10-Q Filing

PHIBRO ANIMAL HEALTH CORP CIK: 1069899 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-017157`
Period End Date	20220930
Filing Date	20221109
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pahc-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 59 Stockholders Equity 14 Comprehensive Income 14

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$74.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.28M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$17.00M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$166.54M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$142.73M	USD	Point-in-time
Inventories, net	`InventoryNet`	$259.16M	USD	Point-in-time
Inventories, net	`InventoryNet`	$280.84M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$49.29M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$60.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$566.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$570.08M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$165.49M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$179.39M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$61.13M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$63.86M	USD	Point-in-time
Goodwill	`Goodwill`	$53.21M	USD	Point-in-time
Goodwill	`Goodwill`	$53.23M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$84.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$82.89M	USD	Point-in-time
Total assets	`Assets`	$931.70M	USD	Point-in-time
Total assets	`Assets`	$948.38M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	16.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	16.00M	shares	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$15.00M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$15.42M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$88.38M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$95.60M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$80.24M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$68.70M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$172.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$190.83M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$145.00M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$171.00M	USD	Point-in-time
Long-term debt	`LongTermLoansPayable`	$272.93M	USD	Point-in-time
Long-term debt	`LongTermLoansPayable`	$280.74M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$60.50M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$61.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$669.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$685.62M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,337,574 shares issued and outstanding at September 30, 2022, and June 30, 2022; 30,000,000 Class B shares authorized, 20,166,034 shares issued and outstanding at September 30, 2022 and June 30, 2022	`CommonStockValueOutstanding`	$4.00K	USD	Point-in-time
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,337,574 shares issued and outstanding at September 30, 2022, and June 30, 2022; 30,000,000 Class B shares authorized, 20,166,034 shares issued and outstanding at September 30, 2022 and June 30, 2022	`CommonStockValueOutstanding`	$4.00K	USD	Point-in-time
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$135.80M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$135.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$246.74M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$247.75M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.11M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.80M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$262.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$262.76M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$948.38M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$931.70M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$232.52M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$214.66M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$163.88M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$149.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$68.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$64.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$50.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$54.96M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$13.68M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$14.61M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.07M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.89M	USD	1 Quarter
Foreign currency losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.13M	USD	1 Quarter
Foreign currency losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-5.20M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.42M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.06M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.86M	USD	1 Quarter
basic (in dollars per share)	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter
basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.50M	shares	1 Quarter
basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.50M	shares	1 Quarter
diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.50M	shares	1 Quarter
diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.50M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$6.53M	USD	1 Quarter
Net income	`ProfitLoss`	$3.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.45M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$148.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$147.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-13.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-31.00K	USD	1 Quarter
Foreign currency losses, net	`ForeignCurrencyTransactionGainLossUnrealized`	$-2.15M	USD	1 Quarter
Foreign currency losses, net	`ForeignCurrencyTransactionGainLossUnrealized`	$-3.37M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-70.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$309.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-4.37M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-22.35M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$24.98M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$9.87M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.68M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$31.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$741.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.59M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$514.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-10.26M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.20M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.70M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.82M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$32.00M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$19.00M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$7.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$7.45M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$23.18M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-27.00K	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$217.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.15M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.67M	USD	1 Quarter
Revolving credit facility borrowings	`ProceedsFromLongTermLinesOfCredit`	$62.00M	USD	1 Quarter
Revolving credit facility borrowings	`ProceedsFromLongTermLinesOfCredit`	$86.00M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLongTermLinesOfCredit`	$71.00M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLongTermLinesOfCredit`	$36.00M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$12.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfOtherLongTermDebt`	$1.88M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfOtherLongTermDebt`	$3.75M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$71.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$4.86M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$4.86M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.27M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$29.32M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-440.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-457.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.03M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.04M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.25M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$76.28M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.25M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$76.28M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.17M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Dividends declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Dividends declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.31M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$262.44M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$238.53M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$262.76M	USD	Point-in-time
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$5.17M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-364.00K	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.86M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.86M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.31M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$262.44M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$238.53M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$262.76M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.86M	USD	1 Quarter
Change in fair value of derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent`	$7.11M	USD	1 Quarter
Change in fair value of derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent`	$-29.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-4.14M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-6.96M	USD	1 Quarter
Unrecognized net pension gains	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent`	$-176.00K	USD	1 Quarter
Unrecognized net pension gains	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent`	$-117.00K	USD	1 Quarter
(Provision) for income taxes	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$1.82M	USD	1 Quarter
(Provision) for income taxes	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$22.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.32M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-6.90M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$5.17M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-364.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.