Phibro Animal Health (PAHC) FY2022 results: revenue $942 million, up 13.1% on the year

Phibro Animal Health Corp. (PAHC) reported revenue of $942 million for fiscal 2022, the year ended 30 June 2022, up 13.1% on the year before. Net income was $49 million, down 9.6%, and diluted earnings per share $1.21. The figures are the company's own, from the 10-K it filed with the SEC on 24 August 2022.

Revenue

$942 million

+13.1% on the year

FY2015FY2022

Operating margin

8.4%

9.0% a year earlier

FY2015FY2022

Net income

$49 million

-9.6% on the year

FY2015FY2022

Diluted EPS

$1.21

-9.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	942	833	800	+13.1%
Cost of revenue	657	562	543	+16.9%
Gross profit	285	271	257	+5.2%
Gross margin	30.3%	32.6%	32.1%
Research and development	20.8	17.8	13.7	+17.3%
Selling, general and administrative	206	197	188	+5.0%
Operating income	79.0	74.9	69.2	+5.5%
Operating margin	8.4%	9.0%	8.6%
Interest expense	12.7	13.7	14.6	-7.5%
Pre-tax income	72.3	66.5	55.5	+8.8%
Income tax	23.2	12.1	22.0	+91.6%
Effective tax rate	32.0%	18.2%	39.6%
Net income	49.2	54.4	33.6	-9.6%
Net margin	5.2%	6.5%	4.2%
Diluted EPS	$1.21	$1.34	$0.83	-9.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	31.6	48.3	59.3	-34.5%
Capital expenditure	37.0	29.3	34.0	+26.3%
Free cash flow	-5.4	19.0	25.3
Free cash flow margin	-0.6%	2.3%	3.2%
Cash from investing	-22.6	-18.6	-120
Cash from financing	16.3	-17.0	40.9
Depreciation and amortisation	32.7	31.9	32.3	+2.6%
Share-based compensation	n/a	1.1	2.3
Dividends paid	19.4	19.4	19.4	+0.1%
Dividend per share	$0.48	$0.48	$0.48	0.0%
Diluted shares, weighted	41m	41m	41m	0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	262	239	188	+10.0%
Debt	433	392	387	+10.4%
Operating lease liabilities	31.5	28.0	17.3	+12.5%
Other liabilities	205	183	192	+12.1%
Total liabilities and equity	932	841	784	+10.7%
Fixed assets	165	155	148	+7.0%
Goodwill	53.2	52.7	52.7	+1.0%
Intangible assets	63.9	62.3	71.0	+2.5%
Investments	17.0	43.0	55.0	-60.5%
Cash and equivalents	74.2	50.2	36.3	+47.9%
Receivables	167	147	127	+13.4%
Inventory	259	216	197	+19.8%
Other assets	132	115	97.8	+14.7%
Total assets	932	841	784	+10.7%

10-K for the year ended 30 June 2022, filed 24 August 2022: the filing.