adjusted selling, general and administrative | 23.1% | 20.9% | |||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | Adjusted income before income taxes | 8.3% | 10.2% | |||||||||||||||
Adjusted net income | 3.6% | 6.7% | Adjusted net income | 5.5% | 7.5% | |||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | Adjusted effective tax rate | 33.7% | 26.9% |
Webcast #1
Consolidated | Consolidated | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Animal Health | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Animal Health | $ 526.9 | $ 532.0 | (5.1) | (1)% | |||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | Mineral Nutrition | 214.4 | 233.8 | (19.4) | (8)% | |||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | Performance Products | 59.0 | 62.2 | (3.2) | (5)% | |||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | (27.6) | (3)% | |||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | Gross profit | 256.9 | 264.6 | (7.7) | (3)% | |||||||
% of net sales | 32.6% | 32.0% | % of net sales | 32.1% | 32.0% | |||||||||||
SG&A | 42.4 | 53.2 | (10.8) | (20)% | SG&A | 187.7 | 181.4 | 6.3 | 3% | |||||||
% of net sales | 22.8% | 26.1% | % of net sales | 23.5% | 21.9% | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | -050bps | % of net sales | 12.8% | 14.3% | +060bps | |||||||||
Adjusted diluted EPS | $0.17 | $0.33 | $ (0.16) | (48)% | Adjusted EPS | $1.08 | $1.53 | $ (0.45) | (29)% | |||||||
40.74 | 53.2 | (12.5) | (23)% |
Webcast #3 NEW
Consolidated | Consolidated | ||||||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | ||||||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | ||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | ||||||||||||
Animal Health | Animal Health | ||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | ||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | ||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | ||||||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | ||||||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | ||||||||||
% of segment net sales | 24.2% | 23.6% | +60bps | % of segment net sales | 23.4% | 25.6% | -220bps |
Webcast #2
Consolidated | Consolidated | |||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | |||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | |||||||||
Animal Health | Animal Health | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, excpet percentages) | (in millions, excpet percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | |||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||
% of segment net sales | 24.2% | 23.6% | -090bps | % of segment net sales | 23.4% | 25.6% | +010bps |
Webcast #4 NEW
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||
Mineral Nutrition | Mineral Nutrition | ||||||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | ||||||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | ||||||||
% of segment net sales | 6.9% | 6.7% | +20bps | % of segment net sales | 6.8% | 6.7% | +10bps | ||||||||||
Performance Products | Performance Products | ||||||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | ||||||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | ||||||||
% of segment net sales | 5.3% | 7.4% | -210bps | % of segment net sales | 7.7% | 7.6% | +10bps | ||||||||||
Corporate | Corporate | ||||||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | ||||||||
* Calculation not meaningful | * Calculation not meaningful |
Webcast #3
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||
(in millions, except percentages) | (in millions, except percentages) | |||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | |||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | |||||
% of segment net sales | 6.9% | 6.7% | +000bps | % of segment net sales | 6.8% | 6.7% | +160bps | |||||||
Performance Products | Performance Products | |||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | |||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | |||||
% of segment net sales | 5.3% | 7.4% | -020bps | % of segment net sales | 7.7% | 7.6% | +400bps | |||||||
Corporate | Corporate | |||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | |||||
* Calculation not meaningful | * Calculation not meaningful |
FY2020 Guidance update Webcast
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | 524,603 | 495,000 | 510,000 | 94% | 97% | ||||||||||||
Net sales | $ 812 | - | $ 828 | $ 828 | $ (16) | - | $ 0 | (2)% | - | 0% | $ (21) | - | $ (35) | 788,165 | 750,000 | 770,000 | 95% | 98% | ||||||||||||
Operating income | 94.9 | - | 97.8 | 97.9 | (3.0) | - | (0.1) | (3)% | - | (0)% | - 0 | - | (3.8) | 94,986 | 94,950 | 98,950 | 100% | 104% | ||||||||||||
Interest expense, net | 12.8 | - | 12.3 | 14.9 | (2.1) | - | (2.6) | (14)% | - | (17)% | - 0 | - | (1.4) | 18,322 | 16,594 | 16,594 | 91% | 91% | ||||||||||||
Foreign currency (gains) losses, net | - 0 | - | - 0 | (0.1) | 0.1 | - | 0.1 | * | - | * | - 0 | - | 0.1 | 1,444 | - 0 | - 0 | 0% | 0% | ||||||||||||
Loss on extinguishment of debt | - 0 | - | - 0 | 2.6 | (2.6) | - | (2.6) | * | - | * | - 0 | - | (2.6) | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
Income before income taxes | 82.1 | - | 85.5 | 80.5 | 1.5 | - | 5.0 | 2% | - | 6% | - 0 | - | 0.0 | 75,220 | 78,356 | 82,356 | ||||||||||||||
Provision (benefit) for income taxes | 24.2 | - | 22.5 | 15.9 | 8.2 | - | 6.6 | 52% | - | 41% | - 0 | - | 10.0 | 22,190 | 23,147 | 24,330 | 104% | 110% | ||||||||||||
Net income | $ 57.9 | - | $ 63.0 | $ 64.6 | $ (6.7) | - | $ (1.6) | (10)% | - | (2)% | $ - 0 | - | $ (10.0) | 53,030 | 55,209 | 58,026 | 104% | 109% | ||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $ 1.61 | $ (0.73) | - | $ (0.66) | (45)% | - | (41)% | $ 0.04 | - | $ 0.05 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 40.4 | - | 40.3 | 40.0 | - 0 | - | - 0 | |||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 26.3% | 19.8% | ERROR:#DIV/0! | - | 24389.2% | |||||||||||||||||||||||
Adjusted | ||||||||||||||||||||||||||||||
for the year ending June 30 | 2018 | 2017 | Increase (Decrease) | 2018 | ||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||
Depreciation expense | 21.6 | - | 21.6 | 20.1 | 1.5 | - | 1.5 | 8% | - | 8% | - 0 | - | - 0 | |||||||||||||||||
Adjusted interest expense, net | 11.7 | - | 11.2 | 13.5 | (1.8) | - | (2.3) | (13)% | - | (17)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted income before income taxes | 69.7 | - | 74.2 | 84.5 | (14.8) | - | (10.3) | (18)% | - | (12)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted provision (benefit) for income taxes | 27.1 | - | 28.4 | 26.0 | 1.1 | - | 2.4 | 4% | - | 9% | - 0 | - | - 0 | |||||||||||||||||
Adjusted net income | $ 42.5 | - | $ 45.7 | $ 58.4 | $ (15.9) | - | $ (12.7) | (27)% | - | (22)% | $ - 0 | - | $ - 0 | |||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | |||||||||||||||||
Adjusted EBITDA ratio to net sales | 12.7% | - | 12.9% | 14.3% | 0.0% | - | 0.0% | |||||||||||||||||||||||
Adjusted effective income tax rate | 38.9% | - | 38.3% | 30.8% | ERROR:#DIV/0! | - | ERROR:#DIV/0! | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||
* Calculation not meaningful |
FY2020 Guidance update Press Re
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||||||||||
GAAP | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | $ 537 | - | $ 557 | 524,603 | 495,000 | 510,000 | 94% | 97% | |||||||||||||||||
Net sales | 812 | - | 828 | 828 | (16) | - | 0 | (2)% | - | 0% | (21) | - | (35) | $ 833 | - | $ 863 | 788,165 | 750,000 | 770,000 | 95% | 98% | |||||||||||||||||
Gross profit | 265 | - | 272 | 265 | 1 | - | 8 | 0% | - | 3% | (5) | - | (8) | 270 | - | 280 | ||||||||||||||||||||||
Selling, general and administrative | 198 | - | 201 | 181 | 17 | - | 20 | 9% | - | 11% | (7) | - | (10) | 205 | - | 211 | ||||||||||||||||||||||
Operating income | 67 | - | 71 | 83 | (16) | - | (12) | (20)% | - | (15)% | 2 | - | 2 | 65 | - | 69 | 94,986 | 94,950 | 98,950 | 100% | 104% | |||||||||||||||||
Interest expense, net | 14 | - | 14 | 12 | 2 | - | 3 | 18% | - | 22% | (4) | - | (4) | 18 | - | 19 | 18,322 | 16,594 | 16,594 | 91% | 91% | |||||||||||||||||
Foreign currency (gains) losses, net | 3 | - | 3 | (0) | 3 | - | 3 | * | - | * | 3 | - | 3 | - 0 | - | - 0 | 1,444 | - 0 | - 0 | 0% | 0% | |||||||||||||||||
Income before income taxes | 51 | - | 54 | 72 | (21) | - | (17) | (29)% | - | (24)% | 3 | - | 4 | 47 | - | 50 | 75,220 | 78,356 | 82,356 | |||||||||||||||||||
Provision (benefit) for income taxes | 15 | - | 16 | 17 | (2) | - | (1) | (13)% | - | (8)% | 2 | - | 2 | 13 | - | 14 | 22,190 | 23,147 | 24,330 | 104% | 110% | |||||||||||||||||
Net income | $ 36 | - | $ 38 | $ 54 | $ (19) | - | $ (16) | (35)% | - | (30)% | $ 2 | - | $ 2 | $ 34 | - | $ 37 | 53,030 | 55,209 | 58,026 | 104% | 109% | |||||||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $1.35 | $ (0.47) | - | $ (0.40) | (35)% | - | (30)% | $ 0.04 | - | $ 0.05 | $ 0.84 | - | $ 0.90 | Note that the Net Income per share is hardcoded for 2019 | |||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | - | 40.5 | 40.5 | - 0 | - | - 0 | 40.5 | - | 40.5 | ||||||||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 29.0% | 23.5% | 2.0% | - | 2.0% | 27.5% | - | 27.0% | Note that the tax rate is hardcoded for 2019 | |||||||||||||||||||||||||||
Adjusted | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change | Change from Previous Guidance | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 272 | - | 279 | 270 | 2 | - | 9 | 1% | - | 3% | (7) | - | (10) | 279.4 | - | 289.2 | ||||||||||||||||||||||
Adjusted selling, general and administrative | 194 | - | 197 | 173 | 20 | - | 23 | 12% | - | 13% | (7) | - | (10) | 201.0 | - | 206.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 103.0 | - | 107.0 | caution - formula | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||||||
Depreciation expense | 25 | - | 25 | 21 | 3 | - | 3 | 14% | - | 14% | - 0 | - | - 0 | 24.6 | - | 24.6 | ||||||||||||||||||||||
Adjusted interest expense, net | 14 | - | 14 | 12 | 2 | - | 2 | 15% | - | 20% | (4) | - | (5) | 17.8 | - | 18.8 | ||||||||||||||||||||||
Adjusted income before income taxes | 65 | - | 68 | 85 | (20) | - | (16) | (24)% | - | (19)% | 4 | - | 5 | 60.6 | - | 63.6 | ||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 18 | - | 19 | 23 | (5) | - | (4) | (20)% | - | (18)% | 1 | - | 2 | 16.7 | - | 17.2 | ||||||||||||||||||||||
Adjusted net income | $ 47 | - | $ 50 | $ 62 | $ (15) | - | $ (12) | (25)% | - | (20)% | $ 3 | - | $ 3 | 43.9 | - | 46.4 | ||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | $ 1.08 | - | $ 1.15 | ||||||||||||||||||||||
Ratio to net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 33.5% | - | 33.7% | 32.6% | (0.0)% | - | 0.2% | 33.5% | - | 33.5% | ||||||||||||||||||||||||||||
Adjusted selling, general and administrative | 23.9% | - | 23.8% | 20.9% | (0.3)% | - | (0.2)% | 24.1% | - | 24.0% | ||||||||||||||||||||||||||||
Adjusted EBITDA | 12.7% | - | 12.9% | 14.3% | 0.3% | - | 0.5% | 12.4% | - | 12.4% | ||||||||||||||||||||||||||||
Adjusted effective income tax rate | 28.0% | - | 27.5% | 26.9% | 0.5% | - | 0.5% | 27.5% | - | 27.0% | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
Depr-Amort (Qtrly) - 6.30.20
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
June 30, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 1,672 | 1,672 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,672 | 1,672 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 222 | - 0 | - 0 | - 0 | 222 | 223 | 1 | ||||
Phibrochem-EPG | - 0 | 171 | 171 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 171 | 171 | ||||
Prince Agri - NS | 5,613 | 189 | 5,802 | - 0 | - 0 | - 0 | 2,449 | - 0 | 2,449 | 8,251 | 189 | ||||
Prince Agri - MN | 1,928 | 51 | 1,979 | - 0 | - 0 | - 0 | - 0 | 543 | 543 | 2,522 | 594 | ||||
Osprey Biotechnics | 147 | 20 | 167 | - 0 | - 0 | - 0 | 1,118 | 1,682 | 2,800 | 2,967 | 1,702 | ||||
Phibro-Tech | 1,636 | - 0 | 1,636 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,636 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 598 | 67 | 665 | - 0 | - 0 | - 0 | 2,637 | - 0 | 2,637 | 3,302 | 67 | ||||
PAH Foreign | 9,352 | 1,805 | 11,157 | - 0 | - 0 | - 0 | 131 | 308 | 439 | 11,596 | 2,113 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 19,274 | 3,977 | 23,251 | - 0 | 222 | - 0 | 6,335 | 2,533 | 9,090 | 32,341 | 6,510 | ||||
June 30, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 429 | 429 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 429 | 429 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 100 | 1 | ||||
Phibrochem-EPG | - 0 | 47 | 47 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 47 | 47 | ||||
Prince Agri - NS | 1,493 | 39 | 1,532 | - 0 | - 0 | - 0 | 519 | - 0 | 519 | 2,051 | 39 | ||||
Prince Agri - MN | 513 | 3 | 516 | - 0 | - 0 | - 0 | - 0 | 135 | 135 | 651 | 138 | ||||
Osprey Biotechnics | 40 | 7 | 47 | - 0 | - 0 | - 0 | 305 | 458 | 763 | 810 | 465 | ||||
Phibro-Tech | 456 | - 0 | 456 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 456 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 158 | 11 | 169 | - 0 | - 0 | - 0 | 657 | - 0 | 657 | 826 | 11 | ||||
PAH Foreign | 2,207 | 451 | 2,658 | - 0 | - 0 | - 0 | 59 | 76 | 135 | 2,793 | 527 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 4,867 | 989 | 5,856 | - 0 | 99 | - 0 | 1,540 | 669 | 2,308 | 8,164 | 1,658 | ||||
March 31, 2020 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
December 31, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | 918 | 918 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 918 | 918 | ||||
Phibrochem-ESS | - 0 | 5 | 5 | - 0 | 25 | - 0 | - 0 | - 0 | 25 | 30 | 5 | ||||
Phibrochem-EPG | - 0 | 86 | 86 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 86 | 86 | ||||
Prince Agri - NS | 2,522 | 111 | 2,633 | - 0 | - 0 | - 0 | 1,287 | - 0 | 1,287 | 3,920 | 111 | ||||
Prince Agri - MN | 879 | 43 | 922 | - 0 | - 0 | - 0 | - 0 | 291 | 291 | 1,213 | 334 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 522 | - 0 | 522 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 522 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 268 | 58 | 326 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,646 | 58 | ||||
PAH Foreign | 4,263 | 820 | 5,083 | - 0 | - 0 | - 0 | 28 | 86 | 114 | 5,197 | 906 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 8,454 | 2,041 | 10,495 | - 0 | 25 | - 0 | 2,635 | 377 | 3,037 | 13,532 | 2,418 | ||||
December 31, 2018 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | (439) | (439) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (439) | (439) | ||||
Phibrochem-ESS | - 0 | (1) | (1) | - 0 | (12) | - 0 | - 0 | - 0 | (12) | (13) | (1) | ||||
Phibrochem-EPG | - 0 | (40) | (40) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (40) | (40) | ||||
Prince Agri - NS | (1,268) | (46) | (1,314) | - 0 | - 0 | - 0 | (643) | - 0 | (643) | (1,957) | (46) | ||||
Prince Agri - MN | (434) | (11) | (445) | - 0 | - 0 | - 0 | - 0 | (147) | (147) | (592) | (158) | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | (260) | - 0 | (260) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (260) | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | (142) | (29) | (171) | - 0 | - 0 | - 0 | (660) | - 0 | (660) | (831) | (29) | ||||
PAH Foreign | (2,186) | (469) | (2,655) | - 0 | - 0 | - 0 | (14) | (74) | (88) | (2,743) | (543) | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | (4,290) | (1,035) | (5,325) | - 0 | (12) | - 0 | (1,317) | (221) | (1,550) | (6,875) | (1,256) | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #5 NEW
Phibro Animal Health Corporation | |||||||||||||||||||||||||
Guidance for fiscal year 2020 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
Actual | Low Range | High Range | |||||||||||||||||||||||
FY2020 | FY2019 | Change | FY2017 initial | ||||||||||||||||||||||
low | high | low | high | low | high | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||||
(in millions, except per share amounts and percentages) | Less: depreciation | (17.9) | (21.1) | (21.1) | |||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 557 | $ 532 | 1% | - | 5% | $ 495 | - | $ 510 | ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook | ||||||||||||||
Net sales | 833 | - | 863 | 828 | 1% | - | 4% | 750 | - | 770 | |||||||||||||||
Adjusted Net Income | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | (13)% | - | (9)% | $ 116 | - | $ 120 | |||||||||||||||
Adjusted diluted EPS | $ 1.08 | - | $ 1.15 | $ 1.53 | (29)% | - | (25)% | $ 1.38 | - | $ 1.45 | |||||||||||||||
Adjusted EPS | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Effective Tax Rate | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! |
Depr-Amort (Qtrly Analysis)
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
March 31, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
March 31, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 445 | 445 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 445 | 445 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 99 | - 0 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,408 | 52 | 1,460 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 2,104 | 52 | ||||
Prince Agri - MN | 477 | 16 | 493 | - 0 | - 0 | - 0 | - 0 | 136 | 136 | 629 | 152 | ||||
Osprey Biotechnics | 40 | 5 | 45 | - 0 | - 0 | - 0 | 305 | 459 | 764 | 809 | 464 | ||||
Phibro-Tech | 410 | - 0 | 410 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 410 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 149 | 10 | 159 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 819 | 10 | ||||
PAH Foreign | 2,313 | 456 | 2,769 | - 0 | - 0 | - 0 | 44 | 77 | 121 | 2,890 | 533 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,797 | 1,027 | 5,824 | - 0 | 99 | - 0 | 1,653 | 672 | 2,424 | 8,248 | 1,699 | ||||
December 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/19 | 12/31/19 | 12/31/19 | |||||
Phibro Corporate | - 0 | 798 | 798 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 798 | 798 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 24 | - 0 | - 0 | - 0 | 24 | 24 | - 0 | ||||
Phibrochem-EPG | - 0 | 81 | 81 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 81 | 81 | ||||
Prince Agri - NS | 2,712 | 98 | 2,810 | - 0 | - 0 | - 0 | 1,286 | - 0 | 1,286 | 4,096 | 98 | ||||
Prince Agri - MN | 938 | 32 | 970 | - 0 | - 0 | - 0 | - 0 | 272 | 272 | 1,242 | 304 | ||||
Osprey Biotechnics | 67 | 8 | 75 | - 0 | - 0 | - 0 | 508 | 765 | 1,273 | 1,348 | 773 | ||||
Phibro-Tech | 770 | - 0 | 770 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 770 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 291 | 46 | 337 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,657 | 46 | ||||
PAH Foreign | 4,832 | 898 | 5,730 | - 0 | - 0 | - 0 | 28 | 155 | 183 | 5,913 | 1,053 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 9,610 | 1,961 | 11,571 | - 0 | 24 | - 0 | 3,142 | 1,192 | 4,358 | 15,929 | 3,153 | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
March 31, 2019 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 439 | 439 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 439 | 439 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 13 | 1 | ||||
Phibrochem-EPG | - 0 | 40 | 40 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 40 | 40 | ||||
Prince Agri - NS | 1,268 | 46 | 1,314 | - 0 | - 0 | - 0 | 643 | - 0 | 643 | 1,957 | 46 | ||||
Prince Agri - MN | 434 | 11 | 445 | - 0 | - 0 | - 0 | - 0 | 147 | 147 | 592 | 158 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | 260 | - 0 | 260 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 260 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 142 | 29 | 171 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 831 | 29 | ||||
PAH Foreign | 2,186 | 469 | 2,655 | - 0 | - 0 | - 0 | 14 | 74 | 88 | 2,743 | 543 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,290 | 1,035 | 5,325 | - 0 | 12 | - 0 | 1,317 | 221 | 1,550 | 6,875 | 1,256 | ||||
September 30, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 09/30/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 09/30/18 | 09/30/18 | 09/30/18 | |||||
Phibro Corporate | - 0 | 465 | 465 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 465 | 465 | ||||
Phibrochem-ESS | - 0 | 3 | 3 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 15 | 3 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,255 | 52 | 1,307 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 1,951 | 52 | ||||
Prince Agri - MN | 436 | 17 | 453 | - 0 | - 0 | - 0 | - 0 | 144 | 144 | 597 | 161 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 258 | - 0 | 258 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 258 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 125 | 29 | 154 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 814 | 29 | ||||
PAH Foreign | 2,086 | 417 | 2,503 | - 0 | - 0 | - 0 | 14 | 31 | 45 | 2,548 | 448 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,160 | 1,026 | 5,186 | - 0 | 12 | - 0 | 1,318 | 175 | 1,505 | 6,691 | 1,201 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #4
Consolidated | |||||||||||||||||||||||||
For the years ended June 30 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
(in millions, except per share) | 2017 Guidance | 2016 | Growth | Actual | Low Range | High Range | |||||||||||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||
Less: depreciation | (17.9) | (21.1) | (21.1) | ||||||||||||||||||||||
Net sales | $ 750 | - | $ 770 | $ 752 | (0)% | - | 2% | Less: Interest | (15.1) | (16.6) | (16.6) | ||||||||||||||
Income before Taxes | 81.1 | 78.3 | 82.3 | ||||||||||||||||||||||
Adjusted EBITDA | $ 116 | - | $ 120 | $ 114 | 2% | - | 5% | Provision for income taxes | (23.9) | (23.1) | (24.3) | ||||||||||||||
ratio | 15.5% | 15.6% | 15.2% | +30bps | Adjusted Net Income | 57.2 | 55.2 | 58.0 | |||||||||||||||||
Adjusted EPS | $ 1.38 | - | $ 1.5 | $ 1.43 | (3)% | - | 1% | ||||||||||||||||||
Weighted Average Shares | 40.0 | 40.0 | 40.0 | ||||||||||||||||||||||
Adjusted EPS | 1.43 | 1.38 | 1.45 | ||||||||||||||||||||||
Effective Tax Rate | 29.5% | 29.5% | 29.5% |
Selected Line Items Year – June 2020
MFAs and other- Driven primarily by lower demand in China due to ASF
and phased regulatory change beginning January 1, 2020
Nutritional specialties- Growth in domestic dairy and poultry- Osprey acquisition contributed two-thirds of sales
growthVaccines- Strong international demand for poultry vaccines and
increased market penetrationMineral Nutrition- Sales decline due to lower average selling prices,
which outpaced favorable raw material costsAdjusted EBITDA- Gross profit decreased due to sales and related gross
profit declines in all three segments- SG&A increased due to product development,
strategic growth initiatives and the Osprey acquisition
9 August 27, 2020 Webcast and Conference Call
For the year ended June 30 2020 2019
Net sales 800.4$ 828.0$ (27.6)$ (3)%
Adjusted gross profit 263.5 269.9 (6.4) (2)%
Adjusted SG&A 184.8 173.3 11.5 7%
Adjusted EBITDA 102.1 118.0 (15.9) (13)%
Depreciation expense 23.3 21.4 1.8 9%
Adjusted interest expense, net 12.6 11.8 0.8 7%
Adjusted income before income taxes 66.1 84.8 (18.7) (22)%
Adjusted provision for income taxes 22.3 22.8 (0.5) (2)%
Adjusted net income 43.8$ 62.0$ (18.2)$ (29)%
Adjusted diluted EPS 1.08$ 1.53$ (0.45)$ (29)%
Consolidated
Change
(in millions, except per share amounts and percentages)
Summary
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Net sales | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | |||||||||||||||||||||||||||
Cost of goods sold | 125,319 | 138,580 | (13,261) | (10)% | 543,472 | 563,371 | (19,899) | (4)% | 418,153 | 424,791 | Cost of goods sold | 543,472 | 563,371 | 553,103 | 512,494 | 515,311 | (19,899) | (4)% | 40,609 | 8% | (2,817) | (1)% | |||||||||||||||||||||||||||
Gross profit | 60,564 | 65,303 | (4,739) | (7)% | 256,882 | 264,624 | (7,742) | (3)% | 196,318 | 199,321 | Gross profit | 256,882 | 264,624 | 266,879 | 239,032 | 233,280 | (7,742) | (3)% | (2,255) | (1)% | 27,847 | 12% | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,445 | 53,204 | (10,759) | (20)% | 187,688 | 181,398 | 6,290 | 3% | 145,243 | 128,194 | Selling, general and administrative expenses | 187,688 | 181,398 | 167,953 | 153,288 | 145,612 | 6,290 | 3% | 13,445 | 8% | 14,665 | 10% | |||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | 51,075 | 71,127 | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | |||||||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||||||
Income before income taxes | 16,381 | 9,211 | 7,170 | 78% | 55,512 | 71,505 | (15,993) | (22)% | 39,131 | 62,294 | Income before income taxes | 55,512 | 71,505 | 88,070 | 76,761 | 78,763 | (15,993) | (22)% | (16,565) | (19)% | 11,309 | 15% | |||||||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | * | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $27,910 | $45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | |||||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | basic | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.11 | $1.55 | $ (0.52) | $ (0.26) | $ (0.50) | ||||||||||||||||||||||||||||||||||
diluted | $ 0.14 | $ 0.22 | $ (0.08) | $ 0.83 | $ 1.35 | $ (0.52) | diluted | $ 0.83 | $ 1.35 | $ 1.61 | $ 2.07 | $1.51 | $ (0.52) | $ (0.26) | $ (0.46) | ||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding | Weighted average number of shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | 40,454 | 40,454 | 40,454 | 40,412 | basic | 40,454 | 40,412 | 40,181 | 39,254 | 38,969 | |||||||||||||||||||||||||||||||||||||||
diluted | 40,504 | 40,536 | 40,504 | 40,523 | diluted | 40,504 | 40,523 | 40,385 | 39,962 | 39,815 | |||||||||||||||||||||||||||||||||||||||
Ratio to net sales | Ratio to net sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | Gross profit | 32.1% | 32.0% | 32.5% | 31.8% | 31.2% | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 22.8% | 26.1% | 23.5% | 21.9% | Selling, general and administrative expenses | 23.5% | 21.9% | 20.5% | 20.4% | 19.5% | |||||||||||||||||||||||||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | Operating income | 8.6% | 10.1% | 12.1% | 11.4% | 11.7% | |||||||||||||||||||||||||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | Income before income taxes | 6.9% | 8.6% | 10.7% | 10.2% | 10.5% | |||||||||||||||||||||||||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | Net income | 4.2% | 6.6% | 7.9% | 11.0% | 8.1% | |||||||||||||||||||||||||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | Effective tax rate | 39.6% | 23.5% | 26.3% | (7.8)% | 23.5% | |||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful |
&Z&F&D &T
Adj EBITDA Rec - Segments
Three Months | Twelve Months | Nine Months | Change | |||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||
Net sales | (in thousands, except percentages) | Net sales | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
MFAs and other | $ 72,641 | $ 86,315 | $ (13,674) | (16)% | $ 322,300 | $ 350,468 | $ (28,168) | (8)% | $ 249,659 | $ 264,153 | MFAs and other | $ 322,300 | $ 350,468 | $ 336,666 | $ 339,916 | $ 335,735 | $ (28,168) | (8)% | $ 13,802 | 4% | $ (3,250) | (1)% | ||||||||||||||||||||||||
Nutritional specialties | 31,133 | 28,558 | 2,575 | 9% | 129,264 | 113,215 | 16,049 | 14% | 98,131 | 84,657 | Nutritional specialties | 129,264 | 113,215 | 122,978 | 94,084 | 81,702 | 16,049 | 14% | (9,763) | (8)% | 28,894 | 31% | ||||||||||||||||||||||||
Vaccines | 18,617 | 17,161 | 1,456 | 8% | 75,340 | 68,291 | 7,049 | 10% | 56,723 | 51,130 | Vaccines | 75,340 | 68,291 | 72,083 | 52,140 | 53,363 | 7,049 | 10% | (3,792) | (5)% | 19,943 | 38% | ||||||||||||||||||||||||
Animal Health | 122,391 | 132,034 | (9,643) | (7)% | 526,904 | 531,974 | (5,070) | (1)% | $ 404,513 | $ 399,940 | Animal Health | 526,904 | 531,974 | 531,727 | 486,140 | 470,800 | (5,070) | (1)% | 247 | 0% | 45,587 | 9% | ||||||||||||||||||||||||
Mineral Nutrition | 49,878 | 55,972 | (6,094) | (11)% | 214,412 | 233,782 | (19,370) | (8)% | 164,534 | 177,810 | Mineral Nutrition | 214,412 | 233,782 | 234,922 | 216,685 | 227,102 | (19,370) | (8)% | (1,140) | (0)% | 18,237 | 8% | ||||||||||||||||||||||||
Performance Products | 13,614 | 15,877 | (2,263) | (14)% | 59,038 | 62,239 | (3,201) | (5)% | 45,424 | 46,362 | Performance Products | 59,038 | 62,239 | 53,333 | 48,701 | 50,689 | (3,201) | (5)% | 8,906 | 17% | 4,632 | 10% | ||||||||||||||||||||||||
Total | $ 185,883 | $ 203,883 | $ (18,000) | (9)% | $ 800,354 | $ 827,995 | $ (27,641) | (3)% | $ 614,471 | $ 624,112 | Total | $ 800,354 | $ 827,995 | $ 819,982 | $ 751,526 | $ 748,591 | $ (27,641) | (3)% | $ 8,013 | 1% | $ 68,456 | 9% | ||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | $ 29,572 | $ 31,167 | $ (1,595) | (5)% | $ 123,106 | $ 136,049 | $ (12,943) | (10)% | $ 93,534 | $ 104,882 | Animal Health | $ 123,106 | $ 136,049 | $ 141,914 | $ 127,442 | $ 120,259 | $ (12,943) | (10)% | $ (5,865) | (4)% | $ 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Mineral Nutrition | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Performance Products | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Corporate | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Total | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Total | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | ||||||||||||||||||||||||
Adjusted EBITDA ratio to segment net sales | Adjusted EBITDA ratio to segment net sales | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | 23.1% | 26.2% | Animal Health | 23.4% | 25.6% | 26.7% | 26.2% | 25.5% | ||||||||||||||||||||||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | 6.8% | 6.7% | Mineral Nutrition | 6.8% | 6.7% | 7.9% | 6.9% | 6.4% | ||||||||||||||||||||||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | 8.4% | 7.7% | Performance Products | 7.7% | 7.6% | 3.5% | 2.0% | 5.2% | ||||||||||||||||||||||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | (4.9%) | (4.6%) | Corporate (1) | (5.0)% | (4.6)% | (4.1)% | (3.9)% | (3.6%) | ||||||||||||||||||||||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | 12.7% | 14.7% | Total (1) | 12.8% | 14.3% | 15.7% | 15.2% | 14.7% | ||||||||||||||||||||||||||||||||||
(1) reflects ratio to total net sales | (1) reflects ratio to total net sales | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating income to adjusted EBITDA | Reconciliation of operating income to adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 2020 | 2019 | 2020 / 2019 | 2020 | 2019 | 2020 / 2019 | For the Years Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||||||||||||||||
(in thousands) | Animal Health | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 23,045 | $ 25,275 | $ (2,230) | (9)% | $ 96,539 | $ 113,737 | $ (17,198) | (15)% | $ 73,494 | $ 88,462 | Operating income | $ 96,539 | $ 113,737 | $ 118,112 | $ 106,047 | $ 104,082 | $ (17,198) | (15)% | $ (4,375) | (4)% | $ 12,065 | 11% | ||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||
Acquisition-related other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Acquisition-related other, net | - 0 | - 0 | (468) | - 0 | - 0 | * | 468 | * | - 0 | * | |||||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | * | - 0 | Other, net | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | |||||||||||||||||||||||||||||||
Depreciation and amortization | 6,527 | 5,892 | 635 | 11% | 26,287 | 22,312 | 3,975 | 18% | 19,760 | 16,420 | Depreciation and amortization | 26,287 | 22,312 | 21,447 | 17,149 | 15,430 | 3,975 | 18% | 865 | 4% | 4,298 | 25% | ||||||||||||||||||||||||
Adjusted EBITDA | 29,572 | 31,167 | (1,595) | (5)% | 123,106 | 136,049 | (12,943) | (10)% | 93,534 | 104,882 | Adjusted EBITDA | 123,106 | 136,049 | 141,914 | 127,442 | 120,259 | (12,943) | (10)% | (5,865) | (4)% | 14,472 | 11% | ||||||||||||||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 2,813 | 3,264 | (451) | (14)% | 12,156 | 13,393 | (1,237) | (9)% | 9,343 | 10,129 | Operating income | 12,156 | 13,393 | 16,212 | 12,504 | 11,961 | (1,237) | (9)% | (2,819) | (17)% | 3,708 | 30% | ||||||||||||||||||||||||
Depreciation and amortization | 651 | 514 | 137 | 27% | 2,522 | 2,319 | 203 | 9% | 1,871 | 1,805 | Depreciation and amortization | 2,522 | 2,319 | 2,371 | 2,467 | 2,468 | 203 | 9% | (52) | (2)% | (96) | (4)% | ||||||||||||||||||||||||
Adjusted EBITDA | 3,464 | 3,778 | (314) | (8)% | 14,678 | 15,712 | (1,034) | (7)% | 11,214 | 11,934 | Adjusted EBITDA | 14,678 | 15,712 | 18,583 | 14,971 | 14,429 | (1,034) | (7)% | (2,871) | (15)% | 3,612 | 24% | ||||||||||||||||||||||||
Performance Products | Performance Products | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 162 | 866 | (704) | (81)% | 2,674 | 3,601 | (927) | (26)% | 2,512 | 2,735 | Operating income | 2,674 | 3,601 | 852 | 163 | 2,069 | (927) | (26)% | 2,749 | 323% | 689 | 423% | ||||||||||||||||||||||||
Depreciation and amortization | 557 | 302 | 255 | 84% | 1,860 | 1,127 | 733 | 65% | 1,303 | 825 | Depreciation and amortization | 1,860 | 1,127 | 1,029 | 807 | 577 | 733 | 65% | 98 | 10% | 222 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA | 719 | 1,168 | (449) | (38)% | 4,534 | 4,728 | (194) | (4)% | 3,815 | 3,560 | Adjusted EBITDA | 4,534 | 4,728 | 1,881 | 970 | 2,646 | (194) | (4)% | 2,847 | 151% | 911 | 94% | ||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | (7,901) | (17,306) | 9,405 | * | (42,175) | (47,505) | 5,330 | * | (34,274) | (30,199) | Operating income | (42,175) | (47,505) | (36,250) | (32,970) | (30,444) | 5,330 | * | (11,255) | * | (3,280) | * | ||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Recovery of insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | * | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | 167 | (1,506) | Acquisition related other, net | (2,821) | - 0 | - 0 | (2,821) | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | 6,281 | * | - 0 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 429 | 449 | (20) | (4)% | 1,672 | 1,806 | (134) | (7)% | 1,243 | 1,357 | Depreciation and amortization | 1,672 | 1,806 | 2,096 | 3,029 | 3,129 | (134) | (7)% | (290) | (14)% | (933) | (31)% | ||||||||||||||||||||||||
Adjusted EBITDA | (9,895) | (9,798) | (97) | * | (40,178) | (38,452) | (1,726) | * | (30,283) | (28,654) | Adjusted EBITDA | (40,178) | (38,452) | (33,420) | (29,323) | (27,315) | (1,726) | * | (5,032) | * | (4,097) | * | ||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 18,119 | 12,099 | 6,020 | 50% | 69,194 | 83,226 | (14,032) | (17)% | Operating income | 69,194 | 83,226 | 98,926 | 85,744 | 87,668 | (14,032) | (17)% | (15,700) | (16)% | 13,182 | 15% | ||||||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Recovery of insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Acquisition related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | ||||||||||||||||||||||||||
Acquisition related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | Acquisition related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | ||||||||||||||||||||||||||
Acquisition related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | Acquisition related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | ||||||||||||||||||||||||||
Pension settlement expense | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | ||||||||||||||||||||||||||
Acquisition related other, net | (2,988) | 1,506 | (4,494) | * | (2,821) | - 0 | (2,821) | * | Acquisition related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | * | 468 | * | (468) | * | ||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | - 0 | 6,281 | (5,856) | (93)% | Restructuring costs | 425 | 6,281 | - 0 | - 0 | - 0 | (5,856) | (93)% | 6,281 | * | |||||||||||||||||||||||||||
Other, net | - 0 | (1,506) | 1,506 | * | - 0 | - 0 | (1,506) | 1,506 | * | Other, net | - 0 | (1,506) | - 0 | 17,149 | - 0 | 1,506 | * | (1,506) | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | ||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 131,209 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ (2,251) | (2)% | ||||||||||||||||||||||||||
EBDITA % of Total before Corporate | EBDITA % of Total before Corporate | |||||||||||||||||||||||||||||||||||||||||||||
Animal Health | 88% | 86% | 87% | 87% | Animal Health | 87% | 87% | 87% | 79% | 88% | ||||||||||||||||||||||||||||||||||||
Mineral Nutrition | 10% | 10% | 10% | 10% | Mineral Nutrition | 10% | 10% | 11% | 9% | 11% | ||||||||||||||||||||||||||||||||||||
Performance Products | 2% | 3% | 3% | 3% | Performance Products | 3% | 3% | 1% | 1% | 2% | ||||||||||||||||||||||||||||||||||||
% of Total Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | 39% | 42% | 40% | 42% | MFAs and other | 40% | 42% | 41% | 45% | 45% |
&Z&F&D &T
Adjusted EBITDA Rec
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020/ 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 5,642 | $ 8,802 | $ (3,160) | (36)% | $ 33,552 | $ 54,713 | $ (21,161) | (39)% | $ 27,910 | $ 27,910 | $ 45,911 | Net income | $ 33,552 | $ 54,713 | $ 64,883 | $ 82,728 | $ 60,280 | $ (21,161) | (39)% | $ (10,170) | (16)% | $ (17,845) | (22)% | ||||||||||||||||||||||
Interest expense, net | 2,807 | 3,047 | (240) | (8)% | 12,856 | 11,776 | 1,080 | 9% | 10,049 | 8,729 | Interest expense, net | 12,856 | 11,776 | 11,910 | 16,592 | 14,305 | 1,080 | 9% | (134) | (1)% | (4,682) | (28)% | |||||||||||||||||||||||
Provision for income taxes | 10,739 | 409 | 10,330 | 2526% | 21,960 | 16,792 | 5,168 | 31% | 11,221 | 16,383 | Provision for income taxes | 21,960 | 16,792 | 23,187 | (5,967) | 18,483 | 5,168 | 31% | (6,395) | (28)% | 29,154 | * | |||||||||||||||||||||||
Depreciation and amortization | 8,164 | 7,157 | 1,007 | 14% | 32,341 | 27,564 | 4,777 | 17% | 24,177 | 20,407 | Depreciation and amortization | 32,341 | 27,564 | 26,943 | 23,452 | 21,604 | 4,777 | 17% | 621 | 2% | 3,491 | 15% | |||||||||||||||||||||||
EBITDA | 27,352 | 19,415 | 7,937 | 41% | 100,709 | 110,845 | (10,136) | (9)% | 73,357 | 91,430 | EBITDA | 100,709 | 110,845 | 126,923 | 116,805 | 114,672 | (10,136) | (9)% | (16,078) | (13)% | 10,118 | 9% | |||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | (6,281) | * | 425 | 6,281 | (5,856) | (93)% | 425 | - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | (93)% | - 0 | * | |||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 0% | 2,259 | 2,259 | - 0 | 0% | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 0% | 1,925 | 576% | 334 | * | ||||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 280 | - 0 | 280 | * | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | * | (1,671) | * | (895) | (35)% | |||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | * | (1,152) | * | (528) | (31)% | |||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | * | 462 | 213 | 249 | 117% | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | 117% | (187) | (47)% | (218) | (35)% | |||||||||||||||||||||||
Acquisition-related other, net | (2,988) | - 0 | (2,988) | * | (2,821) | - 0 | (2,821) | * | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | (2,821) | * | 468 | * | |||||||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | * | - 0 | (1,506) | 1,506 | * | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | * | (1,506) | * | (468) | * | |||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | * | 826 | (55) | 881 | * | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | * | 999 | * | 6,555 | * | |||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | - 0 | * | |||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
0 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 23,860 | $ 26,315 | $ (2,455) | (9)% | $ 102,140 | $ 118,037 | $ (15,897) | (13)% | $ 78,280 | $ 91,722 | Adjusted EBITDA | $ 102,140 | $ 118,037 | $ 128,958 | $ 114,060 | $ 110,019 | $ (15,897) | (13)% | $ (10,921) | (8)% | $ 14,898 | 13% | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets | ||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | |||||||||||||||||||||||||||||||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
&Z&F&D &T
Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 23,187 | $ 15,928 | |||||||||||
Effective income tax rate | 26.3% | 19.8% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (3,773) | $ (3,096) | |||||||||||
Mandatory toll charge | 403 | - | |||||||||||
Reduction of domestic deferred tax assets | 2,289 | - | |||||||||||
Reduction of foreign deferred tax assets | 1,156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Reclassification from accumulated other comprehensive income | 527 | - | |||||||||||
Release of unrecognized tax benefits | (994) | (500) | |||||||||||
Release of foreign valuation allowance | - | (4,118) | |||||||||||
Total | $ (957) | $ (7,714) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 24,144 | $ 23,642 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 29.3% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 1,408 | $ 1,841 | |||||||||||
Effective income tax rate | 6.0% | 10.7% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (376) | $ (1,654) | |||||||||||
Mandatory toll charge | (3,846) | - | |||||||||||
Adjustment to domestic deferred tax assets | (161) | - | |||||||||||
Reduction of foreign deferred tax assets | 156 | - | |||||||||||
Recognition of foreign tax credits | (565) | - | |||||||||||
Release of unrecognized tax benefits | (236) | (500) | |||||||||||
Release of foreign valuation allowance | - | (338) | |||||||||||
Total | $ (5,028) | $ (2,492) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,436 | $ 4,333 | |||||||||||
Effective income tax rate, excluding certain items | 27.4% | 25.1% |
&8&F&A&8&D&T
Cash Flows
MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2019 | 2018 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
Cash provided by/(used in): | (in thousands) | (in thousands) | Cash provided by/(used in): | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Investing activities | (9,533) | 14,743 | (24,276) | (120,390) | (14,133) | (106,257) | (110,857) | (28,876) | Investing activities | (120,390) | (14,133) | (84,612) | (82,791) | (34,464) | (106,257) | 70,479 | (1,821) | ||||||||||||||||||||||
Financing activities | 14,985 | (7,999) | 22,984 | 40,936 | (4,107) | 45,043 | 25,951 | 3,892 | Financing activities | 40,936 | (4,107) | (11,775) | 50,380 | (15,351) | 45,043 | 7,668 | (62,155) | ||||||||||||||||||||||
Effect of exchange-rate changes on cash | Effect of exchange-rate changes on cash | ||||||||||||||||||||||||||||||||||||||
and cash equivalents | 266 | 74 | 192 | (1,124) | (524) | (600) | (1,390) | (598) | and cash equivalents | (1,124) | (524) | (536) | (418) | (1,494) | (600) | 12 | (118) | ||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ 9,595 | $ 21,697 | $ (12,102) | $ (21,230) | $ 28,405 | $ (49,635) | $ (30,825) | $ 6,708 | Net increase/(decrease) in cash and cash equivalents | $ (21,230) | $ 28,405 | $ (26,915) | $ 4,389 | $ 17,395 | $ (49,635) | $ 55,320 | $ (31,304) | ||||||||||||||||||||||
Net cash provided (used) by operating activities is comprised of the following items: | Net cash provided (used) by operating activities is comprised of the following items: | ||||||||||||||||||||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Change | ||||||||||||||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | ||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
EBITDA | $ 27,352 | $ 19,415 | $ 7,937 | $ 100,709 | $ 110,845 | $ (10,136) | $ 73,357 | $ 91,430 | EBITDA | $ 100,709 | $ 110,845 | $ 126,923 | $ 116,805 | $ 114,672 | $ (10,136) | $ (16,078) | $ 10,118 | ||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6,281 | 425 | 6,281 | (5,856) | 425 | $ - 0 | Restructuring costs | 425 | 6,281 | - 0 | (5,856) | 6,281 | ||||||||||||||||||||||||||
Stock-based compensation | 565 | 565 | - 0 | 2,259 | 2,259 | - 0 | 1,694 | 1,694 | Stock-based compensation | 2,259 | 2,259 | 334 | - 0 | - 0 | 1,925 | 334 | |||||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 280 | - 0 | 280 | 280 | - 0 | Acquisition-related cost of goods sold | 280 | - 0 | 1,671 | 2,566 | - 0 | 280 | (1,671) | (895) | ||||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Acquisition-related accrued compensation | - 0 | - 0 | 1,152 | 1,680 | 747 | - 0 | (1,152) | (528) | ||||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 213 | (213) | 462 | 213 | 249 | 462 | - 0 | Acquisition-related transaction costs | 462 | 213 | 400 | 618 | - 0 | 249 | (187) | (218) | ||||||||||||||||||||||
Acquisition related other, net | (2,988) | - 0 | (2,988) | (2,821) | - 0 | (2,821) | 167 | - 0 | Acquisition-related other, net | (2,821) | - 0 | (468) | - 0 | - 0 | (2,821) | 468 | |||||||||||||||||||||||
Other, net | - 0 | - 0 | - 0 | - 0 | (1,506) | 1,506 | - 0 | (1,506) | Other, net | - 0 | (1,506) | - 0 | - 0 | - 0 | 1,506 | (1,506) | - 0 | ||||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on insurance claim | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
- 0 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1,069) | (159) | (910) | 826 | (55) | 881 | 1,895 | 104 | Foreign currency (gains) losses, net | 826 | (55) | (1,054) | (7,609) | (5,400) | 881 | 999 | 6,555 | ||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Interest paid, net | (2,406) | (4,559) | 2,153 | (11,577) | (12,250) | 673 | (9,171) | (7,691) | Interest paid, net | (11,577) | (12,250) | (11,208) | (14,215) | (12,912) | 673 | (1,042) | 3,007 | ||||||||||||||||||||||
Income taxes paid | (5,821) | (3,046) | (2,775) | (20,866) | (16,215) | (4,651) | (15,045) | (13,169) | Income taxes paid | (20,866) | (16,215) | (15,191) | (16,828) | (10,780) | (4,651) | (1,024) | 1,637 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other items | (11,756) | (3,831) | (7,925) | (10,349) | (42,403) | 32,054 | 1,407 | (38,572) | Changes in operating assets and liabilities and other items | (10,349) | (42,403) | (32,551) | (45,181) | (12,337) | 32,054 | (9,852) | 12,630 | ||||||||||||||||||||||
Cash provided by gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | (5,286) | - 0 | - 0 | - 0 | ||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Cash used for acquisition-related transaction costs | - 0 | (618) | - 0 | - 0 | - 0 | 618 | |||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ 3,877 | $ 14,879 | $ (11,002) | $ 59,348 | $ 47,169 | $ 12,179 | $ 55,471 | $ 32,290 | Net cash provided by operating activities | $ 59,348 | $ 47,169 | $ 70,008 | $ 37,218 | $ 68,704 | $ 12,179 | $ (22,839) | $ 32,790 | ||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | * Calculation not meaningful | ||||||||||||||||||||||||||||||||||||||
- 0 |
&Z&F&D &T
Liquidity
June 30, | June 30, | June 30, | Change | |||||||||||||||||||||||||||
As of | 2020 | 2019 | 2018 | Change | As of June 30 | 2020 | 2019 | 2018 | 2016 | 2015 | 2020 / 2019 | 2019 / 2018 | 2017 / 2016 | |||||||||||||||||
(in thousands, except ratios) | (in thousands, except ratios) | |||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $9,770 | Cash and cash equivalents and short-term investments | $91,343 | $81,573 | $79,168 | $33,605 | $29,216 | $9,770 | $2,405 | $45,563 | |||||||||||||||||
Working capital | 222,006 | 242,902 | 205,651 | (20,896) | Working capital | 222,006 | 242,902 | 205,651 | $203,356 | $175,988 | (20,896) | 37,251 | 2,295 | |||||||||||||||||
Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | Ratio of current assets to current liabilities | 2.6:1 | 2.71:1 | 2.57:1 | 2.92:1 | 2.62:1 | |||||||||||||||||||||
360,494 | 384,589 | 336,293 | 360,494 | 384,589 | 336,293 | 309,226 | 284,512 | |||||||||||||||||||||||
138,488 | 141,687 | 130,642 | 138,488 | 141,687 | 130,642 | 105,870 | 108,524 | |||||||||||||||||||||||
2.60 | 2.71 | 2.57 | 2.60 | 2.71 | 2.57 | 2.92 | 2.62 |
&Z&F&D &T
Working Capital
Phibro Animal Health Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Changes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2017 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2016 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2015 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2014 | Change | 2014 | 2013 | Change | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2010 | 2010 | Change | 2010 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,343 | 57,573 | (21,230) | 57,573 | 29,168 | 28,405 | 29,168 | 56,083 | (26,915) | 30,553 | 56,083 | (25,530) | 40,185 | 56,083 | (15,898) | 62,097 | 56,083 | 6,014 | 56,083 | 33,605 | 22,478 | 49,310 | 33,605 | 15,705 | 39,220 | 33,605 | 5,615 | 37,415 | 33,605 | 3,810 | 33,605 | 29,216 | 4,389 | 32,225 | 29,216 | 3,009 | 25,372 | 29,216 | (3,844) | 31,817 | 29,216 | 2,601 | 29,216 | 11,821 | 17,395 | 20,804 | 11,821 | 20,689 | 11,821 | 19,749 | 11,821 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,369 | 36,851 | 27,369 | 27,369 | 53,900 | (26,531) | 27,995 | 53,900 | (25,905) | 27,023 | 53,900 | (26,877) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 48,598 | (14,940) | 49,373 | 48,598 | 775 | 47,089 | 48,598 | (1,509) | 48,598 | 62,705 | (14,107) | 41,517 | 62,705 | (21,188) | 20,066 | 62,705 | (42,639) | 12,068 | 62,705 | (50,637) | ||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | 55,000 | 24,000 | 24,000 | 50,000 | 50,000 | 45,000 | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | 159,022 | 135,742 | 135,742 | 125,847 | 127,044 | 125,847 | 132,242 | 125,847 | 136,337 | 125,847 | 125,847 | 123,790 | 113,130 | 123,790 | 124,131 | 123,790 | 119,607 | 123,790 | 123,790 | 111,099 | 116,233 | 111,099 | 114,572 | 111,099 | 113,710 | 111,099 | 111,099 | 113,858 | 115,152 | 113,858 | 114,264 | 113,858 | 110,756 | 113,858 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | 198,322 | 178,170 | 178,170 | 161,233 | 184,478 | 161,233 | 173,613 | 161,233 | 170,928 | 161,233 | 161,233 | 167,691 | 163,831 | 167,691 | 158,819 | 167,691 | 162,644 | 167,691 | 167,691 | 149,786 | 168,293 | 149,786 | 154,422 | 149,786 | 147,294 | 149,786 | 149,786 | 143,184 | 136,368 | 143,184 | 144,858 | 143,184 | 146,382 | 143,184 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 27,245 | 22,381 | 22,381 | 20,502 | 20,351 | 20,502 | 23,407 | 20,502 | 25,193 | 20,502 | 20,502 | 17,745 | 21,273 | 17,745 | 16,839 | 17,745 | 20,102 | 17,745 | 17,745 | 23,627 | 15,847 | 23,627 | 15,807 | 23,627 | 24,170 | 23,627 | 23,627 | 30,426 | 27,728 | 30,426 | 26,932 | 30,426 | 26,967 | 30,426 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (18,750) | (12,540) | (12,540) | (12,579) | (12,579) | (6,250) | (11,020) | (6,250) | (9,458) | (6,250) | (7,895) | (6,250) | (6,250) | (2,803) | (2,900) | (2,803) | (2,901) | (2,803) | (2,903) | (2,803) | (2,803) | (2,809) | (2,809) | (2,809) | (2,814) | (2,809) | (2,819) | (2,809) | (2,809) | (2,969) | (2,813) | (2,969) | (2,828) | (2,969) | (2,950) | (2,969) | (2,969) | (64) | (72) | (64) | (9,994) | (64) | (9,966) | (64) | (64) | (5,350) | 5,286 | (79) | (5,350) | 5,271 | (29,361) | (5,350) | (24,011) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,526) | 243 | (5,650) | (5,526) | (124) | (5,565) | (5,526) | (39) | (5,526) | (5,557) | 31 | (5,434) | (5,557) | 123 | (5,829) | (5,557) | (272) | (5,704) | (5,557) | (147) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | (73,189) | (59,498) | (59,498) | (56,894) | (64,127) | (56,894) | (64,779) | (56,894) | (61,732) | (56,894) | (56,894) | (60,167) | (53,271) | (60,167) | (54,826) | (60,167) | (54,274) | (60,167) | (60,167) | (63,061) | (51,852) | (63,061) | (61,226) | (63,061) | (59,469) | (63,061) | (63,061) | (59,608) | (56,920) | (59,608) | (56,762) | (59,608) | (64,544) | (59,608) | (59,608) | (57,902) | (60,572) | (57,902) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (68,498) | (71,144) | (71,144) | (52,652) | (53,397) | (52,652) | (52,999) | (52,652) | (51,480) | (52,652) | (52,652) | (45,703) | (50,126) | (45,703) | (45,602) | (45,703) | (44,159) | (45,703) | (45,703) | (45,463) | (45,119) | (45,463) | (50,491) | (45,463) | (46,039) | (45,463) | (45,463) | (49,861) | (45,751) | (49,861) | (41,788) | (49,861) | (39,293) | (49,861) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294,599 | 311,935 | 311,935 | 272,240 | 272,240 | 247,869 | 278,882 | 247,869 | 269,211 | 247,869 | 273,448 | 247,869 | 247,869 | 234,158 | 241,247 | 234,158 | 235,680 | 234,158 | 238,432 | 234,158 | 234,158 | 202,395 | 232,818 | 202,395 | 195,642 | 202,395 | 208,664 | 202,395 | 202,395 | 186,851 | 194,568 | 186,851 | 205,365 | 186,851 | 197,067 | 186,851 | 186,851 | 180,982 | 177,840 | 180,982 | 179,901 | 180,982 | 193,200 | 181,380 | 181,330 | 175,387 | 5,943 | 192,205 | 175,387 | 16,818 | 145,983 | 175,387 | (29,404) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 178,508 | (6,899) | 173,827 | 178,508 | (4,681) | 171,756 | 178,508 | (6,752) | 178,508 | 178,828 | (320) | 171,094 | 178,828 | (7,734) | 143,144 | 178,828 | (35,684) | 139,187 | 178,828 | (39,641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | June | June | June | June | June | Mar | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | Dec | June | Dec | June | Sept | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | March | June | December | June | September | June | June | June | September | June | September | June | September | June | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2020 | 2019 | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2009 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 126,522 | 159,022 | (32,500) | 159,022 | 135,742 | 23,280 | 135,742 | 125,847 | 9,895 | 127,044 | 125,847 | 1,197 | 132,242 | 125,847 | 6,395 | 136,337 | 125,847 | 10,490 | 125,847 | 123,790 | 2,057 | 113,130 | 123,790 | (10,660) | 124,131 | 123,790 | 341 | 119,607 | 123,790 | (4,183) | 123,790 | 111,099 | 12,691 | 116,233 | 111,099 | 5,134 | 114,572 | 111,099 | 3,473 | 113,710 | 111,099 | 2,611 | 111,099 | 113,858 | (2,759) | 115,152 | 113,858 | 1,294 | 114,264 | 113,858 | 406 | 110,756 | 113,858 | (3,102) | 113,858 | 99,137 | 14,721 | 107,705 | 99,137 | 8,568 | 103,253 | 99,137 | 94,446 | 99,137 | 109,816 | 105,721 | 4,095 | 101,713 | 105,721 | (4,008) | 102,267 | 105,721 | (3,454) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 103,168 | 3,288 | 104,698 | 103,168 | 1,530 | 96,469 | 103,168 | (6,699) | 103,168 | 99,244 | 3,924 | 97,841 | 99,244 | (1,403) | 99,827 | 99,244 | 583 | 97,846 | 99,244 | (1,398) | |||||||||||||||||||||||||||||||||||||
Inventories | 196,659 | 198,322 | (1,663) | 198,322 | 178,170 | 20,152 | 178,170 | 161,233 | 16,937 | 184,478 | 161,233 | 23,245 | 173,613 | 161,233 | 12,380 | 170,928 | 161,233 | 9,695 | 161,233 | 167,691 | (6,458) | 163,831 | 167,691 | (3,860) | 158,819 | 167,691 | (8,872) | 162,644 | 167,691 | (5,047) | 167,691 | 149,786 | 17,905 | 168,293 | 149,786 | 18,507 | 154,422 | 149,786 | 4,636 | 147,294 | 149,786 | (2,492) | 149,786 | 143,184 | 6,602 | 136,368 | 143,184 | (6,816) | 144,858 | 143,184 | 1,674 | 146,382 | 143,184 | 3,198 | 143,184 | 140,032 | 3,152 | 142,804 | 140,032 | 2,772 | 140,445 | 140,032 | 141,376 | 140,032 | 140,157 | 118,372 | 21,785 | 138,892 | 118,372 | 20,520 | 128,954 | 118,372 | 10,582 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 124,137 | (5,685) | 117,300 | 124,137 | (6,837) | 123,026 | 124,137 | (1,111) | 124,137 | 113,228 | 10,909 | 121,028 | 113,228 | 7,800 | 118,741 | 113,228 | 5,513 | 115,586 | 113,228 | 2,358 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 37,313 | 27,245 | 10,068 | 27,245 | 22,381 | 4,864 | 22,381 | 20,502 | 1,879 | 20,351 | 20,502 | (151) | 23,407 | 20,502 | 2,905 | 25,193 | 20,502 | 4,691 | 20,502 | 17,745 | 2,757 | 21,273 | 17,745 | 3,528 | 16,839 | 17,745 | (906) | 20,102 | 17,745 | 2,357 | 17,745 | 23,627 | (5,882) | 15,847 | 23,627 | (7,780) | 15,807 | 23,627 | (7,820) | 24,170 | 23,627 | 543 | 23,627 | 30,426 | (6,799) | 27,728 | 30,426 | (2,698) | 26,932 | 30,426 | (3,494) | 26,967 | 30,426 | (3,459) | 30,426 | 29,848 | 578 | 31,159 | 29,848 | 1,311 | 28,359 | 29,848 | 31,979 | 30,498 | 19,644 | 22,190 | (2,546) | 29,119 | 22,190 | 6,929 | 24,563 | 22,190 | 2,373 | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 18,929 | 1,271 | 24,694 | 18,929 | 5,765 | 15,888 | 18,929 | (3,041) | 18,929 | 19,816 | (887) | 21,123 | 19,816 | 1,307 | 19,505 | 19,816 | (311) | 19,986 | 19,816 | 170 | |||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (66,091) | (73,189) | 7,098 | (73,189) | (59,498) | (13,691) | (59,498) | (56,894) | (2,604) | (64,127) | (56,894) | (7,233) | (64,779) | (56,894) | (7,885) | (61,732) | (56,894) | (4,838) | (56,894) | (60,167) | 3,273 | (53,271) | (60,167) | 6,896 | (54,826) | (60,167) | 5,341 | (54,274) | (60,167) | 5,893 | (60,167) | (63,061) | 2,894 | (51,852) | (63,061) | 11,209 | (61,226) | (63,061) | 1,835 | (59,469) | (63,061) | 3,592 | (63,061) | (59,608) | (3,453) | (56,920) | (59,608) | 2,688 | (56,762) | (59,608) | 2,846 | (64,544) | (59,608) | (4,936) | (59,608) | (57,902) | (1,706) | (60,752) | (57,902) | (2,850) | (60,109) | (57,902) | (52,739) | (58,432) | (58,432) | (66,806) | 8,374 | (59,620) | (66,806) | 7,186 | (60,229) | (66,806) | 6,577 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (63,045) | 4,490 | (60,972) | (63,045) | 2,073 | (64,579) | (63,045) | (1,534) | (63,045) | (60,278) | (2,767) | (62,489) | (60,278) | (2,211) | (61,960) | (60,278) | (1,682) | (59,859) | (60,278) | 419 | |||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (72,397) | (68,498) | (3,899) | (68,498) | (71,144) | 2,646 | (71,144) | (52,652) | (18,492) | (53,397) | (52,652) | (745) | (52,999) | (52,652) | (347) | (51,480) | (52,652) | 1,172 | (52,652) | (45,703) | (6,949) | (50,126) | (45,703) | (4,423) | (45,602) | (45,703) | 101 | (44,159) | (45,703) | 1,544 | (45,703) | (45,463) | (240) | (45,119) | (45,463) | 344 | (50,491) | (45,463) | (5,028) | (46,039) | (45,463) | (576) | (45,463) | (49,861) | 4,398 | (45,751) | (49,861) | 4,110 | (41,788) | (49,861) | 8,073 | (39,293) | (49,861) | 10,568 | (49,861) | (57,438) | 7,577 | (54,513) | (57,438) | 2,925 | (52,527) | (57,438) | (48,747) | (57,160) | (57,160) | (52,640) | (4,520) | (45,815) | (52,640) | 6,825 | (47,234) | (52,640) | 5,406 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (47,753) | 4,434 | (55,616) | (47,753) | (7,863) | (40,572) | (47,753) | 7,181 | (47,753) | (50,330) | 2,577 | (42,492) | (50,330) | 7,838 | (47,206) | (50,330) | 3,124 | (40,736) | (50,330) | 9,594 | |||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222,006 | 242,902 | (20,896) | 242,902 | 205,651 | 37,251 | 205,651 | 198,036 | 7,615 | 214,349 | 198,036 | 16,313 | 211,484 | 198,036 | 13,448 | 219,246 | 198,036 | 21,210 | 198,036 | 203,356 | (5,320) | 194,837 | 203,356 | (8,519) | 199,361 | 203,356 | (3,995) | 203,920 | 203,356 | 564 | 203,356 | 175,988 | 27,368 | 203,402 | 175,988 | 27,414 | 173,084 | 175,988 | (2,904) | 179,666 | 175,988 | 3,678 | 175,988 | 177,999 | (2,011) | 176,577 | 177,999 | (1,422) | 187,504 | 177,999 | 9,505 | 180,268 | 177,999 | 2,269 | 177,999 | 153,677 | 24,322 | 166,403 | 153,677 | 12,726 | 159,421 | 153,677 | 166,315 | 154,075 | 154,025 | 126,837 | 27,188 | 164,289 | 126,837 | 37,452 | 148,321 | 126,837 | 21,484 | 143,496 | 126,837 | 16,659 | 126,837 | 135,436 | (8,599) | 143,234 | 135,436 | 7,798 | 130,104 | 135,436 | (5,332) | 130,232 | 135,436 | (5,204) | 135,436 | 121,680 | 13,756 | 135,011 | 121,680 | 13,331 | 128,907 | 121,680 | 7,227 | 132,823 | 121,680 | 11,143 | ||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 27,369 | 27,369 | 19,749 | 27,369 | 11,821 | 27,369 | 10,979 | 27,369 | 30,474 | 27,023 | 36,851 | 41,853 | 27,369 | 33,658 | (6,289) | 27,995 | 33,658 | (5,663) | 27,023 | 49,373 | (22,350) | 41,853 | 53,900 | (12,047) | 53,900 | 48,598 | 5,302 | 33,658 | 41,517 | (7,859) | 49,373 | 20,066 | 29,307 | 47,089 | 12,068 | 35,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 103,253 | 96,123 | 94,446 | 95,949 | 109,816 | 106,456 | 3,360 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 105,721 | (9,772) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 140,445 | 128,954 | 141,376 | 123,501 | 140,157 | 118,452 | 21,705 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 118,372 | 5,129 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 28,359 | 30,728 | 31,979 | 29,680 | 19,644 | 20,200 | (556) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 22,190 | 7,490 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | (64) | (64) | (2,950) | (64) | (2,969) | (64) | (72) | (64) | (9,994) | (29,361) | (9,966) | (29,198) | (64) | (5,283) | 5,219 | (79) | (5,283) | 5,204 | (29,361) | (5,650) | (23,711) | (29,198) | (5,350) | (23,848) | (5,350) | (5,526) | 176 | (5,283) | (5,434) | 151 | (5,650) | (5,829) | 179 | (5,565) | (5,704) | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (60,109) | (59,699) | (52,739) | (63,758) | (58,432) | (58,555) | 123 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (66,806) | 3,048 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | (52,527) | (47,084) | (48,747) | (41,876) | (57,160) | (43,319) | (13,841) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (52,640) | 10,764 | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182,924 | 182,924 | 197,067 | 182,924 | 186,851 | 182,924 | 177,840 | 182,924 | 179,901 | 146,684 | 193,200 | 156,151 | 181,330 | 171,609 | 9,721 | 192,205 | 171,609 | 20,596 | 145,983 | 173,827 | (27,844) | 156,151 | 175,387 | (19,236) | 175,387 | 178,508 | (3,121) | 171,609 | 171,094 | 515 | 173,827 | 143,144 | 30,683 | 171,756 | 139,187 | 32,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | March | March | March | March | March | March | March | December | December | September | September | June | March | March | March | December | December | September | September | June | June | March | March | December | December | September | September | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital Adjusted | 2013 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | Change | 2013 | 2012 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2012 | 2011 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 99,137 | 99,137 | 110,756 | 99,137 | 113,858 | 99,137 | 107,705 | 99,137 | 8,568 | 103,253 | 96,123 | 7,130 | 94,446 | 95,949 | 109,816 | 105,721 | 4,095 | 101,713 | 106,456 | (4,743) | 102,267 | 104,698 | (2,431) | 95,949 | 96,469 | (520) | 105,721 | 103,168 | 2,553 | 106,456 | 97,841 | 8,615 | 104,698 | 99,827 | 4,871 | 96,469 | 97,846 | (1,377) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 140,032 | 140,032 | 146,382 | 140,032 | 143,184 | 140,032 | 142,804 | 140,032 | 2,772 | 140,445 | 128,954 | 11,491 | 141,376 | 123,501 | 140,157 | 118,372 | 21,785 | 138,892 | 118,452 | 20,440 | 128,954 | 117,300 | 11,654 | 123,501 | 123,026 | 475 | 118,372 | 124,137 | (5,765) | 118,452 | 121,028 | (2,576) | 117,300 | 118,741 | (1,441) | 123,026 | 115,586 | 7,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 29,848 | 29,848 | 26,967 | 29,848 | 30,426 | 29,848 | 31,159 | 29,848 | 1,311 | 28,359 | 30,728 | (2,369) | 31,979 | 29,680 | 19,644 | 22,190 | (2,546) | 29,119 | 20,200 | 8,919 | 24,563 | 24,694 | (131) | 29,680 | 15,888 | 13,792 | 22,190 | 18,929 | 3,261 | 20,200 | 21,123 | (923) | 24,694 | 19,505 | 5,189 | 15,888 | 19,986 | (4,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans payable to banks | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (55,960) | (55,960) | (64,544) | (55,960) | (59,608) | (55,960) | (60,572) | (55,960) | (4,612) | (60,109) | (59,699) | (410) | (52,739) | (63,758) | (58,432) | (66,806) | 8,374 | (59,620) | (58,555) | (1,065) | (60,229) | (60,972) | 743 | (63,758) | (64,579) | 821 | (66,806) | (63,045) | (3,761) | (58,555) | (62,489) | 3,934 | (60,972) | (61,960) | 988 | (64,579) | (59,859) | (4,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | (57,438) | (57,438) | (39,293) | (57,438) | (49,861) | (57,438) | (54,163) | (57,438) | 3,275 | (52,527) | (47,084) | (5,443) | (48,747) | (41,876) | (57,160) | (52,640) | (4,520) | (45,815) | (43,319) | (2,496) | (47,234) | (55,616) | 8,382 | (41,876) | (40,572) | (1,304) | (52,640) | (47,753) | (4,887) | (43,319) | (42,492) | (827) | (55,616) | (47,206) | (8,410) | (40,572) | (40,736) | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to equity transactions accrual | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155,619 | 155,619 | 180,268 | 155,619 | 177,999 | 155,619 | 166,933 | 155,619 | 11,314 | 159,421 | 149,022 | 10,399 | 166,315 | 143,496 | 22,819 | 154,025 | 126,837 | 27,188 | 164,289 | 143,234 | 21,055 | 148,321 | 130,104 | 18,217 | 143,496 | 130,232 | 13,264 | 126,837 | 135,436 | (8,599) | 143,234 | 135,011 | 8,223 | 130,104 | 128,907 | 1,197 | 130,232 | 132,823 | (2,591) |
&Z&F&D &T
DSO & Inventories
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accounts receivable - trade | $ 126,522 | $ 159,022 | $ 135,742 | $ 111,099 | $ 99,137 | 12% | $ 99,137 | $ 99,140 | 97,566 | $ 24,643 | $ (32,500) | $ 23,280 | |||||||||||||
DSO | 61 | 70 | 58 | 54 | 53 | 2% | 54 | 53 | 55 | ||||||||||||||||
Certain amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||
Change | |||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2013 | 2013/2012 | 2013 | 2012 | 2011 | Change | 2020/2019 | 2019/2018 | |||||||||||||
(in thousands) | |||||||||||||||||||||||||
Inventories | $ 196,659 | $ 198,322 | $ 178,170 | $ 149,786 | $ 140,032 | 7% | $ 140,032 | $ 120,123 | 97,566 | $ 28,384 | $ (1,663) | $ 20,152 |
&Z&F&D &T
Business Segments
Segments | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 340 | $ 340 | $ 336 | $ 327 | $ 4 | 1% | $ 9 | 3% | ||||||||||||||||||
Nutritional Specialties | 94 | 94 | 82 | 63 | 12 | 15% | 19 | 30% | ||||||||||||||||||
Vaccines | 52 | 52 | 53 | 41 | (1) | (2)% | 12 | 29% | ||||||||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ 0 | 0% | $ 61 | 13% | 66% | 64% | 65% | 63% | ||||||||||||
Mineral Nutrition | 214 | 234 | 235 | 227 | (19) | (8)% | (1) | (0)% | 8 | 3% | 27% | 28% | 29% | 30% | ||||||||||||
Performance Products | 59 | 62 | 53 | 51 | (3) | (5)% | 9 | 17% | 3 | 5% | 7% | 8% | 7% | 7% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 301 | $ 316 | $ 321 | $ 280 | $ (15) | (5)% | $ (5) | (2)% | $ 41 | 15% | 38% | 38% | 39% | 37% | ||||||||||||
Dairy | 163 | 170 | 177 | 135 | (7) | (4)% | (7) | (4)% | 42 | 31% | 20% | 21% | 22% | 18% | ||||||||||||
Cattle | 94 | 88 | 80 | 100 | 6 | 7% | 8 | 10% | (20) | (20)% | 12% | 11% | 10% | 13% | ||||||||||||
Swine | 81 | 101 | 100 | 102 | (20) | (20)% | 1 | 1% | (2) | (2)% | 10% | 12% | 12% | 14% | ||||||||||||
Other (1) | 161 | 153 | 142 | 132 | 8 | 5% | 11 | 8% | 10 | 7% | 20% | 18% | 17% | 18% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
Regions (2) | Change | Percentage of total | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 472 | $ 481 | $ 491 | $ 483 | $ (9) | (2)% | $ (10) | (2)% | $ 8 | 2% | 59% | 58% | 60% | 65% | ||||||||||||
Latin America and Canada | 159 | 152 | 143 | 107 | 7 | 5% | 9 | 6% | 36 | 33% | 20% | 18% | 17% | 14% | ||||||||||||
Europe, Middle East and Africa | 112 | 105 | 110 | 61 | 7 | 7% | (5) | (5)% | 49 | 79% | 14% | 13% | 13% | 8% | ||||||||||||
Asia Pacific | 57 | 90 | 76 | 97 | (33) | (37)% | 14 | 18% | (21) | (21)% | 7% | 11% | 9% | 13% | ||||||||||||
Total | $ 800 | $ 828 | $ 820 | $ 749 | $ (28) | (3)% | $ 8 | 1% | $ 71 | 10% | ||||||||||||||||
(1) | Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry | |||||||||||||||||||||||||
(2) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
Adjusted EBITDA(1) | Change | Percentage of total (2) | ||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | * | $ - 0 | * | ||||||||||||||||||
Nutritional Specialties | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Vaccines | - 0 | 0 | 0 | 4 | - 0 | 0% | (4) | (96)% | ||||||||||||||||||
Animal Health | $ 123 | $ 136 | $ 142 | $ 120 | $ (13) | (10)% | $ (6) | (4)% | $ 22 | 18% | 87% | 87% | 87% | 88% | ||||||||||||
Mineral Nutrition | 15 | 16 | 19 | 14 | (1) | (7)% | (3) | (15)% | 5 | 33% | 10% | 10% | 11% | 10% | ||||||||||||
Performance Products | 5 | 5 | 2 | 3 | (0) | (4)% | 3 | 151% | (1) | (37)% | 3% | 3% | 1% | 2% | ||||||||||||
Corporate | (40) | (38) | (33) | (27) | (2) | * | (5) | * | (6) | * | ||||||||||||||||
Total | $ 102 | $ 118 | $ 129 | $ 110 | $ (16) | (13)% | $ (11) | (8)% | $ 19 | 17% | ||||||||||||||||
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA. | |||||||||||||||||||||||||
(2) | Before unallocated corporate costs | |||||||||||||||||||||||||
Net Identifiable Assets | Change | Percentage of total | ||||||||||||||||||||||||
As of June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 23 | $ 23 | $ 22 | $ 21 | $ 2 | 9% | $ 0 | 1% | ||||||||||||||||||
Nutritional Specialties | 114 | 114 | 110 | 91 | 4 | 4% | 19 | 21% | ||||||||||||||||||
Vaccines | - 0 | - 0 | - 0 | - 0 | - 0 | * | - 0 | * | ||||||||||||||||||
Animal Health | $ 561 | $ 509 | $ 456 | $ 349 | $ 52 | 10% | $ 53 | 12% | $ 107 | 31% | 71% | 70% | 68% | 71% | ||||||||||||
Mineral Nutrition | 66 | 68 | 70 | 59 | (2) | (2)% | (2) | (3)% | 11 | 19% | 8% | 9% | 10% | 12% | ||||||||||||
Performance Products | 31 | 33 | 24 | 22 | (2) | (6)% | 9 | 37% | 2 | 10% | 4% | 5% | 4% | 4% | ||||||||||||
Corporate | 127 | 117 | 122 | 60 | 10 | 8% | (5) | (4)% | 62 | 102% | 16% | 16% | 18% | 12% | ||||||||||||
Total | $ 785 | $ 727 | $ 672 | $ 490 | $ 58 | 8% | $ 55 | 8% | $ 182 | 37% | ||||||||||||||||
Adjusted value down to $784M to agree in total - all individual amounts rounded up. |
&Z&F&D &T
Animal Health
Product Groups | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
MFAs and other | $ 322 | $ 350 | $ 337 | $ 336 | $ (28) | (8)% | $ 13 | 4% | $ 1 | 0% | 61% | 66% | 63% | 71% | ||||||||||||
Nutritional specialties | 129 | 113 | 123 | 82 | 16 | 14% | (10) | (8)% | 41 | 50% | 25% | 21% | 23% | 17% | ||||||||||||
Vaccines | 75 | 68 | 72 | 53 | 7 | 10% | (4) | (5)% | 19 | 36% | 14% | 13% | 14% | 11% | ||||||||||||
Animal Health | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ (0) | (0)% | $ 61 | 13% | ||||||||||||||||
Species | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Poultry | $ 253 | $ 251 | $ 255 | $ 231 | $ 2 | 1% | $ (4) | (2)% | $ 24 | 10% | 48% | 47% | 48% | 49% | ||||||||||||
Swine | 43 | 62 | 59 | 65 | (19) | (31)% | 3 | 5% | (6) | (9)% | 8% | 12% | 11% | 14% | ||||||||||||
Dairy | 117 | 116 | 120 | 83 | 1 | 1% | (4) | (3)% | 37 | 44% | 22% | 22% | 23% | 18% | ||||||||||||
Cattle | 44 | 47 | 42 | 43 | (3) | (6)% | 5 | 12% | (1) | (3)% | 8% | 9% | 8% | 9% | ||||||||||||
Other | 70 | 56 | 56 | 48 | 14 | 25% | - 0 | 0% | 8 | 17% | 13% | 11% | 11% | 10% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
Regions (1) | Change | Percentage of total | ||||||||||||||||||||||||
For the Years Ended June 30 | 2020 | 2019 | 2018 | 2015 | 2020 / 2019 | 2019 / 2018 | 2016 / 2015 | 2020 | 2019 | 2018 | 2015 | |||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
United States | $ 214 | $ 199 | $ 220 | $ 219 | $ 15 | 8% | $ (21) | (10)% | $ 1 | 1% | 41% | 37% | 41% | 46% | ||||||||||||
Latin America and Canada | 148 | 142 | 129 | 99 | 6 | 4% | 13 | 10% | 30 | 31% | 28% | 27% | 24% | 21% | ||||||||||||
Europe, Middle East and Africa | 109 | 103 | 108 | 61 | 6 | 6% | (5) | (5)% | 47 | 76% | 21% | 19% | 20% | 13% | ||||||||||||
Asia Pacific | 56 | 88 | 75 | 92 | (32) | (36)% | 13 | 17% | (17) | (19)% | 11% | 17% | 14% | 20% | ||||||||||||
Total | $ 527 | $ 532 | $ 532 | $ 471 | $ (5) | (1)% | $ - 0 | 0% | $ 61 | 13% | ||||||||||||||||
(1) | Net Sales by region are based on country of destination | |||||||||||||||||||||||||
% of Sales | ||||||||||||||||||||||||||
U.S. | 41% | 37% | 41% | |||||||||||||||||||||||
Foreign | 59% | 63% | 59% | |||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||
Page 18 of the 10K |
&Z&F&D &T
Mineral Nutrition
Species | Change | Percentage of total | ||||||||||||||||
For the Years Ended June 30 | 2017 | 2016 | 2015 | 2017 / 2016 | 2016 / 2015 | 2017 | 2016 | 2015 | ||||||||||
($ in millions) | ||||||||||||||||||
Poultry | $ - 0 | $ 54 | $ 52 | $ (54) | * | $ 2 | 4% | ERROR:#DIV/0! | 25% | 23% | ||||||||
Swine | - 0 | 35 | 28 | (35) | * | 7 | 27% | ERROR:#DIV/0! | 16% | 12% | ||||||||
Dairy | - 0 | 48 | 48 | (48) | * | 0 | 0% | ERROR:#DIV/0! | 22% | 21% | ||||||||
Cattle | - 0 | 52 | 74 | (52) | * | (22) | (30)% | ERROR:#DIV/0! | 24% | 33% | ||||||||
Other | - 0 | 28 | 26 | (28) | * | 2 | 8% | ERROR:#DIV/0! | 13% | 11% | ||||||||
Total | $ - 0 | $ 217 | $ 227 | $ (217) | * | $ (10) | (5)% |
PR Table #1 - Summary P&L in MM
Phibro Animal Health Corporation | ||||||||||||||||||||
Consolidated Results of Operations | ||||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||||
Cost of goods sold | 125.3 | 138.6 | (13.3) | (10)% | 543.5 | 563.4 | (19.9) | (4)% | ||||||||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | 256.9 | 264.6 | (7.7) | (3)% | ||||||||||||
Selling, general and administrative | 42.4 | 53.2 | (10.8) | (20)% | 187.7 | 181.4 | 6.3 | 3% | ||||||||||||
Operating income | 18.1 | 12.1 | 6.0 | 50% | 69.2 | 83.2 | (14.0) | (17)% | ||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | ||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||||
Income before income taxes | 16.4 | 9.2 | 7.2 | 78% | 55.5 | 71.5 | (16.0) | (22)% | ||||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | ||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||||
Net income per share | ||||||||||||||||||||
basic | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
diluted | $0.14 | $0.22 | $ (0.08) | $0.83 | $1.35 | $ (0.52) | ||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
basic | 40.5 | 40.5 | 40.5 | 40.4 | ||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||
Ratio to net sales | ||||||||||||||||||||
Gross profit | 32.6% | 32.0% | 32.1% | 32.0% | ||||||||||||||||
Selling, general and administrative | 22.8% | 26.1% | 23.5% | 21.9% | ||||||||||||||||
Operating income | 9.7% | 5.9% | 8.6% | 10.1% | ||||||||||||||||
Income before income taxes | 8.8% | 4.5% | 6.9% | 8.6% | ||||||||||||||||
Net income | 3.0% | 4.3% | 4.2% | 6.6% | ||||||||||||||||
Effective tax rate | 65.6% | 4.4% | 39.6% | 23.5% | ||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||
* Calculation not meaningful |
PR Table #2 - Seg Rev & EBITDA
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | ||||||||||||||||||
Segment Net Sales and Adjusted EBITDA | |||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||
(in millions, except percentages) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | 129.3 | 113.2 | 16.0 | 14% | |||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | 75.3 | 68.3 | 7.0 | 10% | |||||||||||
Animal Health | 122.4 | 132.0 | (9.6) | (7)% | 526.9 | 532.0 | (5.1) | (1)% | |||||||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | 214.4 | 233.8 | (19.4) | (8)% | |||||||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | 59.0 | 62.2 | (3.2) | (5)% | |||||||||||
Total | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted EBITDA | |||||||||||||||||||
Animal Health | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||||||
Mineral Nutrition | 3.5 | 3.8 | (0.3) | (8)% | 14.7 | 15.7 | (1.0) | (7)% | |||||||||||
Performance Products | 0.7 | 1.2 | (0.4) | (38)% | 4.5 | 4.7 | (0.2) | * | |||||||||||
Corporate | (9.9) | (9.8) | (0.1) | * | (40.2) | (38.5) | (1.7) | * | |||||||||||
Total | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
Ratio to segment net sales | |||||||||||||||||||
Animal Health | 24.2% | 23.6% | 23.4% | 25.6% | Make sure all cells are linked | ||||||||||||||
Mineral Nutrition | 6.9% | 6.7% | 6.8% | 6.7% | |||||||||||||||
Performance Products | 5.3% | 7.4% | 7.7% | 7.6% | |||||||||||||||
Corporate (1) | (5.3)% | (4.8)% | (5.0)% | (4.6)% | |||||||||||||||
Total (1) | 12.8% | 12.9% | 12.8% | 14.3% | |||||||||||||||
(1)reflects ratio to total net sales | |||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | |||||||||||
Interest expense, net | 2.8 | 3.0 | (0.2) | (8)% | 12.9 | 11.8 | 1.1 | 9% | |||||||||||
Provision for income taxes | 10.7 | 0.4 | 10.3 | * | 22.0 | 16.8 | 5.2 | 31% | |||||||||||
Depreciation and amortization | 8.2 | 7.2 | 1.0 | 14% | 32.3 | 27.6 | 4.8 | 17% | |||||||||||
EBITDA | 27.4 | 19.4 | 7.9 | 41% | 100.7 | 110.8 | (10.1) | (9)% | |||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | |||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | |||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | |||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | |||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | |||||||||||
Other, net (1) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | |||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | |||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | |||||||||||||||||||
(2) Acquisition-related other, net includes the adjustment to contingent consideration | |||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||
* Calculation not meaningful |
PR Table #3 - ANI in MM
Phibro Animal Health Corporation | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||
Adjusted Net Income | Make sure all cells are linked | |||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||
Adjusted cost of goods sold | $ 123.8 | $ 137.3 | $ (13.5) | (10)% | $ 536.9 | $ 558.1 | $ (21.2) | (4)% | ||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | 263.5 | 269.9 | (6.4) | (2)% | ||||||||||
Adjusted selling, general and administrative | 44.2 | 45.9 | (1.7) | (4)% | 184.8 | 173.3 | 11.5 | 7% | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | 12.6 | 11.8 | 0.8 | 7% | ||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | 66.1 | 84.8 | (18.7) | (22)% | ||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | 22.3 | 22.8 | (0.5) | (2)% | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Adjusted net income per share | ||||||||||||||||||
diluted | $0.17 | $0.33 | ($0.16) | (48%) | $1.08 | $1.53 | ($0.45) | (29)% | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||
diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||
Ratio to net sales | ||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | 32.9% | 32.6% | ||||||||||||||
Adjusted selling, general and administrative | 23.8% | 22.5% | 23.1% | 20.9% | ||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | 8.3% | 10.2% | ||||||||||||||
Adjusted net income | 3.6% | 6.7% | 5.5% | 7.5% | ||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | 33.7% | 26.9% | ||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | ||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ (3.2) | (36)% | $ 33.6 | $ 54.7 | $ (21.2) | (39)% | ||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | * | 0.4 | 6.3 | (5.9) | (93)% | ||||||||||
Stock-based compensation (1) | 0.6 | 0.6 | - 0 | 0% | 2.3 | 2.3 | - 0 | 0% | ||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Acquisition-related intangible amortization(2) | 1.5 | 1.3 | 0.2 | 17% | 6.3 | 5.3 | 1.1 | 20% | ||||||||||
Acquisition-related intangible amortization(1) | 0.7 | 0.2 | 0.4 | 197% | 2.5 | 0.8 | 1.7 | 208% | ||||||||||
Acquisition-related accrued compensation(1) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related transaction costs(1) | - 0 | 0.2 | (0.2) | * | 0.5 | 0.2 | 0.2 | 117% | ||||||||||
Acquisition-related other, net (1) | (3.0) | - 0 | (3.0) | * | (2.8) | - 0 | (2.8) | * | ||||||||||
Other, net(1) (3) | - 0 | - 0 | - 0 | * | - 0 | (1.5) | 1.5 | * | ||||||||||
Pension settlement cost (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Gain on insurance settlement (2) | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Acquisition-related accrued interest | 0.1 | 0.0 | 0.1 | * | 0.3 | - 0 | 0.3 | * | ||||||||||
Foreign currency (gains) losses, net(4) | (1.1) | (0.2) | (0.9) | * | 0.8 | (0.1) | 0.9 | * | ||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | * | - 0 | - 0 | - 0 | * | ||||||||||
Adjustments to income taxes(5) | 2.3 | (3.7) | 6.0 | * | (0.3) | (6.0) | 5.7 | * | ||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | ||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||
* Calculation not meaningful | ||||||||||||||||||
(1)Included in selling, general and administrative | ||||||||||||||||||
(2)Included in cost of goods sold | ||||||||||||||||||
(3) Acquisition-related other, net includes the adjustment to contingent consideration | ||||||||||||||||||
(3)Relates to the cancellation of a certain business arrangement | ||||||||||||||||||
(4)Primarily related to intercompany balances | ||||||||||||||||||
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items | ||||||||||||||||||
(6) Acquisition-related other, net includes ……. | ||||||||||||||||||
Depreciation and amortization | 8.164 | 7.157 | (1.0) | $ (0.02) | 32.341 | 27.564 | (4.8) | $ (0.12) | ||||||||||
Less: amortization | (1.803) | (1.623) | 0.2 | $ 0.00 | (6.598) | (5.575) | 1.0 | $ 0.03 | ||||||||||
Depreciation | 6.361 | 5.534 | (0.8) | $ (0.02) | 25.743 | 21.989 | (3.8) | $ (0.09) | ||||||||||
Interest | 2.732 | 3.036 | 0.3 | $ 0.01 | 12.581 | 11.776 | (0.8) | $ (0.02) | ||||||||||
Taxes | 8.401 | 4.104 | (4.3) | $ (0.11) | 22.290 | 22.776 | 0.5 | $ 0.01 | ||||||||||
Subtotal | 17.494 | 12.674 | (4.8) | $ (0.12) | 60.614 | 56.541 | (4.1) | $ (0.10) | ||||||||||
EBITDA | 23.860 | 26.315 | (2.5) | $ (0.06) | 102.140 | 118.037 | (15.9) | $ (0.39) | ||||||||||
Adjusted net income | (7.3) | $ (0.18) | (20.0) | $ (0.49) |
PR Tax Provision Tables
Three Months | Nine Months | ||||||||||||
For the Periods Ended March 31 | 2018 | 2017 | 2018 | 2017 | |||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | $ 21,779 | $ 14,087 | |||||||||
Effective income tax rate | 18.6% | 10.6% | 33.7% | 22.2% | |||||||||
Discrete income tax related items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | $ (3,397) | $ (1,442) | |||||||||
Unrecognized tax benefits | (758) | - | (758) | - | |||||||||
Mandatory toll charge | - | - | 4,249 | - | |||||||||
Remeasurement of deferred tax assets | - | - | 2,450 | - | |||||||||
Remeasurement of foreign deferred tax assets | - | - | 1,000 | - | |||||||||
Accumulated other comprehensive income item | - | - | 527 | - | |||||||||
Foreign valuation allowance release | - | (3,780) | - | (3,780) | |||||||||
Total | $ (1,796) | $ (5,222) | $ 4,071 | $ (5,222) | |||||||||
Provision (benefit) for income taxes, excluding discrete items | $ 6,344 | $ 8,027 | $ 17,708 | $ 19,309 | |||||||||
Effective income tax rate, excluding discrete items | 26.0% | 30.4% | 27.4% | 30.5% | |||||||||
For the Three Months Ended March 31 | 2018 | 2017 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 4,548 | $ 2,805 | |||||||||||
Effective income tax rate | 18.6% | 10.6% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (1,038) | $ (1,442) | |||||||||||
Release of unrecognized tax benefits | (758) | - | |||||||||||
Release of foreign valuation allowance | - | (3,780) | |||||||||||
Total | $ (1,796) | $ (5,222) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 6,344 | $ 8,027 | |||||||||||
Effective income tax rate, excluding certain items | 26.0% | 30.4% | |||||||||||
For the Years Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 16,792 | $ 23,187 | |||||||||||
Effective income tax rate | 23.5% | 26.3% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ (310) | $ (3,773) | |||||||||||
Mandatory toll charge | (360) | 403 | |||||||||||
Reduction of domestic deferred tax assets | - | 2,289 | |||||||||||
Reduction of foreign deferred tax assets | - | 1,156 | |||||||||||
Recognition of federal and foreign tax credits | (1,417) | (565) | |||||||||||
Reclassification from accumulated other comprehensive income | - | 527 | |||||||||||
Release of unrecognized tax benefits | (1,271) | (994) | |||||||||||
Total | $ (3,358) | $ (957) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 20,150 | $ 24,144 | |||||||||||
Effective income tax rate, excluding certain items | 28.2% | 27.4% | |||||||||||
Q4 for press release only | |||||||||||||
For the Three Months Ended June 30 | 2019 | 2018 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Provision (benefit) for income taxes | $ 409 | $ 1,408 | |||||||||||
Effective income tax rate | 4.4% | 6.0% | |||||||||||
Certain income tax items | |||||||||||||
Benefit from exercised employee stock options | $ - | $ (376) | |||||||||||
Mandatory toll charge | - | (3,846) | |||||||||||
Reduction of domestic deferred tax assets | - | (161) | |||||||||||
Reduction of foreign deferred tax assets | - | 156 | |||||||||||
Recognition of federal and foreign tax credits | (385) | (565) | |||||||||||
Release of unrecognized tax benefits | (1,271) | (236) | |||||||||||
Total | $ (1,656) | $ (5,028) | |||||||||||
Provision (benefit) for income taxes, excluding certain items | $ 2,065 | $ 6,436 | |||||||||||
Effective income tax rate, excluding certain items | 22.4% | 27.4% |
&8&F&A&8&D&T
ANI Worksheet
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | For the Year Ended June 30 | 2020 | 2019 | For the Nine Months Ended March 31 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Cost of goods sold: | Cost of goods sold: | Cost of goods sold: | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Acquisition-related cost of goods sold | - 0 | - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | Acquisition-related cost of goods sold | $ (0.280) | $ - 0 | |||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | (1.540) | (1.317) | Acquisition-related intangible amortization | $ (6.335) | $ (5.269) | Acquisition-related intangible amortization | $ (4.795) | $ (3.952) | ||||||||||||||||||||||||||||||||
Net sales | $185.9 | $203.9 | $ - 0 | $ - 0 | $185.9 | $203.9 | Total | (1.540) | (1.317) | Total | $ (6.615) | $ (5.269) | Total | $ (5.075) | $ (3.952) | |||||||||||||||||||||||||
Cost of goods sold | 125.3 | 138.6 | (1.5) | (1.3) | 123.8 | 137.3 | . | . | ||||||||||||||||||||||||||||||||
Gross profit | 60.6 | 65.3 | 1.5 | 1.3 | 62.1 | 66.6 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.4 | 53.2 | 1.8 | (7.3) | 44.2 | 45.9 | Selling, general and administrative expenses: | Selling, general and administrative expenses: | Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
Restructuring Costs | - 0 | (6.281) | Restructuring Costs | $ (0.425) | $ (6.281) | Restructuring Costs | $ (0.425) | $ - 0 | ||||||||||||||||||||||||||||||||
Operating income | 18.1 | 12.1 | (0.2) | 8.6 | 17.9 | 20.7 | Acquisition-related intangible amortization | (0.669) | (0.225) | Acquisition-related intangible amortization | $ (2.533) | $ (0.823) | Acquisition-related intangible amortization | $ (1.864) | $ (0.598) | |||||||||||||||||||||||||
Interest expense, net | 2.8 | 3.0 | (0.1) | (0.0) | 2.7 | 3.0 | Acquisition-related accrued compensation | - 0 | - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | Acquisition-related accrued compensation | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | 1.1 | 0.2 | - 0 | - 0 | Acquisition-related transaction costs | - 0 | (0.213) | Acquisition-related transaction costs | $ (0.462) | $ (0.213) | Acquisition-related transaction costs | $ (0.462) | $ - 0 | |||||||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Stock-based compensation | (0.565) | (0.565) | Stock-based compensation | $ (2.259) | $ (2.259) | Stock-based compensation | $ (1.694) | $ (1.694) | |||||||||||||||||||||||||
Other (income) expense, net | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | Pension settlement expense | - 0 | - 0 | Pension settlement expense | $ - 0 | $ - 0 | Pension settlement expense | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Income before income taxes | 16.4 | 9.2 | (1.2) | 8.5 | 15.2 | 17.7 | Acquisition-related other, net | 2.988 | - 0 | Acquisition-related other, net | $ 2.821 | $ - 0 | Acquisition-related other, net | $ (0.167) | $ - 0 | |||||||||||||||||||||||||
Provision for income taxes | 10.7 | 0.4 | (2.3) | 3.7 | 8.4 | 4.1 | Other, net | - 0 | - 0 | Other, net | $ - 0 | $ 1.506 | Other, net | $ - 0 | $ 1.506 | |||||||||||||||||||||||||
Net income | $ 5.6 | $ 8.8 | $ 1.1 | $ 4.8 | $ 6.8 | $ 13.6 | Gain on insurance settlement | - 0 | - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | Gain on insurance settlement | $ - 0 | $ - 0 | |||||||||||||||||||||||||
Total | 1.754 | (7.284) | Total | $ (2.858) | $ (8.070) | Total | $ (4.612) | $ (0.786) | ||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 0.14 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.33 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | Interest expense, net: | Interest expense, net: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | Acquisition-related accrued interest | (0.075) | (0.011) | Acquisition-related accrued interest | $ (0.275) | $ - 0 | Acquisition-related accrued interest | $ (0.200) | $ 0.011 | |||||||||||||||||||||||||||
Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | Foreign currency (gains) losses, net: | ||||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Adjusted | Primarily related to intercompany balances | 1.069 | 0.159 | Primarily related to intercompany balances | $ (0.826) | $ 0.055 | Primarily related to intercompany balances | $ (1.895) | $ (0.104) | |||||||||||||||||||||||||||||
For the Year Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Loss on extinguishment of debt: | Loss on extinguishment of debt: | Loss on extinguishment of debt: | |||||||||||||||||||||||||||||||||||||
Related to refinancing | - 0 | - 0 | Related to refinancing | $ - 0 | $ - 0 | Related to refinancing | $ - 0 | $ - 0 | ||||||||||||||||||||||||||||||||
Net sales | $800.4 | $828.0 | $0.0 | $0.0 | $800.4 | $828.0 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | $543.5 | $563.4 | ($6.6) | ($5.3) | $536.9 | $558.1 | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | Provision (benefit) for income taxes: | |||||||||||||||||||||||||||||||
Gross profit | $256.9 | $264.6 | $6.6 | $5.3 | $263.5 | $269.9 | Adjustments | (2.338) | 3.695 | Adjustments | $ 0.330 | $ 5.984 | Adjustments | $ 2.668 | $ 2.289 | |||||||||||||||||||||||||
Selling, general and administrative expenses | $187.7 | $181.4 | ($2.9) | ($8.1) | $184.8 | $173.3 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $69.2 | $83.2 | $9.5 | $13.3 | $78.7 | $96.6 | ||||||||||||||||||||||||||||||||||
Interest expense, net | $12.9 | $11.8 | ($0.3) | $0.0 | $12.6 | $11.8 | ||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | $0.8 | ($0.1) | ($0.8) | $0.1 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ||||||||||||||||||||||||||||||||||
Income before income taxes | $55.5 | $71.5 | $10.6 | $13.3 | $66.1 | $84.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $22.0 | $16.8 | $0.3 | $6.0 | $22.3 | $22.8 | ||||||||||||||||||||||||||||||||||
Net income | $33.6 | $54.7 | $10.2 | $7.3 | $43.8 | $62.0 | ||||||||||||||||||||||||||||||||||
Net income per share - diluted | $0.83 | $1.35 | $1.08 | $1.53 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||
(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period. | ||||||||||||||||||||||||||||||||||||||||
(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014. |
&Z&F&D &T
Cognos_Office_Connection_Cache
PR Table #4 - Cash Flows in MM
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||
Operating and Investing Cash Flows | MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS | |||||||||||||||||||||||||||
Three Months | Twelve Months | Change | Nine Months | |||||||||||||||||||||||||
For the Periods Ended June 30 | 2020 | 2019 | Change | 2020 | 2019 | Change | 2014 / 2013 | 2013 / 2012 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
EBITDA | $ 27.4 | $ 19.4 | $ 7.9 | 41% | $ 100.7 | $ 110.8 | $ (10.1) | $ (10.1) | $ (10) | (9)% | $ 121 | * | $ 73.4 | $ 91.4 | ||||||||||||||
Adjustments | ||||||||||||||||||||||||||||
Restructuring costs | - 0 | 6.3 | (6.3) | 0.4 | 6.3 | (5.9) | 0.4 | - 0 | ||||||||||||||||||||
Stock-based compensation | 0.6 | 0.6 | - 0 | 2.3 | 2.3 | - 0 | 1.7 | 1.7 | ||||||||||||||||||||
Acquisition-related cost of goods sold | - 0 | - 0 | - 0 | 0.3 | - 0 | 0.3 | 0.3 | - 0 | ||||||||||||||||||||
Acquisition-related accrued compensation | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Acquisition-related transaction costs | - 0 | 0.2 | (0.2) | 0.5 | 0.2 | 0.2 | 0.5 | - 0 | ||||||||||||||||||||
Acquisition-related other, net | (3.0) | - 0 | (3.0) | (2.8) | - 0 | (2.8) | 0.2 | - 0 | ||||||||||||||||||||
Other, net (1) | - 0 | - 0 | - 0 | - 0 | (1.5) | 1.5 | - 0 | (1.5) | ||||||||||||||||||||
Pension settlement cost | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Foreign currency (gains) losses, net | (1.1) | (0.2) | (0.9) | 0.8 | (0.1) | 0.9 | 1.9 | 0.1 | ||||||||||||||||||||
Loss on extinguishment of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Interest paid, net | (2.4) | (3.2) | 0.8 | * | (11.6) | (12.3) | 0.7 | 0.7 | 1 | * | (13) | * | (9.2) | (9.1) | ||||||||||||||
Income taxes paid | (5.8) | (3.0) | (2.8) | * | (20.9) | (16.2) | (4.7) | (4.7) | (5) | * | (12) | * | (15.0) | (13.2) | ||||||||||||||
Changes in operating assets and liabilities and other items | (11.7) | (5.2) | (6.5) | * | (10.3) | (42.4) | 32.1 | 32.1 | 32 | * | (74) | * | 1.4 | (37.2) | ||||||||||||||
Cash provided by insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||
Cash used for acquisition-related transaction costs | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||
Net cash provided by operating activities | $ 3.9 | $ 14.9 | $ (11.0) | (74)% | $ 59.3 | $ 47.2 | $ 12.2 | $ 12.2 | $ 12 | 26% | $ 35 | 287% | $ 55.5 | $ 32.3 | ||||||||||||||
Short-term investments, net | $ - 0 | $ 25.0 | $ (25.0) | $ (31.0) | $ 26.0 | $ (57.0) | $ (57.0) | $ (31.0) | $ 1.0 | |||||||||||||||||||
Capital expenditures | (10.0) | (10.1) | 0.1 | (34.0) | (29.9) | (4.1) | (4.1) | (24.0) | (19.8) | |||||||||||||||||||
Business acquisitions | - 0 | - 0 | - 0 | (54.5) | (9.8) | (44.7) | (44.7) | (54.5) | (9.8) | |||||||||||||||||||
Other investing, net | 0.5 | (0.1) | 0.6 | (0.8) | (0.4) | (0.4) | (1.3) | (0.3) | ||||||||||||||||||||
Net cash provided (used) by investing activities | $ (9.5) | $ 14.7 | $ (24.2) | $ (120.3) | $ (14.1) | $ (106.2) | $ (106.2) | $ (110.8) | $ (28.9) | |||||||||||||||||||
Net cash flow before financing activities | $ (5.6) | $ 29.6 | $ (35.2) | $ (61.0) | $ 33.0 | $ (94.0) | $ (94.0) | $ (55.3) | $ 3.4 | |||||||||||||||||||
Proforma adjustments | ||||||||||||||||||||||||||||
Add: actual interest paid | - 0 | 3.2 | (3.2) | 11.6 | 12.3 | (0.7) | ||||||||||||||||||||||
Less: proforma interest paid(1) | - 0 | (3.2) | 3.2 | (12.9) | (13.0) | 0.2 | ||||||||||||||||||||||
Add: payment of premiums and costs on extinguished debt | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Proforma net cash flow before financing activities | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented | ||||||||||||||||||||||||||||
(1) Other, net relates to the cancellation of a certain business arrangement | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments |
PR Table #5 - Guidance
Phibro Animal Health Corporation | |||||||||||
Guidance for fiscal year 2017 | |||||||||||
FY 2017 Guidance - adjusted basis | FY 2016 adjusted | Growth - adjusted basis | FY 2016 reported | ||||||||
low | high | low | high | ||||||||
(in millions, except per share amounts and percentages) | |||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | $ 486 | |||
Net sales | 750 | - | 770 | 752 | (0)% | - | 2% | 752 | |||
Adjusted EBITDA | 116 | - | 120 | 114 | 2% | - | 5% | ||||
Depreciation expense | 21 | - | 21 | 18 | 18% | - | 18% | ||||
Operating income | 95 | - | 99 | 96 | (1)% | - | 3% | 86 | |||
Interest expense, net | 17 | - | 17 | 15 | 10% | - | 10% | 17 | |||
Foreign currency (gains) losses, net | - 0 | - 0 | - 0 | * | * | (8) | |||||
Income before income taxes | 78 | - | 82 | 81 | (3)% | - | 2% | 77 | |||
Provision (benefit) for income taxes | 23 | - | 24 | 24 | (3)% | - | 2% | (6) | |||
Net income | $ 55 | - | $ 58 | $ 57 | (3)% | - | 2% | $ 83 | |||
Net income per share - diluted | $ 1.38 | - | $ 1.45 | $ 1.43 | (3)% | - | 1% | $ 2.07 | |||
Weighted average common shares outstanding | |||||||||||
Diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | ||||||
Ratio to net sales | |||||||||||
Adjusted EBITDA | 15.5% | - | 15.6% | 15.2% | |||||||
Effective tax rate | 29.6% | - | 29.6% | 29.6% | |||||||
* Calculation not meaningful | |||||||||||
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016. |
PR Table #5 Guidance NEW
Phibro Animal Health Corporation | Input | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidance for fiscal year 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 GAAP - updated | FY 2016 GAAP | Growth | FY 2017 GAAP - initial | YTD March 31, 2017 | Q4 Forecast | Q4 Low | Q4 High | FY 2017 GAAP - updated | FY 2017 GAAP - updated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Schedule 1 | low | high | Q1 | Q2 | Q3 | March YTD | Q4 Forecast | Q4 Low | Q4 High | low | high | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | Operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | 527 | 125 | 121 | 126 | 648 | 653 | Net Sales | 187,987 | 191,598 | 185,883 | 565,468 | 193,871 | 191,000 | 196,000 | 756,468 | 761,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 648 | - | $ 653 | $ 486 | 33% | - | 34% | $ 495 | - | $ 510 | Schedule 1 | Net sales | 800 | 194 | 191 | 196 | 991 | 996 | COGS | 126,988 | 128,100 | 125,319 | 380,407 | 132,292 | 130,924 | 133,336 | 511,331 | 513,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 991 | - | 996 | 752 | 32% | - | 33% | 750 | - | 770 | Schedule 1 | GM | 60,999 | 63,498 | 60,564 | 185,061 | 61,579 | 60,076 | 62,664 | 245,137 | 247,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SG&A | 39,186 | 40,870 | 42,445 | 122,501 | 40,393 | 40,393 | 40,981 | 162,894 | 163,482 | 0.3176287325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 89 | - | 91 | 86 | 4% | - | 6% | na | na | Schedule 2 | Schedule 2 | Operating Income | 21,813 | 22,628 | 18,119 | 62,560 | 21,186 | 19,683 | 21,683 | 82,243 | 84,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 17 | - | 17 | 17 | 1% | - | 1% | na | na | Schedule 2 | Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 1 | - | 1 | (8) | * | * | na | na | Schedule 2 | Operating income | 69 | 21 | 20 | 21.68 | 89 | 91 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 71 | - | 73 | 77 | (7)% | - | (5)% | na | na | Interest expense, net | 13 | 4 | 4 | 3.90 | 17 | 17 | Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 27 | - | 27 | (6) | * | - | * | na | na | Schedule 3 | Foreign currency (gains) losses, net | 1 | - 0 | - 0 | - 0 | 1 | 1 | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 45 | - | $ 46 | $ 83 | (46)% | - | (44)% | na | na | Net income | 12,177 | 13,349 | 3,854 | 29,380 | 12,017 | 10,972 | 12,362 | 40,352 | 41,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share - diluted | $ 1.11 | - | $ 1.15 | $ 2.07 | (46)% | - | (44)% | na | na | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 3 | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.0 | - | 40.0 | 40.0 | 40.0 | - | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 22 | 5 | 4.82 | 5.43 | 27 | 27 | Net income | 12,177 | 13,417 | 5,642 | 31,236 | 12,017 | 10,972 | 12,362 | 42,208 | 43,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017 Adjusted - updated | FY 2016 Adjusted | Growth | FY 2017 Adjusted - initial | Provision (benefit) for income taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
low | high | low | high | low | high | Depreciation and amortization | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | EBITDA | 27,797 | 29,688 | 27,152 | 84,637 | 28,260 | 26,757 | 28,757 | 111,394 | 113,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 115 | - | $ 117 | $ 114 | 1% | - | 3% | $ 116 | - | $ 120 | Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 20.715 | - | 20.715 | 18 | 16% | - | 16% | 21 | - | 21 | Acquisition-related transaction costs | 1,274 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense, net | 13.899 | - | 13.899 | 15 | (8)% | - | (8)% | 17 | - | 17 | Pension settlement cost | - 0 | 1,702 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | 80 | - | 82 | 81 | (1)% | - | 2% | 78 | - | 82 | Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 26 | - | 26 | 24 | 8% | - | 10% | 23 | - | 24 | Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ 55 | - | $ 56 | $ 57 | (4)% | - | (2)% | $ 55 | - | $ 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 29,825 | 31,262 | 26,749 | 87,836 | 28,680 | 27,177 | 29,177 | 115,013 | 117,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.36 | - | $ 1.40 | $ 1.43 | (5)% | - | (2)% | $ 1.38 | - | $ 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful | Interest expense, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
na GAAP guidance was not initially provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Interest | 690 | 463 | 349 | 1,502 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | 1,779 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Letters of Credit Fee | 84 | 77 | 84 | 245 | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | 349 | 349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Unused Line Fee | 153 | 168 | 185 | 506 | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BofA Revolver - Def Charges Amort | 96 | 96 | 95 | 287 | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 95 Anthony Andolino: Anthony Andolino:Average / Run Rate | 382 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Interest | 2,905 | 2,866 | 2,859 | 8,630 | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | 11,450 | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - OID Amort | 27 | 26 | 26 | 79 | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 26 Anthony Andolino: Anthony Andolino:Average / Run Rate | 105 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term B Loan - Def Charge Amort | 132 | 133 | 132 | 397 | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 Anthony Andolino: Anthony Andolino:Average / Run Rate | 529 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term care agreement | 33 | 33 | 33 | 99 | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 33 Anthony Andolino: Anthony Andolino:Average / Run Rate | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | - 0 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri | 16 | 13 | - 0 | 29 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 24 | 21 | 22 | 67 | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 22 Anthony Andolino: Anthony Andolino:Average / Run Rate | 89 | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CP Chemicals | 2 | 2 | 2 | 6 | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2 Anthony Andolino: Anthony Andolino:Average / Run Rate | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital leases | 2 | 1 | 1 | 4 | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related accrued interest | 393 | 462 | 459 | 1,314 | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | 1,773 | 1,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 30 | 68 | 3 | 101 | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 30 Anthony Andolino: Anthony Andolino:Average / Run Rate | 131 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | (680) | (489) | (321) | (1,490) | (300) | (300) | (300) | (1,790) | (1,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 3,907 | 3,940 | 3,929 | 11,776 | 3,896 | 3,896 | 3,896 | 15,672 | 15,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | - 0 Anthony Andolino: Anthony Andolino:Average / Run Rate | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,304 | 16,381 | 53,257 | 17,290 | 15,787 | 17,788 | 69,044 | 71,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes | 5,395 | 5,887 | 10,739 | 22,021 | 5,274 | 4,815 | 5,425 | 26,836 | 27,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 30.7% | 30.5% | 65.6% | 41.3% | 30.5% | 30.5% | 30.5% | 38.9% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 655 | 665 | 1,980 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,645 | 2,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 13 | 26 | 13 | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 13 Anthony Andolino: Anthony Andolino:Average / Run Rate | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 1,604 | 1,682 | 1,951 | 5,237 | 2,183 | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate | 7,420 | 7,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 542 | 542 | 610 | 1,694 | 610 | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 610 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,304 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 799 | 800 | 817 | 2,416 | 817 | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 817 Anthony Andolino: Anthony Andolino:Average / Run Rate | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,449 | 2,488 | 2,504 | 7,441 | 2,504 | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,945 | 9,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,318 | 6,444 | 6,842 | 19,604 | 7,074 | 7,074 | 7,074 | 26,678 | 26,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro Corporate | 660 | 656 | 665 | 1,981 | 665 | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 665 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,646 | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-ESS | 6 | 7 | 5 | 18 | 5 | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 5 Anthony Andolino: Anthony Andolino:Average / Run Rate | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibrochem-EPG | 45 | 42 | 40 | 127 | 40 | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 40 Anthony Andolino: Anthony Andolino:Average / Run Rate | 167 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - NS | 893 | 1,062 | 1,331 | 3,286 | 1,331 | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate | 4,849 | 4,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prince Agri - MN | 404 | 405 | 472 | 1,281 | 472 | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 472 Anthony Andolino: Anthony Andolino:Average / Run Rate | 1,753 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phibro-Tech | 212 | 228 | 242 | 682 | 242 | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 242 Anthony Andolino: Anthony Andolino:Average / Run Rate | 924 | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH U.S. | 153 | 155 | 171 | 479 | 171 | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 171 Anthony Andolino: Anthony Andolino:Average / Run Rate | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAH Foreign | 2,357 | 2,398 | 2,474 | 7,229 | 2,474 | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | 2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | Anthony Andolino: Anthony Andolino:Average / Run Rate | 9,703 | 9,703 | |||||||||||||||||||||||||||||||||||||||||
Total | 4,730 | 4,953 | 5,400 | 15,083 | 5,400 | 5,632 | 5,632 | 20,715 | 20,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 17,572 | 19,236 | 14,593 | 51,401 | 17,290 | 15,787 | 17,788 | 67,188 | 69,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquistion-related cost of goods sold | 1,265 | 1,265 | 1,266 | 3,796 | 1,266 | 1,266 | 1,266 | 5,062 | 5,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible amortization | 263 | 169 | 170 | 602 | 170 | 170 | 170 | 772 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued compensation | 420 | 420 | - 0 | 840 | 420 | 420 | 420 | 1,260 | 1,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | 1,274 | - 0 | - 0 | 1,274 | - 0 | - 0 | - 0 | 1,274 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | - 0 | 1,702 | - 0 | 1,702 | - 0 | - 0 | - 0 | 1,702 | 1,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related accrued interest | 393 | 461 | 460 | 1,314 | 460 | 460 | 460 | 1,774 | 1,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | 334 | (548) | (403) | (617) | - 0 | - 0 | - 0 | (617) | (617) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income before taxes | 21,521 | 22,705 | 16,086 | 60,312 | 19,606 | 18,103 | 20,104 | 78,415 | 80,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,967 | 7,334 | 5,982 | 20,283 | 5,980 | 5,522 | 6,132 | 25,805 | 26,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | 14,554 | 15,371 | 10,104 | 40,029 | 13,626 | 12,582 | 13,972 | 52,611 | 54,001 |
depreciation & amort
Depreciation and Amortization | |||||||||||
Depreciation | Amortization | Depreciation and Amortization | |||||||||
FY16 | FY17 | increase | FY16 | FY17 | increase | FY16 | FY17 | increase | |||
Corporate | 3,029 | 2,936 | (93) | - 0 | - 0 | - 0 | 3,029 | 2,936 | (93) | ||
PChem | 19 | 22 | 3 | - 0 | - 0 | - 0 | 19 | 22 | 3 | ||
EPG | 172 | 204 | 32 | - 0 | - 0 | - 0 | 172 | 204 | 32 | ||
PAP | 4,201 | 6,340 | 2,139 | 3,581 | 3,170 | (411) | 7,782 | 9,510 | 1,728 | ||
PTech | 787 | (787) | 940 | (940) | 787 | 940 | 153 | ||||
Non - PAH | 8,208 | 9,502 | 1,294 | 4,521 | 3,170 | (1,351) | 11,789 | 13,612 | 1,823 | ||
PAH Domestic | - 0 | - 0 | - 0 | 1,901 | (1,901) | ||||||
Brazil | - 0 | - 0 | 2,940 | (2,940) | |||||||
Israel | - 0 | - 0 | 6,203 | (6,203) | |||||||
EPG Brazil | - 0 | - 0 | 13 | (13) | |||||||
Ferro | - 0 | - 0 | 1 | 1 | - 0 | ||||||
PAH Foreign Other | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 605 | 13,721 | 13,116 | ||
Tota PAH | 9,685 | 11,548 | 1,863 | 1,038 | 3,114 | 2,076 | 11,663 | 13,722 | 2,059 | ||
Total | 17,893 | 21,050 | 3,157 | 5,559 | 6,284 | 725 | 23,452 | 27,334 | 3,882 | ||
Q4 run rate | Q4 run rate | ||||||||||
20,812 | 6,284 |
interest expense
Interest expense | ||||||
2016 Interest | 2017 Interest | change | Principal | Interest Rate | ||
Term B Q1 | 2.935 | 2.842 | (0.093) | 284.2 | 1% | |
Term B Q2 | 2.927 | 2.835 | (0.092) | 283.5 | 1% | |
Term B Q3 | 2.888 | 2.827 | (0.061) | 282.7 | 1% | |
Term B Q4 | 2.881 | 2.820 | (0.061) | 282.0 | 1% | |
Revolver | 1.410 | 2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | 0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. | |||
Letters of Credit | 0.301 | 0.374 | 0.073 | 14.2 | 2.6% | |
Unused Line Fee | 0.445 | 0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | 0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June | |||
Ticking Fee | - 0 | 0.750 | 0.750 | |||
LT care agreement | 0.181 | 0.132 | (0.049) | |||
Prince | 0.062 | 0.031 | (0.031) | |||
Ptech | 0.093 | 0.093 | - 0 | |||
CP Chemicals | 0.008 | - 0 | (0.008) | |||
Capital Leases | 0.006 | - 0 | (0.006) | |||
Other, net | (0.010) | - 0 | 0.010 | |||
Term B OID | 0.104 | 0.104 | (0.000) | |||
Term B Deferred Costs | 0.530 | 0.530 | (0.000) | |||
Revolver Deferred Costs - New | 0.355 | 0.381 | 0.026 | |||
15.116 | 16.594 | 1.478 | ||||
Acq-related accrued interest | 1.476 | |||||
Total | 16.592 |
Webcast #1 NEW
Consolidated | Consolidated | ||||||||||||||||||
Make sure all cells are linked | |||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | ||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | ||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Net income | 5.6 | 8.8 | (3.2) | (36)% | Net income | 33.6 | 54.7 | (21.2) | (39)% | ||||||||||
Diluted EPS | $ 0.14 | $ 0.22 | $ (0.08) | (36)% | Diluted EPS | $ 0.83 | $ 1.35 | $ (0.52) | (39)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
Adjusted net income | 6.8 | 13.6 | (6.8) | (50)% | Adjusted net income | 43.8 | 62.0 | (18.2) | (29)% | ||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% |
Webcast #2 NEW
Consolidated | Consolidated | |||||||||||||||||||
Make sure all cells are linked | ||||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | |||||||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||||||
Adjusted gross profit | 62.1 | 66.6 | (4.5) | (7)% | Adjusted gross profit | 263.5 | 269.9 | (6.4) | (2)% | |||||||||||
Adjusted SG&A | 44.2 | 45.9 | (1.7) | (4)% | Adjusted SG&A | 184.8 | 173.3 | 11.5 | 7% | |||||||||||
Adjusted EBITDA | 23.9 | 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | 102.1 | 118.0 | (15.9) | (13)% | |||||||||||
Depreciation expense | 5.9 | 5.6 | 0.3 | 5% | Depreciation expense | 23.3 | 21.4 | 1.8 | 9% | UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD | ||||||||||
Adjusted interest expense, net | 2.7 | 3.0 | (0.3) | (10)% | Adjusted interest expense, net | 12.6 | 11.8 | 0.8 | 7% | |||||||||||
Adjusted income before income taxes | 15.2 | 17.7 | (2.5) | (14)% | Adjusted income before income taxes | 66.1 | 84.8 | (18.7) | (22)% | |||||||||||
Adjusted provision for income taxes | 8.4 | 4.1 | 4.3 | 105% | Adjusted provision for income taxes | 22.3 | 22.8 | (0.5) | (2)% | |||||||||||
Adjusted net income | $ 6.8 | $ 13.6 | $ (6.8) | (50)% | Adjusted net income | $ 43.8 | $ 62.0 | $ (18.2) | (29)% | |||||||||||
Adjusted diluted EPS | $ 0.17 | $ 0.33 | $ (0.16) | (48)% | Adjusted diluted EPS | $ 1.08 | $ 1.53 | $ (0.45) | (29)% | |||||||||||
Ratio to net sales | Ratio to net sales | |||||||||||||||||||
Adjusted gross profit | 33.4% | 32.7% | Adjusted gross profit | 32.9% | 32.6% | |||||||||||||||
Adjusted SG&A | 23.8% | 22.5% | Adjusted selling, general and administrative | 23.1% | 20.9% | |||||||||||||||
Adjusted income before income taxes | 8.2% | 8.7% | Adjusted income before income taxes | 8.3% | 10.2% | |||||||||||||||
Adjusted net income | 3.6% | 6.7% | Adjusted net income | 5.5% | 7.5% | |||||||||||||||
Adjusted effective tax rate | 55.4% | 23.2% | Adjusted effective tax rate | 33.7% | 26.9% |
Webcast #1
Consolidated | Consolidated | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, except per share amounts and percentages) | (in millions, except per share amounts and percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Animal Health | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Animal Health | $ 526.9 | $ 532.0 | (5.1) | (1)% | |||||||
Mineral Nutrition | 49.9 | 56.0 | (6.1) | (11)% | Mineral Nutrition | 214.4 | 233.8 | (19.4) | (8)% | |||||||
Performance Products | 13.6 | 15.9 | (2.3) | (14)% | Performance Products | 59.0 | 62.2 | (3.2) | (5)% | |||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | (27.6) | (3)% | |||||||
Gross profit | 60.6 | 65.3 | (4.7) | (7)% | Gross profit | 256.9 | 264.6 | (7.7) | (3)% | |||||||
% of net sales | 32.6% | 32.0% | % of net sales | 32.1% | 32.0% | |||||||||||
SG&A | 42.4 | 53.2 | (10.8) | (20)% | SG&A | 187.7 | 181.4 | 6.3 | 3% | |||||||
% of net sales | 22.8% | 26.1% | % of net sales | 23.5% | 21.9% | |||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | -050bps | % of net sales | 12.8% | 14.3% | +060bps | |||||||||
Adjusted diluted EPS | $0.17 | $0.33 | $ (0.16) | (48)% | Adjusted EPS | $1.08 | $1.53 | $ (0.45) | (29)% | |||||||
40.74 | 53.2 | (12.5) | (23)% |
Webcast #3 NEW
Consolidated | Consolidated | ||||||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | ||||||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | ||||||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | ||||||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | ||||||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | ||||||||||||
Animal Health | Animal Health | ||||||||||||||||||
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | ||||||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | ||||||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | ||||||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | ||||||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | ||||||||||
% of segment net sales | 24.2% | 23.6% | +60bps | % of segment net sales | 23.4% | 25.6% | -220bps |
Webcast #2
Consolidated | Consolidated | |||||||||||||||
For the three months ended September 30 | For the three months ended September 30 | |||||||||||||||
(in millions) | 2016 | 2015 | Change | (in millions) | 2016 | 2015 | Change | |||||||||
Net sales | $ 185.9 | $ 203.9 | $ (18.0) | (9)% | Net sales | $ 800.4 | $ 828.0 | $ (27.6) | (3)% | |||||||
Adjusted EBITDA | $ 23.9 | $ 26.3 | $ (2.5) | (9)% | Adjusted EBITDA | $ 102.1 | $ 118.0 | $ (15.9) | (13)% | |||||||
% of net sales | 12.8% | 12.9% | +110bps | % of net sales | 12.8% | 14.3% | +110bps | |||||||||
Animal Health | Animal Health | |||||||||||||||
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||||
(in millions, excpet percentages) | (in millions, excpet percentages) | |||||||||||||||
MFAs and other | $ 72.6 | $ 86.3 | $ (13.7) | (16)% | MFAs and other | $ 322.3 | $ 350.5 | $ (28.2) | (8)% | |||||||
Nutritional specialties | 31.1 | 28.6 | 2.6 | 9% | Nutritional specialties | 129.3 | 113.2 | 16.0 | 14% | |||||||
Vaccines | 18.6 | 17.2 | 1.5 | 8% | Vaccines | 75.3 | 68.3 | 7.0 | 10% | |||||||
Net sales | $ 122.4 | $ 132.0 | $ (9.6) | (7)% | Net sales | $ 526.9 | $ 532.0 | $ (5.1) | (1)% | |||||||
Adjusted EBITDA | $ 29.6 | $ 31.2 | $ (1.6) | (5)% | Adjusted EBITDA | $ 123.1 | $ 136.0 | $ (12.9) | (10)% | |||||||
% of segment net sales | 24.2% | 23.6% | -090bps | % of segment net sales | 23.4% | 25.6% | +010bps |
Webcast #4 NEW
For the three months ended June 30 | 2020 | 2019 | Change | For the year ended June 30 | 2020 | 2019 | Change | Make sure all cells are linked | |||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||
Mineral Nutrition | Mineral Nutrition | ||||||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | ||||||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | ||||||||
% of segment net sales | 6.9% | 6.7% | +20bps | % of segment net sales | 6.8% | 6.7% | +10bps | ||||||||||
Performance Products | Performance Products | ||||||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | ||||||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | ||||||||
% of segment net sales | 5.3% | 7.4% | -210bps | % of segment net sales | 7.7% | 7.6% | +10bps | ||||||||||
Corporate | Corporate | ||||||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | ||||||||
* Calculation not meaningful | * Calculation not meaningful |
Webcast #3
For the three months ended March 31 | 2017 | 2016 | Change | For the nine months ended March 31 | 2017 | 2016 | Change | |||||||
(in millions, except percentages) | (in millions, except percentages) | |||||||||||||
Mineral Nutrition | Mineral Nutrition | |||||||||||||
Net sales | $ 49.9 | $ 56.0 | $ (6.1) | (11)% | Net sales | $ 214.4 | $ 233.8 | $ (19.4) | (8)% | |||||
Adjusted EBITDA | $ 3.5 | $ 3.8 | $ (0.3) | (8)% | Adjusted EBITDA | $ 14.7 | $ 15.7 | $ (1.0) | (7)% | |||||
% of segment net sales | 6.9% | 6.7% | +000bps | % of segment net sales | 6.8% | 6.7% | +160bps | |||||||
Performance Products | Performance Products | |||||||||||||
Net sales | $ 13.6 | $ 15.9 | $ (2.3) | (14)% | Net sales | $ 59.0 | $ 62.2 | $ (3.2) | (5)% | |||||
Adjusted EBITDA | $ 0.7 | $ 1.2 | $ (0.4) | (38)% | Adjusted EBITDA | $ 4.5 | $ 4.7 | $ (0.2) | (4)% | |||||
% of segment net sales | 5.3% | 7.4% | -020bps | % of segment net sales | 7.7% | 7.6% | +400bps | |||||||
Corporate | Corporate | |||||||||||||
Adjusted EBITDA | $ (9.9) | $ (9.8) | $ (0.1) | * | Adjusted EBITDA | $ (40.2) | $ (38.5) | $ (1.7) | * | |||||
* Calculation not meaningful | * Calculation not meaningful |
FY2020 Guidance update Webcast
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | 524,603 | 495,000 | 510,000 | 94% | 97% | ||||||||||||
Net sales | $ 812 | - | $ 828 | $ 828 | $ (16) | - | $ 0 | (2)% | - | 0% | $ (21) | - | $ (35) | 788,165 | 750,000 | 770,000 | 95% | 98% | ||||||||||||
Operating income | 94.9 | - | 97.8 | 97.9 | (3.0) | - | (0.1) | (3)% | - | (0)% | - 0 | - | (3.8) | 94,986 | 94,950 | 98,950 | 100% | 104% | ||||||||||||
Interest expense, net | 12.8 | - | 12.3 | 14.9 | (2.1) | - | (2.6) | (14)% | - | (17)% | - 0 | - | (1.4) | 18,322 | 16,594 | 16,594 | 91% | 91% | ||||||||||||
Foreign currency (gains) losses, net | - 0 | - | - 0 | (0.1) | 0.1 | - | 0.1 | * | - | * | - 0 | - | 0.1 | 1,444 | - 0 | - 0 | 0% | 0% | ||||||||||||
Loss on extinguishment of debt | - 0 | - | - 0 | 2.6 | (2.6) | - | (2.6) | * | - | * | - 0 | - | (2.6) | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
Income before income taxes | 82.1 | - | 85.5 | 80.5 | 1.5 | - | 5.0 | 2% | - | 6% | - 0 | - | 0.0 | 75,220 | 78,356 | 82,356 | ||||||||||||||
Provision (benefit) for income taxes | 24.2 | - | 22.5 | 15.9 | 8.2 | - | 6.6 | 52% | - | 41% | - 0 | - | 10.0 | 22,190 | 23,147 | 24,330 | 104% | 110% | ||||||||||||
Net income | $ 57.9 | - | $ 63.0 | $ 64.6 | $ (6.7) | - | $ (1.6) | (10)% | - | (2)% | $ - 0 | - | $ (10.0) | 53,030 | 55,209 | 58,026 | 104% | 109% | ||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $ 1.61 | $ (0.73) | - | $ (0.66) | (45)% | - | (41)% | $ 0.04 | - | $ 0.05 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 40.4 | - | 40.3 | 40.0 | - 0 | - | - 0 | |||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 26.3% | 19.8% | ERROR:#DIV/0! | - | 24389.2% | |||||||||||||||||||||||
Adjusted | ||||||||||||||||||||||||||||||
for the year ending June 30 | 2018 | 2017 | Increase (Decrease) | 2018 | ||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||
Depreciation expense | 21.6 | - | 21.6 | 20.1 | 1.5 | - | 1.5 | 8% | - | 8% | - 0 | - | - 0 | |||||||||||||||||
Adjusted interest expense, net | 11.7 | - | 11.2 | 13.5 | (1.8) | - | (2.3) | (13)% | - | (17)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted income before income taxes | 69.7 | - | 74.2 | 84.5 | (14.8) | - | (10.3) | (18)% | - | (12)% | - 0 | - | - 0 | |||||||||||||||||
Adjusted provision (benefit) for income taxes | 27.1 | - | 28.4 | 26.0 | 1.1 | - | 2.4 | 4% | - | 9% | - 0 | - | - 0 | |||||||||||||||||
Adjusted net income | $ 42.5 | - | $ 45.7 | $ 58.4 | $ (15.9) | - | $ (12.7) | (27)% | - | (22)% | $ - 0 | - | $ - 0 | |||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | |||||||||||||||||
Adjusted EBITDA ratio to net sales | 12.7% | - | 12.9% | 14.3% | 0.0% | - | 0.0% | |||||||||||||||||||||||
Adjusted effective income tax rate | 38.9% | - | 38.3% | 30.8% | ERROR:#DIV/0! | - | ERROR:#DIV/0! | |||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||
* Calculation not meaningful |
FY2020 Guidance update Press Re
Phibro Animal Health Corporation | ||||||||||||||||||||||||||||||||||||||
Updated Guidance for fiscal year 2020 | ||||||||||||||||||||||||||||||||||||||
GAAP | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change from 2019 | Change from Previous Guidance | 17 Guidance | |||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | low | high | low % | high % | ||||||||||||||||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 547 | $ 532 | $ 5 | - | $ 15 | 1% | - | 3% | $ - 0 | - | $ (10) | $ 537 | - | $ 557 | 524,603 | 495,000 | 510,000 | 94% | 97% | |||||||||||||||||
Net sales | 812 | - | 828 | 828 | (16) | - | 0 | (2)% | - | 0% | (21) | - | (35) | $ 833 | - | $ 863 | 788,165 | 750,000 | 770,000 | 95% | 98% | |||||||||||||||||
Gross profit | 265 | - | 272 | 265 | 1 | - | 8 | 0% | - | 3% | (5) | - | (8) | 270 | - | 280 | ||||||||||||||||||||||
Selling, general and administrative | 198 | - | 201 | 181 | 17 | - | 20 | 9% | - | 11% | (7) | - | (10) | 205 | - | 211 | ||||||||||||||||||||||
Operating income | 67 | - | 71 | 83 | (16) | - | (12) | (20)% | - | (15)% | 2 | - | 2 | 65 | - | 69 | 94,986 | 94,950 | 98,950 | 100% | 104% | |||||||||||||||||
Interest expense, net | 14 | - | 14 | 12 | 2 | - | 3 | 18% | - | 22% | (4) | - | (4) | 18 | - | 19 | 18,322 | 16,594 | 16,594 | 91% | 91% | |||||||||||||||||
Foreign currency (gains) losses, net | 3 | - | 3 | (0) | 3 | - | 3 | * | - | * | 3 | - | 3 | - 0 | - | - 0 | 1,444 | - 0 | - 0 | 0% | 0% | |||||||||||||||||
Income before income taxes | 51 | - | 54 | 72 | (21) | - | (17) | (29)% | - | (24)% | 3 | - | 4 | 47 | - | 50 | 75,220 | 78,356 | 82,356 | |||||||||||||||||||
Provision (benefit) for income taxes | 15 | - | 16 | 17 | (2) | - | (1) | (13)% | - | (8)% | 2 | - | 2 | 13 | - | 14 | 22,190 | 23,147 | 24,330 | 104% | 110% | |||||||||||||||||
Net income | $ 36 | - | $ 38 | $ 54 | $ (19) | - | $ (16) | (35)% | - | (30)% | $ 2 | - | $ 2 | $ 34 | - | $ 37 | 53,030 | 55,209 | 58,026 | 104% | 109% | |||||||||||||||||
Net income per share - diluted | $ 0.88 | - | $ 0.95 | $1.35 | $ (0.47) | - | $ (0.40) | (35)% | - | (30)% | $ 0.04 | - | $ 0.05 | $ 0.84 | - | $ 0.90 | Note that the Net Income per share is hardcoded for 2019 | |||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40.5 | - | 40.5 | 40.5 | - 0 | - | - 0 | 40.5 | - | 40.5 | ||||||||||||||||||||||||||||
GAAP effective income tax rate | 29.5% | - | 29.0% | 23.5% | 2.0% | - | 2.0% | 27.5% | - | 27.0% | Note that the tax rate is hardcoded for 2019 | |||||||||||||||||||||||||||
Adjusted | Previous | |||||||||||||||||||||||||||||||||||||
For the year ending June 30 | 2020 | 2019 | Change | Change from Previous Guidance | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 272 | - | 279 | 270 | 2 | - | 9 | 1% | - | 3% | (7) | - | (10) | 279.4 | - | 289.2 | ||||||||||||||||||||||
Adjusted selling, general and administrative | 194 | - | 197 | 173 | 20 | - | 23 | 12% | - | 13% | (7) | - | (10) | 201.0 | - | 206.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | $ (15) | - | $ (11) | (13)% | - | (9)% | $ - 0 | - | $ - 0 | 103.0 | - | 107.0 | caution - formula | 124,000 | 116,000 | 120,000 | 94% | 97% | ||||||||||||||||
Depreciation expense | 25 | - | 25 | 21 | 3 | - | 3 | 14% | - | 14% | - 0 | - | - 0 | 24.6 | - | 24.6 | ||||||||||||||||||||||
Adjusted interest expense, net | 14 | - | 14 | 12 | 2 | - | 2 | 15% | - | 20% | (4) | - | (5) | 17.8 | - | 18.8 | ||||||||||||||||||||||
Adjusted income before income taxes | 65 | - | 68 | 85 | (20) | - | (16) | (24)% | - | (19)% | 4 | - | 5 | 60.6 | - | 63.6 | ||||||||||||||||||||||
Adjusted provision (benefit) for income taxes | 18 | - | 19 | 23 | (5) | - | (4) | (20)% | - | (18)% | 1 | - | 2 | 16.7 | - | 17.2 | ||||||||||||||||||||||
Adjusted net income | $ 47 | - | $ 50 | $ 62 | $ (15) | - | $ (12) | (25)% | - | (20)% | $ 3 | - | $ 3 | 43.9 | - | 46.4 | ||||||||||||||||||||||
Adjusted net income per share - diluted | $ 1.15 | - | $ 1.22 | $ 1.53 | $ (0.38) | - | $ (0.31) | (25)% | - | (20)% | $ 0.07 | - | $ 0.08 | $ 1.08 | - | $ 1.15 | ||||||||||||||||||||||
Ratio to net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | 33.5% | - | 33.7% | 32.6% | (0.0)% | - | 0.2% | 33.5% | - | 33.5% | ||||||||||||||||||||||||||||
Adjusted selling, general and administrative | 23.9% | - | 23.8% | 20.9% | (0.3)% | - | (0.2)% | 24.1% | - | 24.0% | ||||||||||||||||||||||||||||
Adjusted EBITDA | 12.7% | - | 12.9% | 14.3% | 0.3% | - | 0.5% | 12.4% | - | 12.4% | ||||||||||||||||||||||||||||
Adjusted effective income tax rate | 28.0% | - | 27.5% | 26.9% | 0.5% | - | 0.5% | 27.5% | - | 27.0% | ||||||||||||||||||||||||||||
Amounts and percentages may reflect rounding adjustments | ||||||||||||||||||||||||||||||||||||||
* Calculation not meaningful |
Depr-Amort (Qtrly) - 6.30.20
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
June 30, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 1,672 | 1,672 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,672 | 1,672 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 222 | - 0 | - 0 | - 0 | 222 | 223 | 1 | ||||
Phibrochem-EPG | - 0 | 171 | 171 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 171 | 171 | ||||
Prince Agri - NS | 5,613 | 189 | 5,802 | - 0 | - 0 | - 0 | 2,449 | - 0 | 2,449 | 8,251 | 189 | ||||
Prince Agri - MN | 1,928 | 51 | 1,979 | - 0 | - 0 | - 0 | - 0 | 543 | 543 | 2,522 | 594 | ||||
Osprey Biotechnics | 147 | 20 | 167 | - 0 | - 0 | - 0 | 1,118 | 1,682 | 2,800 | 2,967 | 1,702 | ||||
Phibro-Tech | 1,636 | - 0 | 1,636 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,636 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 598 | 67 | 665 | - 0 | - 0 | - 0 | 2,637 | - 0 | 2,637 | 3,302 | 67 | ||||
PAH Foreign | 9,352 | 1,805 | 11,157 | - 0 | - 0 | - 0 | 131 | 308 | 439 | 11,596 | 2,113 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 19,274 | 3,977 | 23,251 | - 0 | 222 | - 0 | 6,335 | 2,533 | 9,090 | 32,341 | 6,510 | ||||
June 30, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 06/30/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 06/30/20 | 06/30/20 | 06/30/20 | |||||
Phibro Corporate | - 0 | 429 | 429 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 429 | 429 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 100 | 1 | ||||
Phibrochem-EPG | - 0 | 47 | 47 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 47 | 47 | ||||
Prince Agri - NS | 1,493 | 39 | 1,532 | - 0 | - 0 | - 0 | 519 | - 0 | 519 | 2,051 | 39 | ||||
Prince Agri - MN | 513 | 3 | 516 | - 0 | - 0 | - 0 | - 0 | 135 | 135 | 651 | 138 | ||||
Osprey Biotechnics | 40 | 7 | 47 | - 0 | - 0 | - 0 | 305 | 458 | 763 | 810 | 465 | ||||
Phibro-Tech | 456 | - 0 | 456 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 456 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 158 | 11 | 169 | - 0 | - 0 | - 0 | 657 | - 0 | 657 | 826 | 11 | ||||
PAH Foreign | 2,207 | 451 | 2,658 | - 0 | - 0 | - 0 | 59 | 76 | 135 | 2,793 | 527 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | 1 | 1 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1 | 1 | ||||
Total | 4,867 | 989 | 5,856 | - 0 | 99 | - 0 | 1,540 | 669 | 2,308 | 8,164 | 1,658 | ||||
March 31, 2020 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
December 31, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | 918 | 918 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 918 | 918 | ||||
Phibrochem-ESS | - 0 | 5 | 5 | - 0 | 25 | - 0 | - 0 | - 0 | 25 | 30 | 5 | ||||
Phibrochem-EPG | - 0 | 86 | 86 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 86 | 86 | ||||
Prince Agri - NS | 2,522 | 111 | 2,633 | - 0 | - 0 | - 0 | 1,287 | - 0 | 1,287 | 3,920 | 111 | ||||
Prince Agri - MN | 879 | 43 | 922 | - 0 | - 0 | - 0 | - 0 | 291 | 291 | 1,213 | 334 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 522 | - 0 | 522 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 522 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 268 | 58 | 326 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,646 | 58 | ||||
PAH Foreign | 4,263 | 820 | 5,083 | - 0 | - 0 | - 0 | 28 | 86 | 114 | 5,197 | 906 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 8,454 | 2,041 | 10,495 | - 0 | 25 | - 0 | 2,635 | 377 | 3,037 | 13,532 | 2,418 | ||||
December 31, 2018 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/18 | 12/31/18 | 12/31/18 | |||||
Phibro Corporate | - 0 | (439) | (439) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (439) | (439) | ||||
Phibrochem-ESS | - 0 | (1) | (1) | - 0 | (12) | - 0 | - 0 | - 0 | (12) | (13) | (1) | ||||
Phibrochem-EPG | - 0 | (40) | (40) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (40) | (40) | ||||
Prince Agri - NS | (1,268) | (46) | (1,314) | - 0 | - 0 | - 0 | (643) | - 0 | (643) | (1,957) | (46) | ||||
Prince Agri - MN | (434) | (11) | (445) | - 0 | - 0 | - 0 | - 0 | (147) | (147) | (592) | (158) | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | (260) | - 0 | (260) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (260) | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | (142) | (29) | (171) | - 0 | - 0 | - 0 | (660) | - 0 | (660) | (831) | (29) | ||||
PAH Foreign | (2,186) | (469) | (2,655) | - 0 | - 0 | - 0 | (14) | (74) | (88) | (2,743) | (543) | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | (4,290) | (1,035) | (5,325) | - 0 | (12) | - 0 | (1,317) | (221) | (1,550) | (6,875) | (1,256) | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #5 NEW
Phibro Animal Health Corporation | |||||||||||||||||||||||||
Guidance for fiscal year 2020 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
Actual | Low Range | High Range | |||||||||||||||||||||||
FY2020 | FY2019 | Change | FY2017 initial | ||||||||||||||||||||||
low | high | low | high | low | high | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||||
(in millions, except per share amounts and percentages) | Less: depreciation | (17.9) | (21.1) | (21.1) | |||||||||||||||||||||
Net sales - Animal Health segment | $ 537 | - | $ 557 | $ 532 | 1% | - | 5% | $ 495 | - | $ 510 | ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook | ||||||||||||||
Net sales | 833 | - | 863 | 828 | 1% | - | 4% | 750 | - | 770 | |||||||||||||||
Adjusted Net Income | - 0 | - 0 | - 0 | ||||||||||||||||||||||
Adjusted EBITDA | $ 103 | - | $ 107 | $ 118 | (13)% | - | (9)% | $ 116 | - | $ 120 | |||||||||||||||
Adjusted diluted EPS | $ 1.08 | - | $ 1.15 | $ 1.53 | (29)% | - | (25)% | $ 1.38 | - | $ 1.45 | |||||||||||||||
Adjusted EPS | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! | ||||||||||||||||||||||
Effective Tax Rate | ERROR:#REF! | ERROR:#REF! | ERROR:#REF! |
Depr-Amort (Qtrly Analysis)
PHIBRO ANIMAL HEALTH CORPORATION | |||||||||||||||
TOTAL DEPRECIATION & AMORTIZATION | |||||||||||||||
March 31, 2020 | |||||||||||||||
(000 OMITTED) | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 1,243 | 1,243 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,243 | 1,243 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 123 | - 0 | - 0 | - 0 | 123 | 123 | - 0 | ||||
Phibrochem-EPG | - 0 | 124 | 124 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 124 | 124 | ||||
Prince Agri - NS | 4,120 | 150 | 4,270 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 6,200 | 150 | ||||
Prince Agri - MN | 1,415 | 48 | 1,463 | - 0 | - 0 | - 0 | - 0 | 408 | 408 | 1,871 | 456 | ||||
Osprey Biotechnics | 107 | 13 | 120 | - 0 | - 0 | - 0 | 813 | 1,224 | 2,037 | 2,157 | 1,237 | ||||
Phibro-Tech | 1,180 | - 0 | 1,180 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,180 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 440 | 56 | 496 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,476 | 56 | ||||
PAH Foreign | 7,145 | 1,354 | 8,499 | - 0 | - 0 | - 0 | 72 | 232 | 304 | 8,803 | 1,586 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 14,407 | 2,988 | 17,395 | - 0 | 123 | - 0 | 4,795 | 1,864 | 6,782 | 24,177 | 4,852 | ||||
March 31, 2020 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/20 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/20 | 03/31/20 | 03/31/20 | |||||
Phibro Corporate | - 0 | 445 | 445 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 445 | 445 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 99 | - 0 | - 0 | - 0 | 99 | 99 | - 0 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,408 | 52 | 1,460 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 2,104 | 52 | ||||
Prince Agri - MN | 477 | 16 | 493 | - 0 | - 0 | - 0 | - 0 | 136 | 136 | 629 | 152 | ||||
Osprey Biotechnics | 40 | 5 | 45 | - 0 | - 0 | - 0 | 305 | 459 | 764 | 809 | 464 | ||||
Phibro-Tech | 410 | - 0 | 410 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 410 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 149 | 10 | 159 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 819 | 10 | ||||
PAH Foreign | 2,313 | 456 | 2,769 | - 0 | - 0 | - 0 | 44 | 77 | 121 | 2,890 | 533 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,797 | 1,027 | 5,824 | - 0 | 99 | - 0 | 1,653 | 672 | 2,424 | 8,248 | 1,699 | ||||
December 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 12/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/19 | 12/31/19 | 12/31/19 | |||||
Phibro Corporate | - 0 | 798 | 798 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 798 | 798 | ||||
Phibrochem-ESS | - 0 | - 0 | - 0 | - 0 | 24 | - 0 | - 0 | - 0 | 24 | 24 | - 0 | ||||
Phibrochem-EPG | - 0 | 81 | 81 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 81 | 81 | ||||
Prince Agri - NS | 2,712 | 98 | 2,810 | - 0 | - 0 | - 0 | 1,286 | - 0 | 1,286 | 4,096 | 98 | ||||
Prince Agri - MN | 938 | 32 | 970 | - 0 | - 0 | - 0 | - 0 | 272 | 272 | 1,242 | 304 | ||||
Osprey Biotechnics | 67 | 8 | 75 | - 0 | - 0 | - 0 | 508 | 765 | 1,273 | 1,348 | 773 | ||||
Phibro-Tech | 770 | - 0 | 770 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 770 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 291 | 46 | 337 | - 0 | - 0 | - 0 | 1,320 | - 0 | 1,320 | 1,657 | 46 | ||||
PAH Foreign | 4,832 | 898 | 5,730 | - 0 | - 0 | - 0 | 28 | 155 | 183 | 5,913 | 1,053 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 9,610 | 1,961 | 11,571 | - 0 | 24 | - 0 | 3,142 | 1,192 | 4,358 | 15,929 | 3,153 | ||||
March 31, 2019 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 1,357 | 1,357 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,357 | 1,357 | ||||
Phibrochem-ESS | - 0 | 6 | 6 | - 0 | 37 | - 0 | - 0 | - 0 | 37 | 43 | 6 | ||||
Phibrochem-EPG | - 0 | 126 | 126 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 126 | 126 | ||||
Prince Agri - NS | 3,790 | 157 | 3,947 | - 0 | - 0 | - 0 | 1,930 | - 0 | 1,930 | 5,877 | 157 | ||||
Prince Agri - MN | 1,313 | 54 | 1,367 | - 0 | - 0 | - 0 | - 0 | 438 | 438 | 1,805 | 492 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
Phibro-Tech | 782 | - 0 | 782 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 782 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 410 | 87 | 497 | - 0 | - 0 | - 0 | 1,980 | - 0 | 1,980 | 2,477 | 87 | ||||
PAH Foreign | 6,449 | 1,289 | 7,738 | - 0 | - 0 | - 0 | 42 | 160 | 202 | 7,940 | 1,449 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 12,744 | 3,076 | 15,820 | - 0 | 37 | - 0 | 3,952 | 598 | 4,587 | 20,407 | 3,674 | ||||
March 31, 2019 | QTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 03/31/19 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 03/31/19 | 03/31/19 | 03/31/19 | |||||
Phibro Corporate | - 0 | 439 | 439 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 439 | 439 | ||||
Phibrochem-ESS | - 0 | 1 | 1 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 13 | 1 | ||||
Phibrochem-EPG | - 0 | 40 | 40 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 40 | 40 | ||||
Prince Agri - NS | 1,268 | 46 | 1,314 | - 0 | - 0 | - 0 | 643 | - 0 | 643 | 1,957 | 46 | ||||
Prince Agri - MN | 434 | 11 | 445 | - 0 | - 0 | - 0 | - 0 | 147 | 147 | 592 | 158 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Phibro-Tech | 260 | - 0 | 260 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 260 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 142 | 29 | 171 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 831 | 29 | ||||
PAH Foreign | 2,186 | 469 | 2,655 | - 0 | - 0 | - 0 | 14 | 74 | 88 | 2,743 | 543 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,290 | 1,035 | 5,325 | - 0 | 12 | - 0 | 1,317 | 221 | 1,550 | 6,875 | 1,256 | ||||
September 30, 2018 | YTD | ||||||||||||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Business Unit | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
CGS | SG&A | 09/30/18 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 09/30/18 | 09/30/18 | 09/30/18 | |||||
Phibro Corporate | - 0 | 465 | 465 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 465 | 465 | ||||
Phibrochem-ESS | - 0 | 3 | 3 | - 0 | 12 | - 0 | - 0 | - 0 | 12 | 15 | 3 | ||||
Phibrochem-EPG | - 0 | 43 | 43 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 43 | 43 | ||||
Prince Agri - NS | 1,255 | 52 | 1,307 | - 0 | - 0 | - 0 | 644 | - 0 | 644 | 1,951 | 52 | ||||
Prince Agri - MN | 436 | 17 | 453 | - 0 | - 0 | - 0 | - 0 | 144 | 144 | 597 | 161 | ||||
Osprey Biotechnics | - 0 | - 0 | - 0 | - 0 | |||||||||||
Phibro-Tech | 258 | - 0 | 258 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 258 | - 0 | ||||
Phibro-Wood | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
PAH U.S. | 125 | 29 | 154 | - 0 | - 0 | - 0 | 660 | - 0 | 660 | 814 | 29 | ||||
PAH Foreign | 2,086 | 417 | 2,503 | - 0 | - 0 | - 0 | 14 | 31 | 45 | 2,548 | 448 | ||||
Koffolk Animal Health | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Koffolk Fine Chemicals | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Bio | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Abic Vet | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Assia Kenya | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Ferro | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||
Total | 4,160 | 1,026 | 5,186 | - 0 | 12 | - 0 | 1,318 | 175 | 1,505 | 6,691 | 1,201 | ||||
Depreciation | Depreciation | Depreciation | Depreciation | Amortization | Amortization | Amortization | Amortization | Amortization | Depr/Amort | Depr/Amort | |||||
Mineral Nutrition | P P & E | P P & E | Total | Allocation to | Deferred Chgs | Deferred Chgs | Intangibles | Intangibles | Total | Total | SG&A only | ||||
FY17 | CGS | SG&A | 12/31/99 | Amprol/Nicarb | CGS | SG&A | CGS | SG&A | 12/31/99 | 12/31/99 | 12/31/99 | ||||
Q1 | 399 | 6 | 405 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 543 | 144 | ||||
Q2 | 398 | 6 | 404 | - 0 | - 0 | - 0 | - 0 | 137 | 137 | 541 | 143 | ||||
Q3 | 467 | 5 | 472 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 610 | 143 | ||||
Q4 | 479 | 21 | 500 | - 0 | - 0 | - 0 | - 0 | 138 | 138 | 638 | 159 | ||||
YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 | ||||
Q2 YTD | 797 | 12 | 809 | - 0 | - 0 | - 0 | - 0 | 275 | 275 | 1,084 | 287 | ||||
Q3 YTD | 1,264 | 17 | 1,281 | - 0 | - 0 | - 0 | - 0 | 413 | 413 | 1,694 | 430 | ||||
Q4 YTD | 1,743 | 38 | 1,781 | - 0 | - 0 | - 0 | - 0 | 551 | 551 | 2,332 | 589 |
&8&F&A&8&D&T
Webcast #4
Consolidated | |||||||||||||||||||||||||
For the years ended June 30 | Year 2016 | Year 2017 Guidance | |||||||||||||||||||||||
(in millions, except per share) | 2017 Guidance | 2016 | Growth | Actual | Low Range | High Range | |||||||||||||||||||
Net sales - Animal Health segment | $ 495 | - | $ 510 | $ 486 | 2% | - | 5% | Adjusted EBITDA | 114.1 | 116.0 | 120.0 | ||||||||||||||
Less: depreciation | (17.9) | (21.1) | (21.1) | ||||||||||||||||||||||
Net sales | $ 750 | - | $ 770 | $ 752 | (0)% | - | 2% | Less: Interest | (15.1) | (16.6) | (16.6) | ||||||||||||||
Income before Taxes | 81.1 | 78.3 | 82.3 | ||||||||||||||||||||||
Adjusted EBITDA | $ 116 | - | $ 120 | $ 114 | 2% | - | 5% | Provision for income taxes | (23.9) | (23.1) | (24.3) | ||||||||||||||
ratio | 15.5% | 15.6% | 15.2% | +30bps | Adjusted Net Income | 57.2 | 55.2 | 58.0 | |||||||||||||||||
Adjusted EPS | $ 1.38 | - | $ 1.5 | $ 1.43 | (3)% | - | 1% | ||||||||||||||||||
Weighted Average Shares | 40.0 | 40.0 | 40.0 | ||||||||||||||||||||||
Adjusted EPS | 1.43 | 1.38 | 1.45 | ||||||||||||||||||||||
Effective Tax Rate | 29.5% | 29.5% | 29.5% |