Phibro Animal Health (PAHC) FY2023 results: revenue $978 million, up 3.8% on the year

Phibro Animal Health Corp. (PAHC) reported revenue of $978 million for fiscal 2023, the year ended 30 June 2023, up 3.8% on the year before. Net income was $33 million, down 33.7%, and diluted earnings per share $0.81. The figures are the company's own, from the 10-K it filed with the SEC on 30 August 2023.

Revenue

$978 million

+3.8% on the year

FY2016FY2023

Operating margin

7.3%

8.4% a year earlier

FY2016FY2023

Net income

$33 million

-33.7% on the year

FY2016FY2023

Diluted EPS

$0.81

-33.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	978	942	833	+3.8%
Cost of revenue	680	657	562	+3.5%
Gross profit	298	285	271	+4.5%
Gross margin	30.5%	30.3%	32.6%
Research and development	24.4	20.8	17.8	+17.1%
Selling, general and administrative	226	206	197	+9.7%
Operating income	71.8	79.0	74.9	-9.0%
Operating margin	7.3%	8.4%	9.0%
Interest expense	18.7	12.7	13.7	+47.2%
Pre-tax income	54.1	72.3	66.5	-25.2%
Income tax	21.5	23.2	12.1	-7.3%
Effective tax rate	39.7%	32.0%	18.2%
Net income	32.6	49.2	54.4	-33.7%
Net margin	3.3%	5.2%	6.5%
Diluted EPS	$0.81	$1.21	$1.34	-33.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	13.3	31.6	48.3	-57.9%
Capital expenditure	51.8	37.0	29.3	+39.8%
Free cash flow	-38.5	-5.4	19.0
Free cash flow margin	-3.9%	-0.6%	2.3%
Cash from investing	-74.0	-22.6	-18.6
Cash from financing	27.0	16.3	-17.0	+65.1%
Depreciation and amortisation	34.0	32.7	31.9	+4.0%
Share-based compensation	n/a	n/a	1.1
Dividends paid	19.4	19.4	19.4	0.0%
Dividend per share	$0.48	$0.48	$0.48	0.0%
Diluted shares, weighted	41m	41m	41m	0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	283	262	239	+7.6%
Debt	475	433	392	+9.7%
Operating lease liabilities	29.1	31.5	28.0	-7.7%
Other liabilities	185	205	183	-9.7%
Total liabilities and equity	971	932	841	+4.3%
Fixed assets	196	165	155	+18.2%
Goodwill	53.3	53.2	52.7	+0.1%
Intangible assets	55.0	63.9	62.3	-13.9%
Investments	40.0	17.0	43.0	+135.3%
Cash and equivalents	41.3	74.2	50.2	-44.4%
Receivables	163	167	147	-1.8%
Inventory	278	259	216	+7.1%
Other assets	145	132	115	+9.9%
Total assets	971	932	841	+4.3%

10-K for the year ended 30 June 2023, filed 30 August 2023: the filing.