| Delaware | | | 13-1840497 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
| Glenpointe Centre East, 3rd Floor 300 Frank W. Burr Boulevard, Suite 21 Teaneck, New Jersey (Address of Principal Executive Offices) | | | 07666-6712 (Zip Code) | |
| | | | | Name of each exchange on which | | ||
| Class A Common Stock, $0.0001 par value per share | | | PAHC | | | Nasdaq Stock Market | |
| Large accelerated filer | | | ☐ | | | | | | Accelerated filer | | | ☒ | |
| Non-accelerated filer | | | ☐ | | | | | Smaller reporting company | | | ☐ | | |
| Emerging Growth Company | | | | | | | | | | | | |
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PART I | | ||||||
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PART II | | ||||||
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PART III | | ||||||
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PART IV | | ||||||
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| | Segments | | Change | | Percentage of total | | | Segments | | Change | | Percentage of total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017 / 2016 | | 2016 / 2015 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | ($ in millions) | | | | | | | | | | | | | | | | | | ($ in millions) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 498 | | | | $ | 486 | | | | $ | 471 | | | | $ | 12 | | | | | 2% | | | | $ | 15 | | | | | 3% | | | | | 65% | | | | | 65% | | | | | 63% | | | | | $ | 532 | | | | $ | 532 | | | | $ | 498 | | | | $ | 0 | | | | | 0% | | | | $ | 34 | | | | | 7% | | | | | 64% | | | | | 65% | | | | | 65% | | | ||||||||||||||||||||
Mineral Nutrition | | | | 218 | | | | | 217 | | | | | 227 | | | | | 2 | | | | | 1% | | | | | (10) | | | | | (5)% | | | | | 29% | | | | | 29% | | | | | 30% | | | | | | 234 | | | | | 235 | | | | | 218 | | | | | (1) | | | | | (0)% | | | | | 17 | | | | | 8% | | | | | 28% | | | | | 29% | | | | | 29% | | | ||||||||||||||||||||
Performance Products | | | | 48 | | | | | 49 | | | | | 51 | | | | | (0) | | | | | (1)% | | | | | (2) | | | | | (4)% | | | | | 6% | | | | | 6% | | | | | 7% | | | | | | 62 | | | | | 53 | | | | | 48 | | | | | 9 | | | | | 17% | | | | | 5 | | | | | 11% | | | | | 8% | | | | | 7% | | | | | 6% | | | ||||||||||||||||||||
Total | | | $ | 764 | | | | $ | 752 | | | | $ | 749 | | | | $ | 13 | | | | | 2% | | | | $ | 3 | | | | | 0% | | | | | | | | | | | | | | | | | | | | $ | 828 | | | | $ | 820 | | | | $ | 764 | | | | $ | 8 | | | | | 1% | | | | $ | 56 | | | | | 7% | | | | ||||||||||||||||||||||||||||||||||
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| | | Species | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2017 / 2016 | | | 2016 / 2015 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Poultry | | | | $ | 301 | | | | | $ | 292 | | | | | $ | 280 | | | | | $ | 9 | | | | | | 3% | | | | | $ | 12 | | | | | | 4% | | | | | | 39% | | | | | | 39% | | | | | | 37% | | |
Dairy | | | | | 157 | | | | | | 146 | | | | | | 135 | | | | | | 11 | | | | | | 7% | | | | | | 12 | | | | | | 9% | | | | | | 21% | | | | | | 19% | | | | | | 18% | | |
Cattle | | | | | 76 | | | | | | 96 | | | | | | 100 | | | | | | (20) | | | | | | (21)% | | | | | | (4) | | | | | | (4)% | | | | | | 10% | | | | | | 13% | | | | | | 13% | | |
Swine | | | | | 93 | | | | | | 100 | | | | | | 102 | | | | | | (8) | | | | | | (8)% | | | | | | (1) | | | | | | (1)% | | | | | | 12% | | | | | | 13% | | | | | | 14% | | |
Other(1) | | | | | 137 | | | | | | 116 | | | | | | 132 | | | | | | 21 | | | | | | 18% | | | | | | (16) | | | | | | (12)% | | | | | | 18% | | | | | | 15% | | | | | | 18% | | |
Total | | | | $ | 764 | | | | | $ | 752 | | | | | $ | 749 | | | | | $ | 13 | | | | | | 2% | | | | | $ | 3 | | | | | | 0% | | | | | | | | | | | | | | | | | | | | |
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| | | Regions(2) | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2017 / 2016 | | | 2016 / 2015 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
U.S. & Canada | | | | $ | 502 | | | | | $ | 493 | | | | | $ | 483 | | | | | $ | 9 | | | | | | 2% | | | | | $ | 9 | | | | | | 2% | | | | | | 66% | | | | | | 66% | | | | | | 65% | | |
Brazil & Latin America | | | | | 99 | | | | | | 109 | | | | | | 107 | | | | | | (10) | | | | | | (9)% | | | | | | 2 | | | | | | 2% | | | | | | 13% | | | | | | 15% | | | | | | 14% | | |
China & Asia Pacific | | | | | 67 | | | | | | 61 | | | | | | 61 | | | | | | 6 | | | | | | 10% | | | | | | (1) | | | | | | (1)% | | | | | | 9% | | | | | | 8% | | | | | | 8% | | |
Israel & Other | | | | | 96 | | | | | | 89 | | | | | | 97 | | | | | | 7 | | | | | | 8% | | | | | | (8) | | | | | | (8)% | | | | | | 13% | | | | | | 12% | | | | | | 13% | | |
Total | | | | $ | 764 | | | | | $ | 752 | | | | | $ | 749 | | | | | $ | 13 | | | | | | 2% | | | | | $ | 3 | | | | | | 0% | | | | | | | | | | | | | | | | | | | | |
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| | | Species | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2019/2018 | | | 2018/2017 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | | | | $ | 316 | | | | | $ | 321 | | | | | $ | 301 | | | | | $ | (5) | | | | | | (2)% | | | | | $ | 20 | | | | | | 7% | | | | | | 38% | | | | | | 39% | | | | | | 39% | | |
Dairy | | | | | 170 | | | | | | 177 | | | | | | 157 | | | | | | (7) | | | | | | (4)% | | | | | | 20 | | | | | | 13% | | | | | | 21% | | | | | | 22% | | | | | | 21% | | |
Cattle | | | | | 88 | | | | | | 80 | | | | | | 76 | | | | | | 8 | | | | | | 10% | | | | | | 4 | | | | | | 5% | | | | | | 11% | | | | | | 10% | | | | | | 10% | | |
Swine | | | | | 101 | | | | | | 100 | | | | | | 93 | | | �� | | | 1 | | | | | | 1% | | | | | | 7 | | | | | | 8% | | | | | | 12% | | | | | | 12% | | | | | | 12% | | |
Other(1) | | | | | 153 | | | | | | 142 | | | | | | 137 | | | | | | 11 | | | | | | 8% | | | | | | 5 | | | | | | 4% | | | | | | 18% | | | | | | 17% | | | | | | 18% | | |
Total | | | | $ | 828 | | | | | $ | 820 | | | | | $ | 764 | | | | | $ | 8 | | | | | | 1% | | | | | $ | 56 | | | | | | 7% | | | | | | |||||||||||||||
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| | | Regions(2) | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2019/2018 | | | 2018/2017 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | | | | $ | 481 | | | | | $ | 491 | | | | | $ | 484 | | | | | $ | (10) | | | | | | (2)% | | | | | $ | 7 | | | | | | 1% | | | | | | 58% | | | | | | 60% | | | | | | 63% | | |
Latin America and Canada | | | | | 152 | | | | | | 143 | | | | | | 113 | | | | | | 9 | | | | | | 6% | | | | | | 30 | | | | | | 27% | | | | | | 18% | | | | | | 17% | | | | | | 15% | | |
Europe, Middle East and Africa | | | | | 105 | | | | | | 110 | | | | | | 96 | | | | | | (5) | | | | | | (5)% | | | | | | 14 | | | | | | 15% | | | | | | 13% | | | | | | 13% | | | | | | 13% | | |
Asia Pacific | | | | | 90 | | | | | | 76 | | | | | | 71 | | | | | | 14 | | | | | | 18% | | | | | | 5 | | | | | | 7% | | | | | | 11% | | | | | | 9% | | | | | | 9% | | |
Total | | | | $ | 828 | | | | | $ | 820 | | | | | $ | 764 | | | | | $ | 8 | | | | | | 1% | | | | | $ | 56 | | | | | | 7% | | | | | |
| | Adjusted EBITDA(1) | | Change | | Percentage of total(2) | | | Adjusted EBITDA(1) | | Change | | Percentage of total(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017 / 2016 | | 2016 / 2015 | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | ($ in millions) | | | | | | | | | | | | | | | | | | ($ in millions) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 130 | | | | $ | 127 | | | | $ | 120 | | | | $ | 3 | | | | | 3% | | | | $ | 7 | | | | | 6% | | | | | 87% | | | | | 89% | | | | | 88% | | | | | $ | 136 | | | | $ | 142 | | | | $ | 130 | | | | $ | (6) | | | | | (4)% | | | | $ | 12 | | | | | 9% | | | | | 87% | | | | | 87% | | | | | 87% | | | ||||||||||||||||||||
Mineral Nutrition | | | | 17 | | | | | 15 | | | | | 14 | | | | | 2 | | | | | 16% | | | | | 1 | | | | | 7% | | | | | 12% | | | | | 10% | | | | | 10% | | | | | | 16 | | | | | 19 | | | | | 17 | | | | | (3) | | | | | (15)% | | | | | 1 | | | | | 7% | | | | | 10% | | | | | 11% | | | | | 12% | | | ||||||||||||||||||||
Performance Products | | | | 2 | | | | | 1 | | | | | 3 | | | | | 1 | | | | | 106% | | | | | (2) | | | | | (67)% | | | | | 1% | | | | | 1% | | | | | 2% | | | | | | 5 | | | | | 2 | | | | | 2 | | | | | 3 | | | | | 151% | | | | | (0) | | | | | (9)% | | | | | 3% | | | | | 1% | | | | | 1% | | | ||||||||||||||||||||
Corporate | | | | (30) | | | | | (29) | | | | | (27) | | | | | (1) | | | | | * | | | | | (2) | | | | | * | | | | | | | | | | | | | | | | | | | | | (38) | | | | | (33) | | | | | (30) | | | | | (5) | | | | | * | | | | | (4) | | | | | * | | | | ||||||||||||||||||||||||||||||||||
Total | | | $ | 120 | | | | $ | 114 | | | | $ | 110 | | | | $ | 6 | | | | | 5% | | | | $ | 4 | | | | | 4% | | | | | | | | | | | | | | | | | | | | $ | 118 | | | | $ | 129 | | | | $ | 120 | | | | $ | (11) | | | | | (8)% | | | | $ | 9 | | | | | 7% | | | | ||||||||||||||||||||||||||||||||||
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| | Net Identifiable Assets | | Change | | Percentage of total | | | Net Identifiable Assets | | Change | | Percentage of total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30 | | 2017 | | 2016 | | 2015 | | 2017 / 2016 | | 2016 / 2015 | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | ($ in millions) | | | | | | | | | | | | | | | | | | ($ in millions) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 442 | | | | $ | 445 | | | | $ | 349 | | | | $ | (3) | | | | | (1)% | | | | $ | 95 | | | | | 27% | | | | | 71% | | | | | 73% | | | | | 71% | | | | | $ | 509 | | | | $ | 456 | | | | $ | 442 | | | | $ | 53 | | | | | 12% | | | | $ | 14 | | | | | 3% | | | | | 70% | | | | | 68% | | | | | 71% | | | ||||||||||||||||||||
Mineral Nutrition | | | | 55 | | | | | 58 | | | | | 59 | | | | | (2) | | | | | (4)% | | | | | (1) | | | | | (1)% | | | | | 9% | | | | | 10% | | | | | 12% | | | | | | 68 | | | | | 70 | | | | | 55 | | | | | (2) | | | | | (3)% | | | | | 15 | | | | | 26% | | | | | 9% | | | | | 10% | | | | | 9% | | | ||||||||||||||||||||
Performance Products | | | | 24 | | | | | 22 | | | | | 22 | | | | | 2 | | | | | 10% | | | | | (0) | | | | | (2)% | | | | | 4% | | | | | 4% | | | | | 4% | | | | | | 33 | | | | | 24 | | | | | 24 | | | | | 9 | | | | | 37% | | | | | 0 | | | | | 1% | | | | | 5% | | | | | 4% | | | | | 4% | | | ||||||||||||||||||||
Corporate | | | | 102 | | | | | 84 | | | | | 60 | | | | | 18 | | | | | 22% | | | | | 23 | | | | | 39% | | | | | 16% | | | | | 14% | | | | | 12% | | | | | | 117 | | | | | 122 | | | | | 102 | | | | | (5) | | | | | (4)% | | | | | 20 | | | | | 20% | | | | | 16% | | | | | 18% | | | | | 16% | | | ||||||||||||||||||||
Total | | | $ | 623 | | | | $ | 608 | | | | $ | 490 | | | | $ | 16 | | | | | 3% | | | | $ | 118 | | | | | 24% | | | | | | | | | | | | | | | | | | | | $ | 727 | | | | $ | 672 | | | | $ | 623 | | | | $ | 54 | | | | | 8% | | | | $ | 49 | | | | | 8% | | | | |
| | | Product Groups | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2017 / 2016 | | | 2016 / 2015 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
MFAs and other | | | | $ | 321 | | | | | $ | 340 | | | | | $ | 336 | | | | | $ | (19) | | | | | | (5)% | | | | | $ | 4 | | | | | | 1% | | | | | | 65% | | | | | | 70% | | | | | | 71% | | |
Nutritional specialties | | | | | 111 | | | | | | 94 | | | | | | 82 | | | | | | 17 | | | | | | 18% | | | | | | 12 | | | | | | 15% | | | | | | 22% | | | | | | 19% | | | | | | 17% | | |
Vaccines | | | | | 65 | | | | | | 52 | | | | | | 53 | | | | | | 13 | | | | | | 25% | | | | | | (1) | | | | | | (2)% | | | | | | 13% | | | | | | 11% | | | | | | 11% | | |
Animal Health | | | | $ | 498 | | | | | $ | 486 | | | | | $ | 471 | | | | | $ | 12 | | | | | | 2% | | | | | $ | 15 | | | | | | 3% | | | | | | | | | | | | | | | | | | | | |
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| | | Regions(1) | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2017 / 2016 | | | 2016 / 2015 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
U.S. & Canada | | | | $ | 241 | | | | | $ | 235 | | | | | $ | 219 | | | | | $ | 6 | | | | | | 3% | | | | | $ | 17 | | | | | | 8% | | | | | | 48% | | | | | | 48% | | | | | | 46% | | |
Brazil & Latin America | | | | | 96 | | | | | | 104 | | | | | | 99 | | | | | | (9) | | | | | | (8)% | | | | | | 6 | | | | | | 6% | | | | | | 19% | | | | | | 21% | | | | | | 21% | | |
China & Asia Pacific | | | | | 67 | | | | | | 61 | | | | | | 61 | | | | | | 6 | | | | | | 10% | | | | | | (1) | | | | | | (1)% | | | | | | 13% | | | | | | 12% | | | | | | 13% | | |
Israel & Other | | | | | 94 | | | | | | 86 | | | | | | 92 | | | | | | 8 | | | | | | 9% | | | | | | (6) | | | | | | (7)% | | | | | | 19% | | | | | | 18% | | | | | | 20% | | |
Total | | | | $ | 498 | | | | | $ | 486 | | | | | $ | 471 | | | | | $ | 12 | | | | | | 2% | | | | | $ | 15 | | | | | | 3% | | | | | | | | | | | | | | | | | | | | |
|
| | | Product Groups | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2019/2018 | | | 2018/2017 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | | | | $ | 350 | | | | | $ | 337 | | | | | $ | 321 | | | | | $ | 13 | | | | | | 4% | | | | | $ | 16 | | | | | | 5% | | | | | | 66% | | | | | | 63% | | | | | | 65% | | |
Nutritional specialties | | | | | 113 | | | | | | 123 | | | | | | 111 | | | | | | (10) | | | | | | (8)% | | | | | | 12 | | | | | | 11% | | | | | | 21% | | | | | | 23% | | | | | | 22% | | |
Vaccines | | | | | 68 | | | | | | 72 | | | | | | 65 | | | | | | (4) | | | | | | (5)% | | | | | | 7 | | | | | | 11% | | | | | | 13% | | | | | | 14% | | | | | | 13% | | |
Animal Health | | | | $ | 532 | | | | | $ | 532 | | | | | $ | 498 | | | | | $ | (0) | | | | | | (0)% | | | | | $ | 34 | | | | | | 7% | | | | | | |||||||||||||||
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| | | Regions(1) | | | Change | | | Percentage of total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2019/2018 | | | 2018/2017 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||||||||
| | | ($ in millions) | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | | | | $ | 199 | | | | | $ | 220 | | | | | $ | 230 | | | | | $ | (21) | | | | | | (10)% | | | | | $ | (10) | | | | | | (4)% | | | | | | 37% | | | | | | 41% | | | | | | 46% | | |
Latin America and Canada | | | | | 142 | | | | | | 129 | | | | | | 104 | | | | | | 13 | | | | | | 10% | | | | | | 25 | | | | | | 24% | | | | | | 27% | | | | | | 24% | | | | | | 21% | | |
Europe, Middle East and Africa | | | | | 103 | | | | | | 108 | | | | | | 93 | | | | | | (5) | | | | | | (5)% | | | | | | 15 | | | | | | 16% | | | | | | 19% | | | | | | 20% | | | | | | 19% | | |
Asia Pacific | | | | | 88 | | | | | | 75 | | | | | | 71 | | | | | | 13 | | | | | | 17% | | | | | | 4 | | | | | | 6% | | | | | | 17% | | | | | | 14% | | | | | | 14% | | |
Total | | | | $ | 532 | | | | | $ | 532 | | | | | $ | 498 | | | | | $ | — | | | | | | 0% | | | | | $ | 34 | | | | | | 7% | | | | | |
Product | | | Active Ingredient | | | Market Entry of Active Ingredient | | | Description | |
Terramycin®/TM-50®/ TM-100™ | | | oxytetracycline | | | 1951 | | | Antibacterial with multiple applications for a wide number of species | |
Nicarb® | | | nicarbazin | | | 1954 | | | Anticoccidial for poultry | |
amprolium | | | amprolium | | | 1960 | | | Anticoccidial for poultry and cattle | |
Bloat Guard® | | | poloxalene | | | 1967 | | | Anti-bloat treatment for cattle | |
Banminth® | | | pyrantel tartrate | | | 1972 | | | Anthelmintic for livestock | |
Mecadox® | | | carbadox | | | 1972 | | | Antibacterial for swine to control Salmonellosis and dysentery | |
Stafac®/Eskalin™/V-Max® | | | virginiamycin | | | 1975 | | | Antibacterial used to prevent and control diseases in poultry, swine and cattle | |
Coxistac™/Posistac™ | | | salinomycin | | | 1979 | | | Anticoccidial for poultry, cattle and swine | |
Rumatel® | | | morantel tartrate | | | 1981 | | | Anthelmintic for livestock | |
Cerditac™/Cerdimix™ | | | oxibendazole | | | 1982 | | | Anthelmintic for livestock | |
Product | | | Active Ingredient | | | Market Entry of Active Ingredient | | | Description | |
Aviax® | | | semduramicin | | | 1995 | | | Anticoccidial for poultry | |
Neo-Terramycin®/Neo-TM™ | | | oxytetracycline + neomycin | | | 1999 | | | Combination of two antibacterials with multiple applications for a wide number of species | |
Aviax® Plus/Avi-Carb® | | | semduramicin + nicarbazin | | | 2010 | | | Anticoccidial for poultry | |
Product | | | Market Entry | | | Description | |
AB20® | | | 1989 | | | Natural flow agent that improves overall feed quality | |
Animate® | | | 1999 | | | Maintains proper blood calcium levels in dairy cows during critical transition period | |
Omnigen-AF® | | | 2004 | | | Optimizes immune status in dairy cows | |
Provia 6086™ | | | 2013 | | | Direct fed microbial (B.coagulans) for all classes of livestock | |
Magni-Phi® | | | 2015 | | | Proprietary blend that helps to improve immune response and may lead to improved absorption and utilization of nutrients for poultry | |
Cellerate Yeast Solutions® | | | 2017 | | | Proprietary yeast culture products for all classes of livestock to help improve digestive health | |
Provia Prime™ | | | 2019 | | | 4-way combination direct-fed microbial for optimization of gut health in poultry | |
Product | | | Market Entry | | | Description | |
V.H.® | | | 1974 | | | Live vaccine for the prevention of Newcastle Disease in poultry | |
Tailor Made® Vaccines | | | 1982 | | | Autogenous vaccines against either bacterial or viral diseases in poultry, swine and cattle | |
MVP Adjuvants® | | | 1982 | | | Components of veterinary vaccines that enhance the immune response to a vaccine | |
TAbic® M.B. | | | 2004 | | | Live vaccine for the prevention of Infectious Bursal Disease in poultry | |
MJPRRS® | | | 2007 | | | Autogenous vaccine for the prevention of porcine reproductive and respiratory syndrome (“PRRS”) in swine | |
TAbic® IB VAR | | | 2009 | | | Live vaccine for the prevention of Infectious Bronchitis variant 1 strain 233A in poultry | |
TAbic® IB VAR206 | | | 2010 | | | Live vaccine for the prevention of Infectious Bronchitis variant 206 in poultry | |
MB-1TM | | | 2017 | | | Live hatchery vaccine for the prevention of Infections Bursal Disease in poultry | |
pHi-TechTM | | | 2019 | | | Portable electronic injection device enabling management and proper delivery of vaccines | |
Business Segment(s) | | | Location | | | Owned/Leased | | | Approx. sq. Footage | | | Purpose(s) | | |||
Animal Health | | | Beit Shemesh, Israel | | | Owned/land lease | | | | | Manufacturing and Research | | ||||
Animal Health | | | Braganca Paulista, Brazil | | | Owned | | | | | Manufacturing and Administrative | | ||||
Animal Health | | | Buenos Aires, Argentina | | | Owned | | | 43,000 | | | Manufacturing and Administrative | | |||
Animal Health | | | Chillicothe, Illinois | | | Owned | | | | | Manufacturing | | ||||
Animal Health | | | Corvallis, Oregon | | | Owned | | | | | Research | | ||||
Animal Health | | | Guarulhos, Brazil | | | Owned | | | | | Manufacturing, Sales, Premixing, Research and Administrative | | ||||
Animal Health | | | Neot Hovav, Israel | | | Owned/land lease | | | | | Manufacturing and Research | | ||||
Mineral Nutrition | | | Omaha, Nebraska | | | Owned | | | | | Manufacturing | | ||||
Animal Health | | | Omaha, Nebraska | | | Owned | | | | | Manufacturing, Sales and Research | | ||||
Animal Health | | | Petach Tikva, Israel | | | Owned | | | | | Manufacturing | |
Business Segment(s) | | | Location | | | Owned/Leased | | | Approx. sq. Footage | | | Purpose(s) | | |||
Animal Health and Mineral Nutrition | | | Quincy, Illinois | | | Owned | | | | | Manufacturing, Sales, Research and Administrative | | ||||
Performance Products | | | Santa Fe Springs, California | | | Owned | | | | | Manufacturing | | ||||
Animal Health | | | State College, Pennsylvania | | | Owned | | | | | Research | | ||||
Animal Health | | | St. Paul, Minnesota | | | Leased | | | | | Research | | ||||
Corporate | | | Teaneck, New Jersey | | | Leased | | | | | Corporate and Administrative | |
Quarter Ended | | | High | | | Low | | ||||||
September 30, 2015 | | | | $ | 40.54 | | | | | $ | 30.11 | | |
December 31, 2015 | | | | $ | 34.65 | | | | | $ | 29.75 | | |
March 31, 2016 | | | | $ | 35.69 | | | | | $ | 23.21 | | |
June 30, 2016 | | | | $ | 27.99 | | | | | $ | 16.80 | | |
September 30, 2016 | | | | $ | 28.04 | | | | | $ | 18.68 | | |
December 31, 2016 | | | | $ | 30.75 | | | | | $ | 24.83 | | |
March 31, 2017 | | | | $ | 30.85 | | | | | $ | 26.10 | | |
June 30, 2017 | | | | $ | 38.85 | | | | | $ | 26.70 | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||||||||||||||
Results of operations data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | | | $ | 764,281 | | | | | $ | 751,526 | | | | | $ | 748,591 | | | | | $ | 691,914 | | | | | $ | 653,151 | | |
Cost of goods sold | | | | | 516,038 | | | | | | 512,494 | | | | | | 515,311 | | | | | | 487,500 | | | | | | 476,307 | | |
Gross profit | | | | | 248,243 | | | | | | 239,032 | | | | | | 233,280 | | | | | | 204,414 | | | | | | 176,844 | | |
Selling, general and administrative expenses | | | | | 150,309 | | | | | | 153,288 | | | | | | 145,612 | | | | | | 140,620 | | | | | | 120,113 | | |
Operating income | | | | | 97,934 | | | | | | 85,744 | | | | | | 87,668 | | | | | | 63,794 | | | | | | 56,731 | | |
Interest expense, net | | | | | 14,906 | | | | | | 16,592 | | | | | | 14,305 | | | | | | 32,962 | | | | | | 35,629 | | |
Foreign currency (gains) losses, net | | | | | (113) | | | | | | (7,609) | | | | | | (5,400) | | | | | | 1,753 | | | | | | 3,103 | | |
Loss on extinguishment of debt | | | | | 2,598 | | | | | | — | | | | | | — | | | | | | 22,771 | | | | | | — | | |
Other (income) expense, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 151 | | |
Income before income taxes | | | | | 80,543 | | | | | | 76,761 | | | | | | 78,763 | | | | | | 6,308 | | | | | | 17,848 | | |
Provision (benefit) for income taxes | | | | | 15,928 | | | | | | (5,967) | | | | | | 18,483 | | | | | | 9,435 | | | | | | (7,043) | | |
Net income (loss) | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | | | | $ | (3,127) | | | | | $ | 24,891 | | |
Net income (loss) per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.63 | | | | | $ | 2.11 | | | | | $ | 1.55 | | | | | $ | (0.10) | | | | | $ | 0.82 | | |
diluted | | | | $ | 1.61 | | | | | $ | 2.07 | | | | | $ | 1.51 | | | | | $ | (0.10) | | | | | $ | 0.82 | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
basic | | | | | 39,524 | | | | | | 39,254 | | | | | | 38,969 | | | | | | 32,193 | | | | | | 30,458 | | |
diluted | | | | | 40,042 | | | | | | 39,962 | | | | | | 39,815 | | | | | | 32,193 | | | | | | 30,458 | | |
Dividends per share | | | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.82 | | | | | $ | 0.10 | | |
Other financial data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1) | | | | $ | 120,119 | | | | | $ | 114,060 | | | | | $ | 110,019 | | | | | $ | 90,597 | | | | | $ | 75,754 | | |
Cash provided (used) by operating activities(2) | | | | | 98,385 | | | | | | 37,218 | | | | | | 68,704 | | | | | | (712) | | | | | | 1,437 | | |
Capital expenditures | | | | | 20,880 | | | | | | 36,352 | | | | | | 20,058 | | | | | | 19,846 | | | | | | 19,947 | | |
As of June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Balance sheet data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 56,083 | | | | | $ | 33,605 | | | | | $ | 29,216 | | | | | $ | 11,821 | | | | | $ | 27,369 | | |
Working capital(3) | | | | | 198,036 | | | | | | 203,356 | | | | | | 175,988 | | | | | | 177,999 | | | | | | 153,677 | | |
Total assets | | | | | 623,397 | | | | | | 607,835 | | | | | | 490,250 | | | | | | 468,725 | | | | | | 470,513 | | |
Total debt(4) | | | | | 313,141 | | | | | | 350,172 | | | | | | 286,450 | | | | | | 285,793 | | | | | | 361,975 | | |
Long-term debt and other liabilities | | | | | 356,444 | | | | | | 408,578 | | | | | | 349,185 | | | | | | 341,138 | | | | | | 424,047 | | |
Total stockholders’ equity (deficit) | | | | | 151,157 | | | | | | 90,480 | | | | | | 29,628 | | | | | | 15,149 | | | | | | (68,938) | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||||||||||||||
Results of operations data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | | | | $ | 751,526 | | | | | $ | 748,591 | | |
Cost of goods sold | | | | | 563,371 | | | | | | 553,103 | | | | | | 516,038 | | | | | | 512,494 | | | | | | 515,311 | | |
Gross profit | | | | | 264,624 | | | | | | 266,879 | | | | | | 248,243 | | | | | | 239,032 | | | | | | 233,280 | | |
Selling, general and administrative expenses | | | | | 181,398 | | | | | | 167,953 | | | | | | 150,309 | | | | | | 153,288 | | | | | | 145,612 | | |
Operating income | | | | | 83,226 | | | | | | 98,926 | | | | | | 97,934 | | | | | | 85,744 | | | | | | 87,668 | | |
Interest expense, net | | | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | | | | | 16,592 | | | | | | 14,305 | | |
Foreign currency (gains) losses, net | | | | | (55) | | | | | | (1,054) | | | | | | (113) | | | | | | (7,609) | | | | | | (5,400) | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | — | | |
Income before income taxes | | | | | 71,505 | | | | | | 88,070 | | | | | | 80,543 | | | | | | 76,761 | | | | | | 78,763 | | |
Provision (benefit) for income taxes | | | | | 16,792 | | | | | | 23,187 | | | | | | 15,928 | | | | | | (5,967) | | | | | | 18,483 | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | |
Net income per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.63 | | | | | $ | 2.11 | | | | | $ | 1.55 | | |
diluted | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.61 | | | | | $ | 2.07 | | | | | $ | 1.51 | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
basic | | | | | 40,412 | | | | | | 40,181 | | | | | | 39,524 | | | | | | 39,254 | | | | | | 38,969 | | |
diluted | | | | | 40,523 | | | | | | 40,385 | | | | | | 40,042 | | | | | | 39,962 | | | | | | 39,815 | | |
Dividends per share | | | | $ | 0.46 | | | | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.40 | | |
Other financial data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1) | | | | $ | 118,037 | | | | | $ | 128,958 | | | | | $ | 120,119 | | | | | $ | 114,060 | | | | | $ | 110,019 | | |
Cash provided by operating activities(2) | | | | | 47,169 | | | | | | 70,008 | | | | | | 98,385 | | | | | | 37,218 | | | | | | 68,704 | | |
Capital expenditures | | | | | 29,891 | | | | | | 18,548 | | | | | | 20,880 | | | | | | 36,352 | | | | | | 20,058 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Balance sheet data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents and short-term investments | | | | $ | 81,573 | | | | | $ | 79,168 | | | | | $ | 56,083 | | | | | $ | 33,605 | | | | | $ | 29,216 | | |
Working capital(3) | | | | | 242,902 | | | | | | 205,651 | | | | | | 198,036 | | | | | | 203,356 | | | | | | 175,988 | | |
Total assets | | | | | 726,671 | | | | | | 671,679 | | | | | | 623,397 | | | | | | 607,835 | | | | | | 490,250 | | |
Total debt(4) | | | | | 326,175 | | | | | | 312,381 | | | | | | 313,141 | | | | | | 350,172 | | | | | | 286,450 | | |
Long-term debt and other liabilities | | | | | 356,429 | | | | | | 343,504 | | | | | | 356,444 | | | | | | 408,578 | | | | | | 349,185 | | |
Total stockholders’ equity | | | | | 216,015 | | | | | | 184,954 | | | | | | 151,157 | | | | | | 90,480 | | | | | | 29,628 | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | | | $ | 64,615 | | | | $ | 82,728 | | | | $ | 60,280 | | | | $ | (3,127) | | | | $ | 24,891 | | | ||||||||||||||||||||||||||||||||||||
Net income | | | $ | 54,713 | | | | $ | 64,883 | | | | $ | 64,615 | | | | $ | 82,728 | | | | $ | 60,280 | | | ||||||||||||||||||||||||||||||||||||
Plus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Interest expense, net | | | | 14,906 | | | | | 16,592 | | | | | 14,305 | | | | | 32,962 | | | | | 35,629 | | | | | | 11,776 | | | | | 11,910 | | | | | 14,906 | | | | | 16,592 | | | | | 14,305 | | | ||||||||||
Provision (benefit) for income taxes | | | | 15,928 | | | | | (5,967) | | | | | 18,483 | | | | | 9,435 | | | | | (7,043) | | | | | | 16,792 | | | | | 23,187 | | | | | 15,928 | | | | | (5,967) | | | | | 18,483 | | | ||||||||||
Depreciation and amortization | | | | 26,001 | | | | | 23,452 | | | | | 21,604 | | | | | 21,453 | | | | | 19,023 | | | | | | 27,564 | | | | | 26,943 | | | | | 26,001 | | | | | 23,452 | | | | | 21,604 | | | ||||||||||
EBITDA | | | 121,450 | | | | 116,805 | | | | 114,672 | | | | 60,723 | | | | 72,500 | | | | | | 110,845 | | | | | 126,923 | | | | | 121,450 | | | | | 116,805 | | | | | 114,672 | | | |||||||||||||||
Restructuring costs | | | | 6,281 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 2,259 | | | | | 334 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Acquisition-related cost of goods sold | | | | — | | | | | 2,566 | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | 1,671 | | | | | — | | | | | 2,566 | | | | | — | | | ||||||||||
Acquisition-related accrued compensation | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | | | — | | | | | — | | | | | | — | | | | | 1,152 | | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | ||||||||||
Acquisition-related transaction costs | | | | 1,274 | | | | | 618 | | | | | — | | | | | — | | | | | — | | | | | | 213 | | | | | 400 | | | | | 1,274 | | | | | 618 | | | | | — | | | ||||||||||
Acquisition-related other, net | | | | (972) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | (468) | | | | | (972) | | | | | — | | | | | — | | | ||||||||||
Other | | | | (1,506) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Pension settlement cost | | | | 1,702 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 1,702 | | | | | — | | | | | — | | | ||||||||||
(Gain)/Loss on insurance (settlement)/claim | | | | (7,500) | | | | | — | | | | | — | | | | | 5,350 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | | | | (113) | | | | | (7,609) | | | | ��� | (5,400) | | | | | 1,753 | | | | | 3,103 | | | | | | (55) | | | | | (1,054) | | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | ||||||||||
Loss on extinguishment of debt | | | | 2,598 | | | | | — | | | | | — | | | | | 22,771 | | | | | — | | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | — | | | ||||||||||
Other (income) expense, net | | | | — | | | | | — | | | | | — | | | | | — | | | | | 151 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | | | $ | 120,119 | | | | $ | 114,060 | | | | $ | 110,019 | | | | $ | 90,597 | | | | $ | 75,754 | | | | | $ | 118,037 | | | | $ | 128,958 | | | | $ | 120,119 | | | | $ | 114,060 | | | | $ | 110,019 | | | ||||||||||
|
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | | | $ | 121,450 | | | | $ | 116,805 | | | | $ | 114,672 | | | | $ | 60,723 | | | | $ | 72,500 | | | | | $ | 110,845 | | | | $ | 126,923 | | | | $ | 121,450 | | | | $ | 116,805 | | | | $ | 114,672 | | | ||||||||||
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Restructuring costs | | | | 6,281 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 2,259 | | | | | 334 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Acquisition-related cost of goods sold | | | | — | | | | | 2,566 | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | 1,671 | | | | | — | | | | | 2,566 | | | | | — | | | ||||||||||
Acquisition-related accrued compensation | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | | | — | | | | | — | | | | | | — | | | | | 1,152 | | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | ||||||||||
Acquisition-related transaction costs | | | | 1,274 | | | | | 618 | | | | | — | | | | | — | | | | | — | | | | | | 213 | | | | | 400 | | | | | 1,274 | | | | | 618 | | | | | — | | | ||||||||||
Acquisition-related other, net | | | | (972) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | (468) | | | | | (972) | | | | | — | | | | | — | | | ||||||||||
Other | | | | (1,506) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Pension settlement cost | | | | 1,702 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 1,702 | | | | | — | | | | | — | | | ||||||||||
(Gain)/Loss on insurance (settlement)/ claim | | | | (7,500) | | | | | — | | | | | — | | | | | 5,350 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | | | 1,753 | | | | | 3,103 | | | | | | (55) | | | | | (1,054) | | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | ||||||||||
Loss on extinguishment of debt | | | | 2,598 | | | | | — | | | | | — | | | | | 22,771 | | | | | — | | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | — | | | ||||||||||
Other (income) expense, net | | | | — | | | | | — | | | | | — | | | | | — | | | | | 151 | | | ||||||||||||||||||||||||||||||||||||
Interest paid | | | | (14,600) | | | | | (14,215) | | | | | (12,912) | | | | | (45,370) | | | | | (33,824) | | | | | | (12,250) | | | | | (11,208) | | | | | (14,600) | | | | | (14,215) | | | | | (12,912) | | | ||||||||||
Income taxes paid | | | | (14,762) | | | | | (16,828) | | | | | (10,780) | | | | | (12,207) | | | | | (7,061) | | | | | | (16,215) | | | | | (15,191) | | | | | (14,762) | | | | | (16,828) | | | | | (10,780) | | | ||||||||||
Changes in operating assets and liabilities and other items | | | | 1,402 | | | | | (45,181) | | | | | (12,337) | | | | | (16,527) | | | | | (33,432) | | | | | | (42,190) | | | | | (32,151) | | | | | 1,402 | | | | | (45,181) | | | | | (12,337) | | | ||||||||||
Cash provided by (used for) gain (loss) on insurance settlement (claim) | | | | 7,500 | | | | | — | | | | | (5,286) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Cash used for acquisition-related transactions costs | | | | (1,274) | | | | | (618) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Payment of premiums and costs on extinguished debt | | | | — | | | | | — | | | | | — | | | | | (17,205) | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Net cash provided (used) by operating activities | | | $ | 98,385 | | | | $ | 37,218 | | | | $ | 68,704 | | | | $ | (712) | | | | $ | 1,437 | | | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash provided by/(used for) insurance settlement/(claim) | | | | — | | | | | — | | | | | 7,500 | | | | | — | | | | | (5,286) | | | ||||||||||||||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | | | | (213) | | | | | (400) | | | | | (1,274) | | | | | (618) | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | | | $ | 47,169 | | | | $ | 70,008 | | | | $ | 98,385 | | | | $ | 37,218 | | | | $ | 68,704 | | |
| | | | Change | | | | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except per share) | | | (in thousands, except per share) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | $ | 764,281 | | | | $ | 751,526 | | | | $ | 748,591 | | | | $ | 12,755 | | | | | 2% | | | | $ | 2,935 | | | | | 0% | | | | | $ | 827,995 | | | | $ | 819,982 | | | | $ | 764,281 | | | | $ | 8,013 | | | | | 1% | | | | $ | 55,701 | | | | | 7% | | | ||||||||||||||
Gross profit | | | | 248,243 | | | | | 239,032 | | | | | 233,280 | | | | | 9,211 | | | | | 4% | | | | | 5,752 | | | | | 2% | | | | | | 264,624 | | | | | 266,879 | | | | | 248,243 | | | | | (2,255) | | | | | (1)% | | | | | 18,636 | | | | | 8% | | | ||||||||||||||
Selling, general and administrative expenses | | | | 150,309 | | | | | 153,288 | | | | | 145,612 | | | | | (2,979) | | | | | (2)% | | | | | 7,676 | | | | | 5% | | | | | | 181,398 | | | | | 167,953 | | | | | 150,309 | | | | | 13,445 | | | | | 8% | | | | | 17,644 | | | | | 12% | | | ||||||||||||||
Operating income | | | | 97,934 | | | | | 85,744 | | | | | 87,668 | | | | | 12,190 | | | | | 14% | | | | | (1,924) | | | | | (2)% | | | | | | 83,226 | | | | | 98,926 | | | | | 97,934 | | | | | (15,700) | | | | | (16)% | | | | | 992 | | | | | 1% | | | ||||||||||||||
Interest expense, net | | | | 14,906 | | | | | 16,592 | | | | | 14,305 | | | | | (1,686) | | | | | (10)% | | | | | 2,287 | | | | | 16% | | | | | | 11,776 | | | | | 11,910 | | | | | 14,906 | | | | | (134) | | | | | (1)% | | | | | (2,996) | | | | | (20)% | | | ||||||||||||||
Foreign currency (gains) losses, net | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | | | 7,496 | | | | | * | | | | | (2,209) | | | | | * | | | | | | (55) | | | | | (1,054) | | | | | (113) | | | | | 999 | | | | | * | | | | | (941) | | | | | * | | | ||||||||||||||
Loss on extinguishment of debt | | | | 2,598 | | | | | — | | | | | — | | | | | 2,598 | | | | | * | | | | | — | | | | | * | | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | * | | | | | (2,598) | | | | | * | | | ||||||||||||||
Income before income taxes | | | | 80,543 | | | | | 76,761 | | | | | 78,763 | | | | | 3,782 | | | | | 5% | | | | | (2,002) | | | | | (3)% | | | | | | 71,505 | | | | | 88,070 | | | | | 80,543 | | | | | (16,565) | | | | | (19)% | | | | | 7,527 | | | | | 9% | | | ||||||||||||||
Provision (benefit) for income taxes | | | | 15,928 | | | | | (5,967) | | | | | 18,483 | | | | | 21,895 | | | | | * | | | | | (24,450) | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | | | $ | 64,615 | | | | $ | 82,728 | | | | $ | 60,280 | | | | $ | (18,113) | | | | | (22)% | | | | $ | 22,448 | | | | | 37% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 16,792 | | | | | 23,187 | | | | | 15,928 | | | | | (6,395) | | | | | (28)% | | | | | 7,259 | | | | | 46% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | | | $ | 54,713 | | | | $ | 64,883 | | | | $ | 64,615 | | | | $ | (10,170) | | | | | (16)% | | | | $ | 268 | | | | | 0% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
basic | | | $ | 1.63 | | | | $ | 2.11 | | | | $ | 1.55 | | | | $ | (0.48) | | | | | | | | | $ | 0.56 | | | | | | $ | 1.35 | | | | $ | 1.61 | | | | $ | 1.63 | | | | $ | (0.26) | | | | | | | | | $ | (0.02) | | | | | | | | ||||||||||||||||||
diluted | | | $ | 1.61 | | | | $ | 2.07 | | | | $ | 1.51 | | | | $ | (0.46) | | | | | | | | | $ | 0.56 | | | | | | $ | 1.35 | | | | $ | 1.61 | | | | $ | 1.61 | | | | $ | (0.26) | | | | | | | | | $ | — | | | | | | | | ||||||||||||||||||
Weighted average number of shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
basic | | | | 39,524 | | | | | 39,254 | | | | | 38,969 | | | | | | | 40,412 | | | | | 40,181 | | | | | 39,524 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
diluted | | | | 40,042 | | | | | 39,962 | | | | | 39,815 | | | | | | | 40,523 | | | | | 40,385 | | | | | 40,042 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Ratio to net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | | | | 32.5% | | | | | 31.8% | | | | | 31.2% | | | | | | | 32.0% | | | | | 32.5% | | | | | 32.5% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | | | | 19.7% | | | | | 20.4% | | | | | 19.5% | | | | | | | 21.9% | | | | | 20.5% | | | | | 19.7% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Operating income | | | | 12.8% | | | | | 11.4% | | | | | 11.7% | | | | | | | 10.1% | | | | | 12.1% | | | | | 12.8% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Income before income taxes | | | | 10.5% | | | | | 10.2% | | | | | 10.5% | | | | | | | 8.6% | | | | | 10.7% | | | | | 10.5% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Net income | | | | 8.5% | | | | | 11.0% | | | | | 8.1% | | | | | | | 6.6% | | | | | 7.9% | | | | | 8.5% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Effective tax rate | | | | 19.8% | | | | | (7.8)% | | | | | 23.5% | | | | | | | 23.5% | | | | | 26.3% | | | | | 19.8% | | | | | | | | | | | | | | | | | | | | | | |
| | | | Change | | | | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
MFAs and other | | | $ | 321,430 | | | | $ | 339,916 | | | | $ | 335,735 | | | | $ | (18,486) | | | | | (5)% | | | | $ | 4,181 | | | | | 1% | | | | | $ | 350,468 | | | | $ | 336,666 | | | | $ | 321,430 | | | | $ | 13,802 | | | | | 4% | | | | $ | 15,236 | | | | | 5% | | | ||||||||||||||
Nutritional specialties | | | | 111,282 | | | | | 94,084 | | | | | 81,702 | | | | | 17,198 | | | | | 18% | | | | | 12,382 | | | | | 15% | | | | | | 113,215 | | | | | 122,978 | | | | | 111,282 | | | | | (9,763) | | | | | (8)% | | | | | 11,696 | | | | | 11% | | | ||||||||||||||
Vaccines | | | | 65,033 | | | | | 52,140 | | | | | 53,363 | | | | | 12,893 | | | | | 25% | | | | | (1,223) | | | | | (2)% | | | | | | 68,291 | | | | | 72,083 | | | | | 65,033 | | | | | (3,792) | | | | | (5)% | | | | | 7,050 | | | | | 11% | | | ||||||||||||||
Animal Health | | | | 497,745 | | | | | 486,140 | | | | | 470,800 | | | | | 11,605 | | | | | 2% | | | | | 15,340 | | | | | 3% | | | | | | 531,974 | | | | | 531,727 | | | | | 497,745 | | | | | 247 | | | | | 0% | | | | | 33,982 | | | | | 7% | | | ||||||||||||||
Mineral Nutrition | | | | 218,298 | | | | | 216,685 | | | | | 227,102 | | | | | 1,613 | | | | | 1% | | | | | (10,417) | | | | | (5)% | | | | | | 233,782 | | | | | 234,922 | | | | | 218,298 | | | | | (1,140) | | | | | (0)% | | | | | 16,624 | | | | | 8% | | | ||||||||||||||
Performance Products | | | | 48,238 | | | | | 48,701 | | | | | 50,689 | | | | | (463) | | | | | (1)% | | | | | (1,988) | | | | | (4)% | | | | | | 62,239 | | | | | 53,333 | | | | | 48,238 | | | | | 8,906 | | | | | 17% | | | | | 5,095 | | | | | 11% | | | ||||||||||||||
Total | | | $ | 764,281 | | | | $ | 751,526 | | | | $ | 748,591 | | | | $ | 12,755 | | | | | 2% | | | | $ | 2,935 | | | | | 0% | | | | | $ | 827,995 | | | | $ | 819,982 | | | | $ | 764,281 | | | | $ | 8,013 | | | | | 1% | | | | $ | 55,701 | | | | | 7% | | | ||||||||||||||
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 130,261 | | | | $ | 127,442 | | | | $ | 120,259 | | | | $ | 2,819 | | | | | 2% | | | | $ | 7,183 | | | | | 6% | | | | | $ | 136,049 | | | | $ | 141,914 | | | | $ | 130,261 | | | | $ | (5,865) | | | | | (4)% | | | | $ | 11,653 | | | | | 9% | | | ||||||||||||||
Mineral Nutrition | | | | 17,426 | | | | | 14,971 | | | | | 14,429 | | | | | 2,455 | | | | | 16% | | | | | 542 | | | | | 4% | | | | | | 15,712 | | | | | 18,583 | | | | | 17,426 | | | | | (2,871) | | | | | (15)% | | | | | 1,157 | | | | | 7% | | | ||||||||||||||
Performance Products | | | | 2,057 | | | | | 970 | | | | | 2,646 | | | | | 1,087 | | | | | 112% | | | | | (1,676) | | | | | (63)% | | | | | | 4,728 | | | | | 1,881 | | | | | 2,057 | | | | | 2,847 | | | | | 151% | | | | | (176) | | | | | (9)% | | | ||||||||||||||
Corporate | | | | (29,625) | | | | | (29,323) | | | | | (27,315) | | | | | (302) | | | | | * | | | | | (2,008) | | | | | * | | | | | | (38,452) | | | | | (33,420) | | | | | (29,625) | | | | | (5,032) | | | | | * | | | | | (3,795) | | | | | * | | | ||||||||||||||
Total | | | $ | 120,119 | | | | $ | 114,060 | | | | $ | 110,019 | | | | $ | 6,059 | | | | | 5% | | | | $ | 4,041 | | | | | 4% | | | | | $ | 118,037 | | | | $ | 128,958 | | | | $ | 120,119 | | | | $ | (10,921) | | | | | (8)% | | | | $ | 8,839 | | | | | 7% | | | ||||||||||||||
Adjusted EBITDA ratio to segment net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health | | | | 26.2% | | | | | 26.2% | | | | | 25.5% | | | | | | | | | | | | | | | | | | | | | | | | | | 25.6% | | | | | 26.7% | | | | | 26.2% | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Mineral Nutrition | | | | 8.0% | | | | | 6.9% | | | | | 6.4% | | | | | | | 6.7% | | | | | 7.9% | | | | | 8.0% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Performance Products | | | | 4.3% | | | | | 2.0% | | | | | 5.2% | | | | | | | 7.6% | | | | | 3.5% | | | | | 4.3% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Corporate(1) | | | | (3.9)% | | | | | (3.9)% | | | | | (3.6)% | | | | | | | (4.6)% | | | | | (4.1)% | | | | | (3.9)% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Total(1) | | | | 15.7% | | | | | 15.2% | | | | | 14.7% | | | | | | | 14.3% | | | | | 15.7% | | | | | 15.7% | | | | | | | | | | | | | | | | | | | | | | |
| | | | Change | | | | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | | | $ | 64,615 | | | | $ | 82,728 | | | | $ | 60,280 | | | | $ | (18,113) | | | | | (22)% | | | | $ | 22,448 | | | | | 37% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | | | $ | 54,713 | | | | $ | 64,883 | | | | $ | 64,615 | | | | $ | (10,170) | | | | | (16)% | | | | $ | 268 | | | | | 0% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | | | | 14,906 | | | | | 16,592 | | | | | 14,305 | | | | | (1,686) | | | | | (10)% | | | | | 2,287 | | | | | 16% | | | | | | 11,776 | | | | | 11,910 | | | | | 14,906 | | | | | (134) | | | | | (1)% | | | | | (2,996) | | | | | (20)% | | | ||||||||||||||
Provision (benefit) for income taxes | | | | 15,928 | | | | | (5,967) | | | | | 18,483 | | | | | 21,895 | | | | | * | | | | | (24,450) | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 16,792 | | | | | 23,187 | | | | | 15,928 | | | | | (6,395) | | | | | (28)% | | | | | 7,259 | | | | | 46% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | | | | 26,001 | | | | | 23,452 | | | | | 21,604 | | | | | 2,549 | | | | | 11% | | | | | 1,848 | | | | | 9% | | | | | | 27,564 | | | | | 26,943 | | | | | 26,001 | | | | | 621 | | | | | 2% | | | | | 942 | | | | | 4% | | | ||||||||||||||
EBITDA | | | | 121,450 | | | | | 116,805 | | | | | 114,672 | | | | | 4,645 | | | | | 4% | | | | | 2,133 | | | | | 2% | | | | | | 110,845 | | | | | 126,923 | | | | | 121,450 | | | | | (16,078) | | | | | (13)% | | | | | 5,473 | | | | | 5% | | | ||||||||||||||
Restructuring costs | | | | 6,281 | | | | | — | | | | | — | | | | | 6,281 | | | | | * | | | | | — | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 2,259 | | | | | 334 | | | | | — | | | | | 1,925 | | | | | 576% | | | | | 334 | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related cost of goods sold | | | | — | | | | | 2,566 | | | | | — | | | | | (2,566) | | | | | * | | | | | 2,566 | | | | | * | | | | | | — | | | | | 1,671 | | | | | — | | | | | (1,671) | | | | | * | | | | | 1,671 | | | | | * | | | ||||||||||||||
Acquisition-related accrued compensation | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | | | — | | | | | 0% | | | | | 933 | | | | | 125% | | | | | | — | | | | | 1,152 | | | | | 1,680 | | | | | (1,152) | | | | | * | | | | | (528) | | | | | (31)% | | | ||||||||||||||
Acquisition-related transaction costs | | | | 1,274 | | | | | 618 | | | | | — | | | | | 656 | | | | | 106% | | | | | 618 | | | | | * | | | | | | 213 | | | | | 400 | | | | | 1,274 | | | | | (187) | | | | | (47)% | | | | | (874) | | | | | (69)% | | | ||||||||||||||
Acquisition-related other, net(1) | | | | (972) | | | | | — | | | | | — | | | | | (972) | | | | | * | | | | | — | | | | | * | | | | | | — | | | | | (468) | | | | | (972) | | | | | 468 | | | | | * | | | | | 504 | | | | | * | | | ||||||||||||||
Pension settlement cost | | | | 1,702 | | | | | — | | | | | — | | | | | 1,702 | | | | | * | | | | | — | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | | | | (1,506) | | | | | — | | | | | — | | | | | (1,506) | | | | | * | | | | | — | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pension settlement expense | | | | — | | | | | — | | | | | 1,702 | | | | | — | | | | | * | | | | | (1,702) | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | | | | (7,500) | | | | | — | | | | | — | | | | | (7,500) | | | | | * | | | | | — | | | | | * | | | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | | * | | | | | 7,500 | | | | | * | | | ||||||||||||||
Foreign currency (gains) losses, net | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | | | 7,496 | | | | | * | | | | | (2,209) | | | | | * | | | | | | (55) | | | | | (1,054) | | | | | (113) | | | | | 999 | | | | | * | | | | | (941) | | | | | * | | | ||||||||||||||
Loss on extinguishment of debt | | | | 2,598 | | | | | — | | | | | — | | | | | 2,598 | | | | | * | | | | | — | | | | | * | | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | * | | | | | (2,598) | | | | | * | | | ||||||||||||||
Adjusted EBITDA | | | $ | 120,119 | | | | $ | 114,060 | | | | $ | 110,019 | | | | $ | 6,059 | | | | | 5% | | | | $ | 4,041 | | | | | 4% | | | | | $ | 118,037 | | | | $ | 128,958 | | | | $ | 120,119 | | | | $ | (10,921) | | | | | (8)% | | | | $ | 8,839 | | | | | 7% | | | ||||||||||||||
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | ||||||
| | | (in thousands, except percentages) | | |||||||||
Provision 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 for income taxes, excluding certain items | | | | $ | 20,150 | | | | | $ | 24,144 | | |
Effective income tax rate, excluding certain items | | | | | 28.2% | | | | | | 27.4% | | |
For the Year Ended June 30 | | | 2018 | | | 2017 | | ||||||
| | | (in thousands, except percentages) | | |||||||||
Provision 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 for income taxes, excluding certain items | | | | $ | 24,144 | | | | | $ | 23,642 | | |
Effective income tax rate, excluding certain items | | | | | 27.4% | | | | | | 29.3% | | |
| | | | | | Change | | ||||||||||||||||||||||||
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | | 2017/2016 | | | 2016/2015 | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Cash provided by/(used in): | | | | | | | |||||||||||||||||||||||||
Operating activities | | | | $ | 98,385 | | | | | $ | 37,218 | | | | | $ | 68,704 | | | | | $ | 61,167 | | | | | $ | (31,486) | | |
Investing activities | | | | | (21,942) | | | | | | (82,791) | | | | | | (34,464) | | | | | | 60,849 | | | | | | (48,327) | | |
Financing activities | | | | | (53,738) | | | | | | 50,380 | | | | | | (15,351) | | | | | | (104,118) | | | | | | 65,731 | | |
Effect of exchange-rate changes on cash and cash equivalents | | | | | (227) | | | | | | (418) | | | | | | (1,494) | | | | | | 191 | | | | | | 1,076 | | |
Net increase/(decrease) in cash and cash equivalents | | | | $ | 22,478 | | | | | $ | 4,389 | | | | | $ | 17,395 | | | | | $ | 18,089 | | | | | $ | (13,006) | | |
|
| | | | | | Change | | ||||||||||||||||||||||||
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | | 2019/2018 | | | 2018/2017 | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Cash provided by/(used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities | | | | $ | 47,169 | | | | | $ | 70,008 | | | | | $ | 98,385 | | | | | $ | (22,839) | | | | | $ | (28,377) | | |
Investing activities | | | | | (14,133) | | | | | | (84,612) | | | | | | (21,942) | | | | | | 70,479 | | | | | | (62,670) | | |
Financing activities | | | | | (4,107) | | | | | | (11,775) | | | | | | (53,738) | | | | | | 7,668 | | | | | | 41,963 | | |
Effect of exchange-rate changes on cash and cash equivalents | | | | | (524) | | | | | | (536) | | | | | | (227) | | | | | | 12 | | | | | | (309) | | |
Net increase/(decrease) in cash and cash equivalents | | | | $ | 28,405 | | | | | $ | (26,915) | | | | | $ | 22,478 | | | | | $ | 55,320 | | | | | $ | (49,393) | | |
| | | | Change | | | | | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | | | $ | 121,450 | | | | $ | 116,805 | | | | $ | 114,672 | | | | $ | 4,645 | | | | $ | 2,133 | | | | | | $ | 110,845 | | | | $ | 126,923 | | | | $ | 121,450 | | | | $ | (16,078) | | | | $ | 5,473 | | | ||||||||||||
Adjustments | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring costs | | | | 6,281 | | | | | — | | | | | — | | | | | 6,281 | | | | | — | | | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 2,259 | | | | | 334 | | | | | — | | | | | 1,925 | | | | | 334 | | | |||||||||||||||||||||||||||||||||||||||
Acquisition-related cost of goods sold | | | | — | | | | | 2,566 | | | | | — | | | | | (2,566) | | | | | 2,566 | | | | | | | — | | | | | 1,671 | | | | | — | | | | | (1,671) | | | | | 1,671 | | | ||||||||||||
Acquisition-related accrued compensation | | | | 1,680 | | | | | 1,680 | | | | | 747 | | | | | — | | | | | 933 | | | | | | | — | | | | | 1,152 | | | | | 1,680 | | | | | (1,152) | | | | | (528) | | | ||||||||||||
Acquisition-related transaction costs | | | | 1,274 | | | | | 618 | | | | | — | | | | | 656 | | | | | 618 | | | | | | | 213 | | | | | 400 | | | | | 1,274 | | | | | (187) | | | | | (874) | | | ||||||||||||
Acquisition-related other, net | | | | (972) | | | | | — | | | | | — | | | | | (972) | | | | | — | | | | | | | — | | | | | (468) | | | | | (972) | | | | | 468 | | | | | 504 | | | ||||||||||||
Other, net | | | | (1,506) | | | | | — | | | | | — | | | | | (1,506) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||
Pension settlement cost | | | | 1,702 | | | | | — | | | | | — | | | | | 1,702 | | | | | — | | | | | | | — | | | | | — | | | | | 1,702 | | | | | — | | | | | (1,702) | | | ||||||||||||
Recovery of insurance claim | | | | (7,500) | | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | ||||||||||||||||||||||||||||||||||||||
Gain on insurance settlement | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | | 7,500 | | | |||||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | | | | (113) | | | | | (7,609) | | | | | (5,400) | | | | | 7,496 | | | | | (2,209) | | | | | | | (55) | | | | | (1,054) | | | | | (113) | | | | | 999 | | | | | (941) | | | ||||||||||||
Loss on extinguishment of debt | | | | 2,598 | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | | | — | | | | | — | | | | | 2,598 | | | | | — | | | | | (2,598) | | | ||||||||||||
Interest paid | | | | (14,600) | | | | | (14,215) | | | | | (12,912) | | | | | (385) | | | | | (1,303) | | | | | | | (12,250) | | | | | (11,208) | | | | | (14,600) | | | | | (1,042) | | | | | 3,392 | | | ||||||||||||
Income taxes paid | | | | (14,762) | | | | | (16,828) | | | | | (10,780) | | | | | 2,066 | | | | | (6,048) | | | | | | | (16,215) | | | | | (15,191) | | | | | (14,762) | | | | | (1,024) | | | | | (429) | | | ||||||||||||
Changes in operating assets and liabilities and other items | | | | 1,402 | | | | | (45,181) | | | | | (12,337) | | | | | 46,583 | | | | | (32,844) | | | | | | | (42,190) | | | | | (32,151) | | | | | 1,402 | | | | | (10,039) | | | | | (33,553) | | | ||||||||||||
Cash provided by (used for) gain (loss) on insurance settlement (claim) | | | | 7,500 | | | | | — | | | | | (5,286) | | | | | 7,500 | | | | | 5,286 | | | | ||||||||||||||||||||||||||||||||||||||
Cash provided by insurance settlement | | | | — | | | | | — | | | | | 7,500 | | | | | — | | | | | (7,500) | | | |||||||||||||||||||||||||||||||||||||||
Cash used for acquisition-related transaction costs | | | | (1,274) | | | | | (618) | | | | | — | | | | | (656) | | | | | (618) | | | | | | | (213) | | | | | (400) | | | | | (1,274) | | | | | 187 | | | | | 874 | | | ||||||||||||
Net cash provided (used) by operating activities | | | $ | 98,385 | | | | $ | 37,218 | | | | $ | 68,704 | | | | $ | 61,167 | | | | $ | (31,486) | | | | ||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | | | $ | 47,169 | | | | $ | 70,008 | | | | $ | 98,385 | | | | $ | (22,839) | | | | $ | (28,377) | | |
| | | | Change | | | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except ratios) | | (in thousands, except ratios) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 56,083 | | | | $ | 33,605 | | | | $ | 29,216 | | | | $ | 22,478 | | | | $ | 4,389 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and short-term investments | | | $ | 81,573 | | | | $ | 79,168 | | | | $ | 56,083 | | | | $ | 2,405 | | | | $ | 23,085 | | | |||||||||||||||||||||||||||||||||||
Working capital | | | $ | 198,036 | | | | $ | 203,356 | | | | $ | 175,988 | | | | $ | (5,320) | | | | $ | 27,368 | | | | 242,902 | | | | | 205,651 | | | | | 198,036 | | | | | 37,251 | | | | | 7,615 | | | |||||||||||
Ratio of current assets to current liabilities | | | | 2.81:1 | | | | | 2.92:1 | | | | | 2.62:1 | | | | | | | | 2.71:1 | | | | | 2.57:1 | | | | | 2.81:1 | | | |
| | | | Change | | | | | | Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | |||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | | (in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable–trade | | | $ | 125,847 | | | | $ | 123,790 | | | | $ | 111,099 | | | | $ | 2,057 | | | | $ | 12,691 | | | | | | $ | 159,022 | | | | $ | 135,742 | | | | $ | 125,847 | | | | $ | 23,280 | | | | $ | 9,895 | | | |||||||||||||||
DSO | | | | 58 | | | | | 59 | | | | | 54 | | | | | | | | | | | | | | | | | 70 | | | | | 58 | | | | | 58 | | | | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Change | | | | Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30 | | 2017 | | 2016 | | 2015 | | 2017/2016 | | 2016/2015 | | 2019 | | 2018 | | 2017 | | 2019/2018 | | 2018/2017 | | |||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | (in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | | | $ | 161,233 | | | | $ | 167,691 | | | | $ | 149,786 | | | | $ | (6,458) | | | | $ | 17,905 | | | $ | 198,322 | | | | $ | 178,170 | | | | $ | 161,233 | | | | $ | 20,152 | | | | $ | 16,937 | | |
| | Years | | | | Years | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Within 1 | | Over 1 to 3 | | Over 3 to 5 | | Over 5 | | Total | | | Within 1 | | Over 1 to 3 | | Over 3 to 5 | | Over 5 | | Total | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (including current portion) | | | $ | 6,250 | | | | $ | 25,000 | | | | $ | 218,750 | | | | $ | — | | | | $ | 250,000 | | | | | $ | 12,540 | | | | $ | 218,750 | | | | $ | — | | | | $ | — | | | | $ | 231,290 | | | ||||||||||
Revolving credit facility | | | | — | | | | | — | | | | | 65,000 | | | | | — | | | | | 65,000 | | | | | | — | | | | | 96,000 | | | | | — | | | | | — | | | | | 96,000 | | | ||||||||||
Interest payments | | | | 10,765 | | | | | 20,649 | | | | | 18,769 | | | | | — | | | | | 50,183 | | | | | | 12,100 | | | | | 22,261 | | | | | | | | | | — | | | | | 34,361 | | | ||||||||||
Lease commitments | | | | 5,363 | | | | | 8,556 | | | | | 6,263 | | | | | 2,607 | | | | | 22,789 | | | | | | 5,815 | | | | | 7,351 | | | | | 2,309 | | | | | 765 | | | | | 16,240 | | | ||||||||||
Contingent consideration on acquisitions | | | | 70 | | | | | 140 | | | | | 15,452 | | | | | 3,214 | | | | | 18,876 | | | ||||||||||||||||||||||||||||||||||||
Acquisition-related consideration | | | | 70 | | | | | 140 | | | | | 140 | | | | | 140 | | | | | 490 | | | ||||||||||||||||||||||||||||||||||||
Other | | | | 1,990 | | | | | 792 | | | | | 198 | | | | | — | | | | | 2,980 | | | ||||||||||||||||||||||||||||||||||||
Total contractual obligations | | | $ | 22,448 | | | | $ | 54,345 | | | | $ | 324,234 | | | | $ | 5,821 | | | | $ | 406,848 | | | | | $ | 32,515 | | | | $ | 345,294 | | | | $ | 2,647 | | | | $ | 905 | | | | $ | 381,361 | | | ||||||||||
|
| | Quarters | | Year | | | Quarters | | Year | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended | | September 30, 2016 | | December 31, 2016 | | March 31, 2017 | | June 30, 2017 | | June 30, 2017 | | | September 30, 2018 | | December 31, 2018 | | March 31, 2019 | | June 30, 2019 | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
MFAs and other | | | $ | 87,004 | | | | $ | 93,054 | | | | $ | 84,095 | | | | $ | 86,315 | | | | $ | 350,468 | | | ||||||||||||||||||||||||||||||||||||
Nutritional Specialties | | | | 26,970 | | | | | 29,460 | | | | | 28,227 | | | | | 28,558 | | | | | 113,215 | | | ||||||||||||||||||||||||||||||||||||
Vaccines | | | | 17,215 | | | | | 17,048 | | | | | 16,867 | | | | | 17,161 | | | | | 68,291 | | | ||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 124,501 | | | | $ | 123,673 | | | | $ | 120,976 | | | | $ | 128,595 | | | | $ | 497,745 | | | | | $ | 131,189 | | | | $ | 139,562 | | | | $ | 129,189 | | | | $ | 132,034 | | | | $ | 531,974 | | | ||||||||||
Mineral Nutrition | | | | 51,592 | | | | | 56,699 | | | | | 57,169 | | | | | 52,838 | | | | | 218,298 | | | | | | 54,838 | | | | | 62,319 | | | | | 60,653 | | | | | 55,972 | | | | | 233,782 | | | ||||||||||
Performance Products | | | | 11,894 | | | | | 11,226 | | | | | 11,716 | | | | | 13,402 | | | | | 48,238 | | | | | | 14,126 | | | | | 16,342 | | | | | 15,894 | | | | | 15,877 | | | | | 62,239 | | | ||||||||||
Total net sales | | | | 187,987 | | | | | 191,598 | | | | | 189,861 | | | | | 194,835 | | | | | 764,281 | | | | | | 200,153 | | | | | 218,223 | | | | | 205,736 | | | | | 203,883 | | | | | 827,995 | | | ||||||||||
Cost of goods sold | | | | 126,988 | | | | | 128,100 | | | | | 129,241 | | | | | 131,709 | | | | | 516,038 | | | | | | 134,348 | | | | | 149,579 | | | | | 140,864 | | | �� | | | 138,580 | | | | | 563,371 | | | |||||||||
Gross profit | | | | 60,999 | | | | | 63,498 | | | | | 60,620 | | | | | 63,126 | | | | | 248,243 | | | | | | 65,805 | | | | | 68,644 | | | | | 64,872 | | | | | 65,303 | | | | | 264,624 | | | ||||||||||
Selling, general and administrative expenses | | | | 39,186 | | | | | 40,870 | | | | | 30,646 | | | | | 39,607 | | | | | 150,309 | | | | | | 42,952 | | | | | 42,938 | | | | | 42,304 | | | | | 53,204 | | | | | 181,398 | | | ||||||||||
Operating income | | | | 21,813 | | | | | 22,628 | | | | | 29,974 | | | | | 23,519 | | | | | 97,934 | | | | | | 22,853 | | | | | 25,706 | | | | | 22,568 | | | | | 12,099 | | | | | 83,226 | | | ||||||||||
Interest expense, net | | | | 3,907 | | | | | 3,872 | | | | | 3,929 | | | | | 3,198 | | | | | 14,906 | | | | | | 2,783 | | | | | 3,015 | | | | | 2,931 | | | | | 3,047 | | | | | 11,776 | | | ||||||||||
Foreign currency (gains) losses, net | | | | 334 | | | | | (548) | | | | | (403) | | | | | 504 | | | | | (113) | | | | | | (2,635) | | | | | 2,617 | | | | | 122 | | | | | (159) | | | | | (55) | | | ||||||||||
Loss on extinguishment of debt | | | | — | | | | | — | | | | | — | | | | | 2,598 | | | | | 2,598 | | | ||||||||||||||||||||||||||||||||||||
Income before income taxes | | | | 17,572 | | | | | 19,304 | | | | | 26,448 | | | | | 17,219 | | | | | 80,543 | | | | | | 22,705 | | | | | 20,074 | | | | | 19,515 | | | | | 9,211 | | | | | 71,505 | | | ||||||||||
Provision (benefit) for income taxes | | | | 5,395 | | | | | 5,887 | | | | | 2,805 | | | | | 1,841 | | | | | 15,928 | | | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 6,391 | | | | | 5,326 | | | | | 4,666 | | | | | 409 | | | | | 16,792 | | | ||||||||||||||||||||||||||||||||||||
Net income | | | $ | 12,177 | | | | $ | 13,417 | | | | $ | 23,643 | | | | $ | 15,378 | | | | $ | 64,615 | | | | | $ | 16,314 | | | | $ | 14,748 | | | | $ | 14,849 | | | | $ | 8,802 | | | | $ | 54,713 | | | ||||||||||
Net income per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
basic | | | $ | 0.31 | | | | $ | 0.34 | | | | $ | 0.60 | | | | $ | 0.39 | | | | $ | 1.63 | | | | | $ | 0.40 | | | | $ | 0.37 | | | | $ | 0.37 | | | | $ | 0.22 | | | | $ | 1.35 | | | ||||||||||
diluted | | | $ | 0.31 | | | | $ | 0.34 | | | | $ | 0.59 | | | | $ | 0.38 | | | | $ | 1.61 | | | | | $ | 0.40 | | | | $ | 0.36 | | | | $ | 0.37 | | | | $ | 0.22 | | | | $ | 1.35 | | | ||||||||||
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 32,619 | | | | $ | 34,609 | | | | $ | 31,806 | | | | $ | 31,227 | | | | $ | 130,261 | | | | | $ | 35,716 | | | | $ | 35,925 | | | | $ | 33,241 | | | | $ | 31,167 | | | | $ | 136,049 | | | ||||||||||
Mineral Nutrition | | | | 3,988 | | | | | 4,741 | | | | | 4,343 | | | | | 4,354 | | | | | 17,426 | | | | | | 2,563 | | | | | 4,084 | | | | | 5,287 | | | | | 3,778 | | | | | 15,712 | | | ||||||||||
Performance Products | | | | 742 | | | | | 260 | | | | | 446 | | | | | 609 | | | | | 2,057 | | | | | | 716 | | | | | 1,514 | | | | | 1,330 | | | | | 1,168 | | | | | 4,728 | | | ||||||||||
Corporate | | | | (7,524) | | | | | (8,416) | | | | | (6,859) | | | | | (6,826) | | | | | (29,625) | | | | | | (8,886) | | | | | (9,918) | | | | | (9,850) | | | | | (9,798) | | | | | (38,452) | | | ||||||||||
Adjusted EBITDA | | | $ | 29,825 | | | | $ | 31,194 | | | | $ | 29,736 | | | | $ | 29,364 | | | | $ | 120,119 | | | | | $ | 30,109 | | | | $ | 31,605 | | | | $ | 30,008 | | | | $ | 26,315 | | | | $ | 118,037 | | | ||||||||||
Reconciliation of net income to Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Net income | | | $ | 12,177 | | | | $ | 13,417 | | | | $ | 23,643 | | | | $ | 15,378 | | | | $ | 64,615 | | | | | $ | 16,314 | | | | $ | 14,748 | | | | $ | 14,849 | | | | $ | 8,802 | | | | $ | 54,713 | | | ||||||||||
Interest expense, net | | | | 3,907 | | | | | 3,872 | | | | | 3,929 | | | | | 3,198 | | | | | 14,906 | | | | | | 2,783 | | | | | 3,015 | | | | | 2,931 | | | | | 3,047 | | | | | 11,776 | | | ||||||||||
Provision (benefit) for income taxes | | | | 5,395 | | | | | 5,887 | | | | | 2,805 | | | | | 1,841 | | | | | 15,928 | | | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 6,391 | | | | | 5,326 | | | | | 4,666 | | | | | 409 | | | | | 16,792 | | | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | | | | 6,318 | | | | | 6,444 | | | | | 6,842 | | | | | 6,397 | | | | | 26,001 | | | | | | 6,691 | | | | | 6,841 | | | | | 6,875 | | | | | 7,157 | | | | | 27,564 | | | ||||||||||
EBITDA | | | | 27,797 | | | | | 29,620 | | | | | 37,219 | | | | | 26,814 | | | | | 121,450 | | | | | | 32,179 | | | | | 29,930 | | | | | 29,321 | | | | | 19,415 | | | | | 110,845 | | | ||||||||||
Acquisition-related accrued compensation | | | | 420 | | | | | 420 | | | | | 420 | | | | | 420 | | | | | 1,680 | | | ||||||||||||||||||||||||||||||||||||
Restructuring costs | | | | — | | | | | — | | | | | — | | | | | 6,281 | | | | | 6,281 | | | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 565 | | | | | 564 | | | | | 565 | | | | | 565 | | | | | 2,259 | | | ||||||||||||||||||||||||||||||||||||
Acquisition-related transaction costs | | | | 1,274 | | | | | — | | | | | — | | | | | — | | | | | 1,274 | | | | | | — | | | | | — | | | | | — | | | | | 213 | | | | | 213 | | | ||||||||||
Acquisition-related other, net | | | | — | | | | | — | | | | | — | | | | | (972) | | | | | (972) | | | ||||||||||||||||||||||||||||||||||||
Pension settlement cost | | | | — | | | | | 1,702 | | | | | — | | | | | — | | | | | 1,702 | | | ||||||||||||||||||||||||||||||||||||
Gain on insurance claim | | | | — | | | | | — | | | | | (7,500) | | | | | — | | | | | (7,500) | | | ||||||||||||||||||||||||||||||||||||
Other | | | | — | | | | | (1,506) | | | | | — | | | | | — | | | | | (1,506) | | | ||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | | | | 334 | | | | | (548) | | | | | (403) | | | | | 504 | | | | | (113) | | | | | | (2,635) | | | | | 2,617 | | | | | 122 | | | | | (159) | | | | | (55) | | | ||||||||||
Loss on extinguishment of debt | | | | — | | | | | — | | | | | — | | | | | 2,598 | | | | | 2,598 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | | | $ | 29,825 | | | | $ | 31,194 | | | | $ | 29,736 | | | | $ | 29,364 | | | | $ | 120,119 | | | | | $ | 30,109 | | | | $ | 31,605 | | | | $ | 30,008 | | | | $ | 26,315 | | | | $ | 118,037 | | | ||||||||||
|
| | Quarters | | Year | | | Quarters | | Year | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Periods Ended | | September 30, 2015 | | December 31, 2015 | | March 31, 2016 | | June 30, 2016 | | June 30, 2016 | | | September 30, 2017 | | December 31, 2017 | | March 31, 2018 | | June 30, 2018 | | June 30, 2018 | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
MFAs and other | | | $ | 79,603 | | | | $ | 82,018 | | | | $ | 82,935 | | | | $ | 92,110 | | | | $ | 336,666 | | | ||||||||||||||||||||||||||||||||||||
Nutritional Specialties | | | | 30,777 | | | | | 32,623 | | | | | 31,366 | | | | | 28,212 | | | | | 122,978 | | | ||||||||||||||||||||||||||||||||||||
Vaccines | | | | 18,461 | | | | | 18,204 | | | | | 18,009 | | | | | 17,409 | | | | | 72,083 | | | ||||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 120,134 | | | | $ | 121,504 | | | | $ | 118,328 | | | | $ | 126,174 | | | | $ | 486,140 | | | | | $ | 128,841 | | | | $ | 132,845 | | | | $ | 132,310 | | | | $ | 137,731 | | | | $ | 531,727 | | | ||||||||||
Mineral Nutrition | | | | 54,469 | | | | | 58,853 | | | | | 53,029 | | | | | 50,334 | | | | | 216,685 | | | | | | 52,073 | | | | | 59,616 | | | | | 62,938 | | | | | 60,295 | | | | | 234,922 | | | ||||||||||
Performance Products | | | | 12,517 | | | | | 11,416 | | | | | 12,104 | | | | | 12,664 | | | | | 48,701 | | | | | | 12,498 | | | | | 13,415 | | | | | 13,660 | | | | | 13,760 | | | | | 53,333 | | | ||||||||||
Total net sales | | | | 187,120 | | | | | 191,773 | | | | | 183,461 | | | | | 189,172 | | | | | 751,526 | | | | | | 193,412 | | | | | 205,876 | | | | | 208,908 | | | | | 211,786 | | | | | 819,982 | | | ||||||||||
Cost of goods sold | | | | 127,913 | | | | | 130,311 | | | | | 124,671 | | | | | 129,599 | | | | | 512,494 | | | | | | 130,030 | | | | | 138,957 | | | | | 139,839 | | | | | 144,277 | | | | | 553,103 | | | ||||||||||
Gross profit | | | | 59,207 | | | | | 61,462 | | | | | 58,790 | | | | | 59,573 | | | | | 239,032 | | | | | | 63,382 | | | | | 66,919 | | | | | 69,069 | | | | | 67,509 | | | | | 266,879 | | | ||||||||||
Selling, general and administrative expenses | | | | 37,349 | | | | | 38,841 | | | | | 37,619 | | | | | 39,479 | | | | | 153,288 | | | | | | 40,995 | | | | | 42,981 | | | | | 42,577 | | | | | 41,400 | | | | | 167,953 | | | ||||||||||
Operating income | | | | 21,858 | | | | | 22,621 | | | | | 21,171 | | | | | 20,094 | | | | | 85,744 | | | | | | 22,387 | | | | | 23,938 | | | | | 26,492 | | | | | 26,109 | | | | | 98,926 | | | ||||||||||
Interest expense, net | | | | 3,819 | | | | | 3,967 | | | | | 4,265 | | | | | 4,541 | | | | | 16,592 | | | | | | 3,118 | | | | | 3,050 | | | | | 3,064 | | | | | 2,678 | | | | | 11,910 | | | ||||||||||
Foreign currency (gains) losses, net | | | | (5,453) | | | | | 2,557 | | | | | (2,243) | | | | | (2,470) | | | | | (7,609) | | | | | | 325 | | | | | (323) | | | | | (960) | | | | | (96) | | | | | (1,054) | | | ||||||||||
Income before income taxes | | | | 23,492 | | | | | 16,097 | | | | | 19,149 | | | | | 18,023 | | | | | 76,761 | | | | | | 18,944 | | | | | 21,211 | | | | | 24,388 | | | | | 23,527 | | | | | 88,070 | | | ||||||||||
Provision (benefit) for income taxes | | | | 4,739 | | | | | (14,081) | | | | | 572 | | | | | 2,803 | | | | | (5,967) | | | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 3,052 | | | | | 14,179 | | | | | 4,548 | | | | | 1,408 | | | | | 23,187 | | | ||||||||||||||||||||||||||||||||||||
Net income | | | $ | 18,753 | | | | $ | 30,178 | | | | $ | 18,577 | | | | $ | 15,220 | | | | $ | 82,728 | | | | | $ | 15,892 | | | | $ | 7,032 | | | | $ | 19,840 | | | | $ | 22,119 | | | | $ | 64,883 | | | ||||||||||
Net income per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
basic | | | $ | 0.48 | | | | $ | 0.77 | | | | $ | 0.47 | | | | $ | 0.39 | | | | $ | 2.11 | | | | | $ | 0.40 | | | | $ | 0.17 | | | | $ | 0.49 | | | | $ | 0.55 | | | | $ | 1.61 | | | ||||||||||
diluted | | | $ | 0.47 | | | | $ | 0.75 | | | | $ | 0.46 | | | | $ | 0.38 | | | | $ | 2.07 | | | | | $ | 0.39 | | | | $ | 0.17 | | | | $ | 0.49 | | | | $ | 0.55 | | | | $ | 1.61 | | | ||||||||||
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Animal Health | | | $ | 31,476 | | | | $ | 32,351 | | | | $ | 32,151 | | | | $ | 31,464 | | | | $ | 127,442 | | | | | $ | 33,742 | | | | $ | 35,036 | | | | $ | 36,292 | | | | $ | 36,844 | | | | $ | 141,914 | | | ||||||||||
Mineral Nutrition | | | | 3,160 | | | | | 4,189 | | | | | 4,012 | | | | | 3,610 | | | | | 14,971 | | | | | | 3,716 | | | | | 5,614 | | | | | 5,375 | | | | | 3,878 | | | | | 18,583 | | | ||||||||||
Performance Products | | | | 86 | | | | | (8) | | | | | 490 | | | | | 402 | | | | | 970 | | | | | | 248 | | | | | 264 | | | | | 386 | | | | | 983 | | | | | 1,881 | | | ||||||||||
Corporate | | | | (7,015) | | | | | (8,098) | | | | | (6,987) | | | | | (7,223) | | | | | (29,323) | | | | | | (7,589) | | | | | (8,436) | | | | | (8,650) | | | | | (8,745) | | | | | (33,420) | | | ||||||||||
Adjusted EBITDA | | | $ | 27,707 | | | | $ | 28,434 | | | | $ | 29,666 | | | | $ | 28,253 | | | | $ | 114,060 | | | | | $ | 30,117 | | | | $ | 32,478 | | | | $ | 33,403 | | | | $ | 32,960 | | | | $ | 128,958 | | | ||||||||||
Reconciliation of net income to Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Net income | | | $ | 18,753 | | | | $ | 30,178 | | | | $ | 18,577 | | | | $ | 15,220 | | | | $ | 82,728 | | | | | $ | 15,892 | | | | $ | 7,032 | | | | $ | 19,840 | | | | $ | 22,119 | | | | $ | 64,883 | | | ||||||||||
Interest expense, net | | | | 3,819 | | | | | 3,967 | | | | | 4,265 | | | | | 4,541 | | | | | 16,592 | | | | | | 3,118 | | | | | 3,050 | | | | | 3,064 | | | | | 2,678 | | | | | 11,910 | | | ||||||||||
Provision (benefit) for income taxes | | | | 4,739 | | | | | (14,081) | | | | | 572 | | | | | 2,803 | | | | | (5,967) | | | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | | | | 3,052 | | | | | 14,179 | | | | | 4,548 | | | | | 1,408 | | | | | 23,187 | | | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | | | | 5,429 | | | | | 5,393 | | | | | 5,856 | | | | | 6,774 | | | | | 23,452 | | | | | | 6,644 | | | | | 6,631 | | | | | 6,751 | | | | | 6,917 | | | | | 26,943 | | | ||||||||||
EBITDA | | | | 32,740 | | | | | 25,457 | | | | | 29,270 | | | | | 29,338 | | | | | 116,805 | | | | | | 28,706 | | | | | 30,892 | | | | | 34,203 | | | | | 33,122 | | | | | 126,923 | | | ||||||||||
Acquisition-related cost of goods sold | | | | — | | | | | — | | | | | 1,601 | | | | | 965 | | | | | 2,566 | | | | | | 249 | | | | | 1,422 | | | | | — | | | | | — | | | | | 1,671 | | | ||||||||||
Acquisition-related accrued compensation | | | | 420 | | | | | 420 | | | | | 420 | | | | | 420 | | | | | 1,680 | | | | | | 437 | | | | | 487 | | | | | 160 | | | | | 68 | | | | | 1,152 | | | ||||||||||
Acquisition-related transaction costs | | | | — | | | | | — | | | | | 618 | | | | | — | | | | | 618 | | | | | | 400 | | | | | — | | | | | — | | | | | — | | | | | 400 | | | ||||||||||
Acquisition-related other, net | | | | — | | | | | — | | | | | — | | | | | (468) | | | | | (468) | | | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | | | | — | | | | | — | | | | | — | | | | | 334 | | | | | 334 | | | ||||||||||||||||||||||||||||||||||||
Foreign currency (gains) losses, net | | | | (5,453) | | | | | 2,557 | | | | | (2,243) | | | | | (2,470) | | | | | (7,609) | | | | | | 325 | | | | | (323) | | | | | (960) | | | | | (96) | | | | | (1,054) | | | ||||||||||
Adjusted EBITDA | | | $ | 27,707 | | | | $ | 28,434 | | | | $ | 29,666 | | | | $ | 28,253 | | | | $ | 114,060 | | | | | $ | 30,117 | | | | $ | 32,478 | | | | $ | 33,403 | | | | $ | 32,960 | | | | $ | 128,958 | | | ||||||||||
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For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||
Net sales | | | | $ | 764,281 | | | | | $ | 751,526 | | | | | $ | 748,591 | | |
Cost of goods sold | | | | | 516,038 | | | | | | 512,494 | | | | | | 515,311 | | |
Gross profit | | | | | 248,243 | | | | | | 239,032 | | | | | | 233,280 | | |
Selling, general and administrative expenses | | | | | 150,309 | | | | | | 153,288 | | | | | | 145,612 | | |
Operating income | | | | | 97,934 | | | | | | 85,744 | | | | | | 87,668 | | |
Interest expense, net | | | | | 14,906 | | | | | | 16,592 | | | | | | 14,305 | | |
Foreign currency (gains) losses, net | | | | | (113) | | | | | | (7,609) | | | | | | (5,400) | | |
Loss on extinguishment of debt | | | | | 2,598 | | | | | | — | | | | | | — | | |
Income before income taxes | | | | | 80,543 | | | | | | 76,761 | | | | | | 78,763 | | |
Provision (benefit) for income taxes | | | | | 15,928 | | | | | | (5,967) | | | | | | 18,483 | | |
Net income | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | |
Net income per share | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.63 | | | | | $ | 2.11 | | | | | $ | 1.55 | | |
diluted | | | | $ | 1.61 | | | | | $ | 2.07 | | | | | $ | 1.51 | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | |
basic | | | | | 39,524 | | | | | | 39,254 | | | | | | 38,969 | | |
diluted | | | | | 40,042 | | | | | | 39,962 | | | | | | 39,815 | | |
Dividends per share | | | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.40 | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (in thousands) | | |||||||||||||||
Net income | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | |
Change in fair value of derivative instruments | | | | | 31 | | | | | | 4,197 | | | | | | (1,928) | | |
Foreign currency translation adjustment | | | | | (1,652) | | | | | | (9,181) | | | | | | (31,314) | | |
Unrecognized net pension gains (losses) | | | | | 12,918 | | | | | | (11,093) | | | | | | (3,221) | | |
(Provision) benefit for income taxes | | | | | (4,949) | | | | | | 5,892 | | | | | | 4,923 | | |
Other comprehensive income (loss) | | | | | 6,348 | | | | | | (10,185) | | | | | | (31,540) | | |
Comprehensive income | | | | $ | 70,963 | | | | | $ | 72,543 | | | | | $ | 28,740 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
| | | (in thousands, except share and per share amounts) | | |||||||||
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 56,083 | | | | | $ | 33,605 | | |
Accounts receivable, net | | | | | 125,847 | | | | | | 123,790 | | |
Inventories, net | | | | | 161,233 | | | | | | 167,691 | | |
Other current assets | | | | | 20,502 | | | | | | 17,745 | | |
Total current assets | | | | | 363,665 | | | | | | 342,831 | | |
Property, plant and equipment, net | | | | | 127,351 | | | | | | 127,323 | | |
Intangibles, net | | | | | 54,602 | | | | | | 60,095 | | |
Goodwill | | | | | 23,982 | | | | | | 21,121 | | |
Other assets | | | | | 53,797 | | | | | | 56,465 | | |
Total assets | | | | $ | 623,397 | | | | | $ | 607,835 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current portion of long-term debt | | | | $ | 6,250 | | | | | $ | 2,907 | | |
Accounts payable | | | | | 56,894 | | | | | | 60,167 | | |
Accrued expenses and other current liabilities | | | | | 52,652 | | | | | | 45,703 | | |
Total current liabilities | | | | | 115,796 | | | | | | 108,777 | | |
Revolving credit facility | | | | | 65,000 | | | | | | 69,000 | | |
Long-term debt | | | | | 241,891 | | | | | | 278,265 | | |
Other liabilities | | | | | 49,553 | | | | | | 61,313 | | |
Total liabilities | | | | | 472,240 | | | | | | 517,355 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 19,249,132 and 18,519,757 shares issued and outstanding at June 30, 2017, and June 30, 2016, respectively; 30,000,000 Class B shares authorized, 20,626,836 and 20,887,811 shares issued and outstanding at June 30, 2017, and June 30, 2016, respectively | | | | | 4 | | | | | | 4 | | |
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding | | | | | — | | | | | | — | | |
Paid-in capital | | | | | 123,840 | | | | | | 118,299 | | |
Retained earnings | | | | | 82,750 | | | | | | 33,962 | | |
Accumulated other comprehensive income (loss) | | | | | (55,437) | | | | | | (61,785) | | |
Total stockholders’ equity | | | | | 151,157 | | | | | | 90,480 | | |
Total liabilities and stockholders’ equity | | | | $ | 623,397 | | | | | $ | 607,835 | | |
|
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (in thousands) | | |||||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 26,001 | | | | | | 23,452 | | | | | | 21,604 | | |
Amortization of debt issuance costs and debt discount | | | | | 1,015 | | | | | | 989 | | | | | | 967 | | |
Acquisition-related cost of goods sold | | | | | — | | | | | | 2,566 | | | | | | — | | |
Acquisition-related accrued compensation | | | | | 1,680 | | | | | | 1,680 | | | | | | 747 | | |
Acquisition-related accrued interest | | | | | 1,373 | | | | | | 1,476 | | | | | | 613 | | |
Acquisition-related other, net | | | | | (972) | | | | | | — | | | | | | — | | |
Pension settlement cost | | | | | 1,702 | | | | | | — | | | | | | — | | |
Deferred income taxes | | | | | (28) | | | | | | (22,244) | | | | | | 4,761 | | |
Foreign currency (gains) losses, net | | | | | (867) | | | | | | (7,725) | | | | | | (3,376) | | |
Other | | | | | 765 | | | | | | 354 | | | | | | 61 | | |
Loss on extinguishment of debt | | | | | 2,598 | | | | | | — | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (2,765) | | | | | | (13,086) | | | | | | (1,877) | | |
Inventories, net | | | | | 5,432 | | | | | | (16,439) | | | | | | (19,354) | | |
Other current assets | | | | | (3,012) | | | | | | 457 | | | | | | 7,416 | | |
Other assets | | | | | (1,504) | | | | | | (6,547) | | | | | | (4,236) | | |
Accounts payable | | | | | (3,119) | | | | | | (3,245) | | | | | | 4,796 | | |
Accrued expenses and other liabilities | | | | | 5,471 | | | | | | (7,198) | | | | | | (3,698) | | |
Net cash provided (used) by operating activities | | | | | 98,385 | | | | | | 37,218 | | | | | | 68,704 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | | | (20,880) | | | | | | (36,352) | | | | | | (20,058) | | |
Business acquisition | | | | | — | | | | | | (46,576) | | | | | | (10,377) | | |
Other, net | | | | | (1,062) | | | | | | 137 | | | | | | (4,029) | | |
Net cash provided (used) by investing activities | | | | | (21,942) | | | | | | (82,791) | | | | | | (34,464) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Revolving credit facility borrowings | | | | | 230,500 | | | | | | 255,500 | | | | | | 38,000 | | |
Revolving credit facility repayments | | | | | (234,500) | | | | | | (189,500) | | | | | | (35,000) | | |
Proceeds from long-term debt | | | | | 250,000 | | | | | | — | | | | | | — | | |
Payments of long-term debt, capital leases and other | | | | | (285,527) | | | | | | (3,929) | | | | | | (4,090) | | |
Debt issuance costs | | | | | (3,925) | | | | | | — | | | | | | — | | |
Proceeds from common shares issued | | | | | 5,541 | | | | | | 4,017 | | | | | | 1,334 | | |
Dividends paid | | | | | (15,827) | | | | | | (15,708) | | | | | | (15,595) | | |
Net cash provided (used) by financing activities | | | | | (53,738) | | | | | | 50,380 | | | | | | (15,351) | | |
Effect of exchange rate changes on cash | | | | | (227) | | | | | | (418) | | | | | | (1,494) | | |
Net increase (decrease) in cash and cash equivalents | | | | | 22,478 | | | | | | 4,389 | | | | | | 17,395 | | |
Cash and cash equivalents at beginning of period | | | | | 33,605 | | | | | | 29,216 | | | | | | 11,821 | | |
Cash and cash equivalents at end of period | | | | $ | 56,083 | | | | | $ | 33,605 | | | | | $ | 29,216 | | |
Supplemental cash flow information | | | | | |||||||||||||||
Interest paid | | | | $ | 14,600 | | | | | $ | 14,215 | | | | | $ | 12,912 | | |
Income taxes paid, net | | | | | 14,762 | | | | | | 16,828 | | | | | | 10,780 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Business acquisition | | | | | — | | | | | | — | | | | | | 4,156 | | |
Property, plant and equipment and capital lease additions | | | | | 1,550 | | | | | | 1,438 | | | | | | 1,193 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||
Net sales | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
Cost of goods sold | | | | | 563,371 | | | | | | 553,103 | | | | | | 516,038 | | |
Gross profit | | | | | 264,624 | | | | | | 266,879 | | | | | | 248,243 | | |
Selling, general and administrative expenses | | | | | 181,398 | | | | | | 167,953 | | | | | | 150,309 | | |
Operating income | | | | | 83,226 | | | | | | 98,926 | | | | | | 97,934 | | |
Interest expense, net | | | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | |
Foreign currency (gains) losses, net | | | | | (55) | | | | | | (1,054) | | | | | | (113) | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Income before income taxes | | | | | 71,505 | | | | | | 88,070 | | | | | | 80,543 | | |
Provision for income taxes | | | | | 16,792 | | | | | | 23,187 | | | | | | 15,928 | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Net income per share | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.63 | | |
diluted | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.61 | | |
Weighted average common shares outstanding | | | | | |||||||||||||||
basic | | | | | 40,412 | | | | | | 40,181 | | | | | | 39,524 | | |
diluted | | | | | 40,523 | | | | | | 40,385 | | | | | | 40,042 | | |
| | | Shares of Common Stock | | | Common Stock | | | Preferred Stock | | | Paid-in Capital | | | Retained Earnings (Accumulated Deficit) | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | |||||||||||||||||||||
| | | (in thousands, except share amounts) | | |||||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | | | | | 38,791,553 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 132,453 | | | | | $ | (97,248) | | | | | $ | (20,060) | | | | | $ | 15,149 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,280 | | | | | | (31,540) | | | | | | 28,740 | | |
Exercise of stock options and warrant | | | | | 276,515 | | | | | | — | | | | | | — | | | | | | 1,334 | | | | | | — | | | | | | — | | | | | | 1,334 | | |
Dividends paid | | | | | — | | | | | | — | | | | | | — | | | | | | (15,595) | | | | | | — | | | | | | — | | | | | | (15,595) | | |
As of June 30, 2015 | | | | | 39,068,068 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 118,192 | | | | | $ | (36,968) | | | | | $ | (51,600) | | | | | $ | 29,628 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 82,728 | | | | | | (10,185) | | | | | | 72,543 | | |
Exercise of stock options | | | | | 339,500 | | | | | | — | | | | | | — | | | | | | 4,017 | | | | | | — | | | | | | — | | | | | | 4,017 | | |
Dividends paid | | | | | — | | | | | | — | | | | | | — | | | | | | (3,910) | | | | | | (11,798) | | | | | | — | | | | | | (15,708) | | |
As of June 30, 2016 | | | | | 39,407,568 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 118,299 | | | | | $ | 33,962 | | | | | $ | (61,785) | | | | | $ | 90,480 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,615 | | | | | | 6,348 | | | | | | 70,963 | | |
Exercise of stock options | | | | | 468,400 | | | | | | — | | | | | | — | | | | | | 5,541 | | | | | | — | | | | | | — | | | | | | 5,541 | | |
Dividends paid | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (15,827) | | | | | | — | | | | | | (15,827) | | |
As of June 30, 2017 | | | | | 39,875,968 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 123,840 | | | | | $ | 82,750 | | | | | $ | (55,437) | | | | | $ | 151,157 | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Change in fair value of derivative instruments | | | | | (5,580) | | | | | | 2,300 | | | | | | 31 | | |
Foreign currency translation adjustment | | | | | (4,127) | | | | | | (23,542) | | | | | | (1,652) | | |
Unrecognized net pension gains (losses) | | | | | (1,837) | | | | | | (154) | | | | | | 12,918 | | |
(Provision) benefit for income taxes | | | | | 1,846 | | | | | | 350 | | | | | | (4,949) | | |
Other comprehensive income (loss) | | | | | (9,698) | | | | | | (21,046) | | | | | | 6,348 | | |
Comprehensive income | | | | $ | 45,015 | | | | | $ | 43,837 | | | | | $ | 70,963 | | |
As of June 30 | | | 2019 | | | 2018 | | ||||||
| | | (in thousands, except share and per share amounts) | | |||||||||
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 57,573 | | | | | $ | 29,168 | | |
Short-term investments | | | | | 24,000 | | | | | | 50,000 | | |
Accounts receivable, net | | | | | 159,022 | | | | | | 135,742 | | |
Inventories, net | | | | | 198,322 | | | | | | 178,170 | | |
Other current assets | | | | | 27,245 | | | | | | 22,381 | | |
Total current assets | | | | | 466,162 | | | | | | 415,461 | | |
Property, plant and equipment, net | | | | | 140,235 | | | | | | 130,108 | | |
Intangibles, net | | | | | 47,478 | | | | | | 51,978 | | |
Goodwill | | | | | 27,348 | | | | | | 27,348 | | |
Other assets | | | | | 45,448 | | | | | | 46,784 | | |
Total assets | | | | $ | 726,671 | | | | | $ | 671,679 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current portion of long-term debt | | | | $ | 12,540 | | | | | $ | 12,579 | | |
Accounts payable | | | | | 73,189 | | | | | | 59,498 | | |
Accrued expenses and other current liabilities | | | | | 68,498 | | | | | | 71,144 | | |
Total current liabilities | | | | | 154,227 | | | | | | 143,221 | | |
Revolving credit facility | | | | | 96,000 | | | | | | 70,000 | | |
Long-term debt | | | | | 217,635 | | | | | | 229,802 | | |
Other liabilities | | | | | 42,794 | | | | | | 43,702 | | |
Total liabilities | | | | | 510,656 | | | | | | 486,725 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,287,574 and 19,992,204 shares issued and outstanding at June 30, 2019 and 2018, respectively; 30,000,000 Class B shares authorized, 20,166,034 and 20,365,504 shares issued and outstanding at June 30, 2019 and 2018, respectively | | | | | 4 | | | | | | 4 | | |
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding | | | | | — | | | | | | — | | |
Paid-in capital | | | | | 133,266 | | | | | | 129,873 | | |
Retained earnings | | | | | 168,926 | | | | | | 131,560 | | |
Accumulated other comprehensive income (loss) | | | | | (86,181) | | | | | | (76,483) | | |
Total stockholders’ equity | | | | | 216,015 | | | | | | 184,954 | | |
Total liabilities and stockholders’ equity | | | | $ | 726,671 | | | | | $ | 671,679 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 27,564 | | | | | | 26,943 | | | | | | 26,001 | | |
Amortization of debt issuance costs and debt discount | | | | | 882 | | | | | | 883 | | | | | | 1,015 | | |
Stock-based compensation | | | | | 2,259 | | | | | | 334 | | | | | | — | | |
Acquisition-related items | | | | | — | | | | | | 3,908 | | | | | | 2,081 | | |
Pension settlement cost | | | | | — | | | | | | — | | | | | | 1,702 | | |
Deferred income taxes | | | | | (105) | | | | | | 6,389 | | | | | | (28) | | |
Foreign currency (gains) losses, net | | | | | (1,899) | | | | | | (635) | | | | | | (867) | | |
Other | | | | | (302) | | | | | | 1,181 | | | | | | 765 | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Changes in operating assets and liabilities, net of business acquisitions: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (23,679) | | | | | | (11,900) | | | | | | (2,765) | | |
Inventories, net | | | | | (20,982) | | | | | | (24,292) | | | | | | 5,432 | | |
Other current assets | | | | | (7,173) | | | | | | 134 | | | | | | (3,012) | | |
Other assets | | | | | (299) | | | | | | (152) | | | | | | (1,504) | | |
Accounts payable | | | | | 12,092 | | | | | | 2,446 | | | | | | (3,119) | | |
Accrued expenses and other liabilities | | | | | 4,098 | | | | | | (114) | | | | | | 5,471 | | |
Net cash provided by operating activities | | | | | 47,169 | | | | | | 70,008 | | | | | | 98,385 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Purchases of short-term investments | | | | | (34,000) | | | | | | (82,000) | | | | | | — | | |
Maturities of short-term investments | | | | | 60,000 | | | | | | 32,000 | | | | | | — | | |
Capital expenditures | | | | | (29,891) | | | | | | (18,548) | | | | | | (20,880) | | |
Business acquisitions | | | | | (9,838) | | | | | | (15,000) | | | | | | — | | |
Other, net | | | | | (404) | | | | | | (1,064) | | | | | | (1,062) | | |
Net cash used by investing activities | | | | | (14,133) | | | | | | (84,612) | | | | | | (21,942) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Revolving credit facility borrowings | | | | | 213,000 | | | | | | 225,000 | | | | | | 230,500 | | |
Revolving credit facility repayments | | | | | (187,000) | | | | | | (220,000) | | | | | | (234,500) | | |
Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 250,000 | | |
Payments of long-term debt, capital leases and other | | | | | (12,649) | | | | | | (6,401) | | | | | | (285,527) | | |
Issuance of acquisition note payable | | | | | 3,775 | | | | | | — | | | | | | — | | |
Payment of acquisition note payable | | | | | (3,775) | | | | | | — | | | | | | — | | |
Debt issuance costs | | | | | — | | | | | | — | | | | | | (3,925) | | |
Proceeds from common shares issued | | | | | 1,134 | | | | | | 5,699 | | | | | | 5,541 | | |
Dividends paid | | | | | (18,592) | | | | | | (16,073) | | | | | | (15,827) | | |
Net cash used by financing activities | | | | | (4,107) | | | | | | (11,775) | | | | | | (53,738) | | |
Effect of exchange rate changes on cash | | | | | (524) | | | | | | (536) | | | | | | (227) | | |
Net increase (decrease) in cash and cash equivalents | | | | | 28,405 | | | | | | (26,915) | | | | | | 22,478 | | |
Cash and cash equivalents at beginning of period | | | | | 29,168 | | | | | | 56,083 | | | | | | 33,605 | | |
Cash and cash equivalents at end of period | | | | $ | 57,573 | | | | | $ | 29,168 | | | | | $ | 56,083 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Interest paid | | | | $ | 12,250 | | | | | $ | 11,208 | | | | | $ | 14,600 | | |
Income taxes paid, net | | | | | 16,215 | | | | | | 15,191 | | | | | | 14,762 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment and capital lease additions | | | | | 2,890 | | | | | | 8,449 | | | | | | 1,550 | | |
| | | Shares of Common Stock | | | Common Stock | | | Preferred Stock | | | Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | |||||||||||||||||||||
As of June 30, 2016 | | | | | 39,407,568 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 118,299 | | | | | $ | 33,962 | | | | | $ | (61,785) | | | | | $ | 90,480 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,615 | | | | | | 6,348 | | | | | | 70,963 | | |
Exercise of stock options | | | | | 468,400 | | | | | | — | | | | | | — | | | | | | 5,541 | | | | | | — | | | | | | — | | | | | | 5,541 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,827) | | | | | | — | | | | | | (15,827) | | |
As of June 30, 2017 | | | | | 39,875,968 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 123,840 | | | | | $ | 82,750 | | | | | $ | (55,437) | | | | | $ | 151,157 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,883 | | | | | | (21,046) | | | | | | 43,837 | | |
Exercise of stock options | | | | | 481,740 | | | | | | — | | | | | | — | | | | | | 5,699 | | | | | | — | | | | | | — | | | | | | 5,699 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,073) | | | | | | — | | | | | | (16,073) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 334 | | | | | | — | | | | | | — | | | | | | 334 | | |
As of June 30, 2018 | | | | | 40,357,708 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 129,873 | | | | | $ | 131,560 | | | | | $ | (76,483) | | | | | $ | 184,954 | | |
Adoption of new revenue standard | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,245 | | | | | | — | | | | | | 1,245 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54,713 | | | | | | (9,698) | | | | | | 45,015 | | |
Exercise of stock options | | | | | 95,900 | | | | | | — | | | | | | — | | | | | | 1,134 | | | | | | — | | | | | | — | | | | | | 1,134 | | |
Dividends declared ($0.46 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,592) | | | | | | — | | | | | | (18,592) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 2,259 | | | | | | — | | | | | | — | | | | | | 2,259 | | |
As of June 30, 2019 | | | | | 40,453,608 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 133,266 | | | | | $ | 168,926 | | | | | $ | (86,181) | | | | | $ | 216,015 | | |
| | | | | 81 | | | |
| | | | | 83 | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 88 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||
Net sales | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
Cost of goods sold | | | | | 563,371 | | | | | | 553,103 | | | | | | 516,038 | | |
Gross profit | | | | | 264,624 | | | | | | 266,879 | | | | | | 248,243 | | |
Selling, general and administrative expenses | | | | | 181,398 | | | | | | 167,953 | | | | | | 150,309 | | |
Operating income | | | | | 83,226 | | | | | | 98,926 | | | | | | 97,934 | | |
Interest expense, net | | | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | |
Foreign currency (gains) losses, net | | | | | (55) | | | | | | (1,054) | | | | | | (113) | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Income before income taxes | | | | | 71,505 | | | | | | 88,070 | | | | | | 80,543 | | |
Provision for income taxes | | | | | 16,792 | | | | | | 23,187 | | | | | | 15,928 | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Net income per share | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.63 | | |
diluted | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.61 | | |
Weighted average common shares outstanding | | | | | |||||||||||||||
basic | | | | | 40,412 | | | | | | 40,181 | | | | | | 39,524 | | |
diluted | | | | | 40,523 | | | | | | 40,385 | | | | | | 40,042 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Change in fair value of derivative instruments | | | | | (5,580) | | | | | | 2,300 | | | | | | 31 | | |
Foreign currency translation adjustment | | | | | (4,127) | | | | | | (23,542) | | | | | | (1,652) | | |
Unrecognized net pension gains (losses) | | | | | (1,837) | | | | | | (154) | | | | | | 12,918 | | |
(Provision) benefit for income taxes | | | | | 1,846 | | | | | | 350 | | | | | | (4,949) | | |
Other comprehensive income (loss) | | | | | (9,698) | | | | | | (21,046) | | | | | | 6,348 | | |
Comprehensive income | | | | $ | 45,015 | | | | | $ | 43,837 | | | | | $ | 70,963 | | |
As of June 30 | | | 2019 | | | 2018 | | ||||||
| | | (in thousands, except share and per share amounts) | | |||||||||
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 57,573 | | | | | $ | 29,168 | | |
Short-term investments | | | | | 24,000 | | | | | | 50,000 | | |
Accounts receivable, net | | | | | 159,022 | | | | | | 135,742 | | |
Inventories, net | | | | | 198,322 | | | | | | 178,170 | | |
Other current assets | | | | | 27,245 | | | | | | 22,381 | | |
Total current assets | | | | | 466,162 | | | | | | 415,461 | | |
Property, plant and equipment, net | | | | | 140,235 | | | | | | 130,108 | | |
Intangibles, net | | | | | 47,478 | | | | | | 51,978 | | |
Goodwill | | | | | 27,348 | | | | | | 27,348 | | |
Other assets | | | | | 45,448 | | | | | | 46,784 | | |
Total assets | | | | $ | 726,671 | | | | | $ | 671,679 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current portion of long-term debt | | | | $ | 12,540 | | | | | $ | 12,579 | | |
Accounts payable | | | | | 73,189 | | | | | | 59,498 | | |
Accrued expenses and other current liabilities | | | | | 68,498 | | | | | | 71,144 | | |
Total current liabilities | | | | | 154,227 | | | | | | 143,221 | | |
Revolving credit facility | | | | | 96,000 | | | | | | 70,000 | | |
Long-term debt | | | | | 217,635 | | | | | | 229,802 | | |
Other liabilities | | | | | 42,794 | | | | | | 43,702 | | |
Total liabilities | | | | | 510,656 | | | | | | 486,725 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,287,574 and 19,992,204 shares issued and outstanding at June 30, 2019 and 2018, respectively; 30,000,000 Class B shares authorized, 20,166,034 and 20,365,504 shares issued and outstanding at June 30, 2019 and 2018, respectively | | | | | 4 | | | | | | 4 | | |
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding | | | | | — | | | | | | — | | |
Paid-in capital | | | | | 133,266 | | | | | | 129,873 | | |
Retained earnings | | | | | 168,926 | | | | | | 131,560 | | |
Accumulated other comprehensive income (loss) | | | | | (86,181) | | | | | | (76,483) | | |
Total stockholders’ equity | | | | | 216,015 | | | | | | 184,954 | | |
Total liabilities and stockholders’ equity | | | | $ | 726,671 | | | | | $ | 671,679 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 27,564 | | | | | | 26,943 | | | | | | 26,001 | | |
Amortization of debt issuance costs and debt discount | | | | | 882 | | | | | | 883 | | | | | | 1,015 | | |
Stock-based compensation | | | | | 2,259 | | | | | | 334 | | | | | | — | | |
Acquisition-related items | | | | | — | | | | | | 3,908 | | | | | | 2,081 | | |
Pension settlement cost | | | | | — | | | | | | — | | | | | | 1,702 | | |
Deferred income taxes | | | | | (105) | | | | | | 6,389 | | | | | | (28) | | |
Foreign currency (gains) losses, net | | | | | (1,899) | | | | | | (635) | | | | | | (867) | | |
Other | | | | | (302) | | | | | | 1,181 | | | | | | 765 | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Changes in operating assets and liabilities, net of business acquisitions: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (23,679) | | | | | | (11,900) | | | | | | (2,765) | | |
Inventories, net | | | | | (20,982) | | | | | | (24,292) | | | | | | 5,432 | | |
Other current assets | | | | | (7,173) | | | | | | 134 | | | | | | (3,012) | | |
Other assets | | | | | (299) | | | | | | (152) | | | | | | (1,504) | | |
Accounts payable | | | | | 12,092 | | | | | | 2,446 | | | | | | (3,119) | | |
Accrued expenses and other liabilities | | | | | 4,098 | | | | | | (114) | | | | | | 5,471 | | |
Net cash provided by operating activities | | | | | 47,169 | | | | | | 70,008 | | | | | | 98,385 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Purchases of short-term investments | | | | | (34,000) | | | | | | (82,000) | | | | | | — | | |
Maturities of short-term investments | | | | | 60,000 | | | | | | 32,000 | | | | | | — | | |
Capital expenditures | | | | | (29,891) | | | | | | (18,548) | | | | | | (20,880) | | |
Business acquisitions | | | | | (9,838) | | | | | | (15,000) | | | | | | — | | |
Other, net | | | | | (404) | | | | | | (1,064) | | | | | | (1,062) | | |
Net cash used by investing activities | | | | | (14,133) | | | | | | (84,612) | | | | | | (21,942) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Revolving credit facility borrowings | | | | | 213,000 | | | | | | 225,000 | | | | | | 230,500 | | |
Revolving credit facility repayments | | | | | (187,000) | | | | | | (220,000) | | | | | | (234,500) | | |
Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 250,000 | | |
Payments of long-term debt, capital leases and other | | | | | (12,649) | | | | | | (6,401) | | | | | | (285,527) | | |
Issuance of acquisition note payable | | | | | 3,775 | | | | | | — | | | | | | — | | |
Payment of acquisition note payable | | | | | (3,775) | | | | | | — | | | | | | — | | |
Debt issuance costs | | | | | — | | | | | | — | | | | | | (3,925) | | |
Proceeds from common shares issued | | | | | 1,134 | | | | | | 5,699 | | | | | | 5,541 | | |
Dividends paid | | | | | (18,592) | | | | | | (16,073) | | | | | | (15,827) | | |
Net cash used by financing activities | | | | | (4,107) | | | | | | (11,775) | | | | | | (53,738) | | |
Effect of exchange rate changes on cash | | | | | (524) | | | | | | (536) | | | | | | (227) | | |
Net increase (decrease) in cash and cash equivalents | | | | | 28,405 | | | | | | (26,915) | | | | | | 22,478 | | |
Cash and cash equivalents at beginning of period | | | | | 29,168 | | | | | | 56,083 | | | | | | 33,605 | | |
Cash and cash equivalents at end of period | | | | $ | 57,573 | | | | | $ | 29,168 | | | | | $ | 56,083 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Interest paid | | | | $ | 12,250 | | | | | $ | 11,208 | | | | | $ | 14,600 | | |
Income taxes paid, net | | | | | 16,215 | | | | | | 15,191 | | | | | | 14,762 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment and capital lease additions | | | | | 2,890 | | | | | | 8,449 | | | | | | 1,550 | | |
| | | Shares of Common Stock | | | Common Stock | | | Preferred Stock | | | Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | |||||||||||||||||||||
As of June 30, 2016 | | | | | 39,407,568 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 118,299 | | | | | $ | 33,962 | | | | | $ | (61,785) | | | | | $ | 90,480 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,615 | | | | | | 6,348 | | | | | | 70,963 | | |
Exercise of stock options | | | | | 468,400 | | | | | | — | | | | | | — | | | | | | 5,541 | | | | | | — | | | | | | — | | | | | | 5,541 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,827) | | | | | | — | | | | | | (15,827) | | |
As of June 30, 2017 | | | | | 39,875,968 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 123,840 | | | | | $ | 82,750 | | | | | $ | (55,437) | | | | | $ | 151,157 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,883 | | | | | | (21,046) | | | | | | 43,837 | | |
Exercise of stock options | | | | | 481,740 | | | | | | — | | | | | | — | | | | | | 5,699 | | | | | | — | | | | | | — | | | | | | 5,699 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,073) | | | | | | — | | | | | | (16,073) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 334 | | | | | | — | | | | | | — | | | | | | 334 | | |
As of June 30, 2018 | | | | | 40,357,708 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 129,873 | | | | | $ | 131,560 | | | | | $ | (76,483) | | | | | $ | 184,954 | | |
Adoption of new revenue standard | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,245 | | | | | | — | | | | | | 1,245 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54,713 | | | | | | (9,698) | | | | | | 45,015 | | |
Exercise of stock options | | | | | 95,900 | | | | | | — | | | | | | — | | | | | | 1,134 | | | | | | — | | | | | | — | | | | | | 1,134 | | |
Dividends declared ($0.46 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,592) | | | | | | — | | | | | | (18,592) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 2,259 | | | | | | — | | | | | | — | | | | | | 2,259 | | |
As of June 30, 2019 | | | | | 40,453,608 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 133,266 | | | | | $ | 168,926 | | | | | $ | (86,181) | | | | | $ | 216,015 | | |
| | | | | 81 | | | |
| | | | | 83 | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 88 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands, except per share amounts) | | |||||||||||||||
Net sales | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
Cost of goods sold | | | | | 563,371 | | | | | | 553,103 | | | | | | 516,038 | | |
Gross profit | | | | | 264,624 | | | | | | 266,879 | | | | | | 248,243 | | |
Selling, general and administrative expenses | | | | | 181,398 | | | | | | 167,953 | | | | | | 150,309 | | |
Operating income | | | | | 83,226 | | | | | | 98,926 | | | | | | 97,934 | | |
Interest expense, net | | | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | |
Foreign currency (gains) losses, net | | | | | (55) | | | | | | (1,054) | | | | | | (113) | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Income before income taxes | | | | | 71,505 | | | | | | 88,070 | | | | | | 80,543 | | |
Provision for income taxes | | | | | 16,792 | | | | | | 23,187 | | | | | | 15,928 | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Net income per share | | | | | | | | | | | | | | | | | | | |
basic | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.63 | | |
diluted | | | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.61 | | |
Weighted average common shares outstanding | | | | | |||||||||||||||
basic | | | | | 40,412 | | | | | | 40,181 | | | | | | 39,524 | | |
diluted | | | | | 40,523 | | | | | | 40,385 | | | | | | 40,042 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Change in fair value of derivative instruments | | | | | (5,580) | | | | | | 2,300 | | | | | | 31 | | |
Foreign currency translation adjustment | | | | | (4,127) | | | | | | (23,542) | | | | | | (1,652) | | |
Unrecognized net pension gains (losses) | | | | | (1,837) | | | | | | (154) | | | | | | 12,918 | | |
(Provision) benefit for income taxes | | | | | 1,846 | | | | | | 350 | | | | | | (4,949) | | |
Other comprehensive income (loss) | | | | | (9,698) | | | | | | (21,046) | | | | | | 6,348 | | |
Comprehensive income | | | | $ | 45,015 | | | | | $ | 43,837 | | | | | $ | 70,963 | | |
As of June 30 | | | 2019 | | | 2018 | | ||||||
| | | (in thousands, except share and per share amounts) | | |||||||||
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 57,573 | | | | | $ | 29,168 | | |
Short-term investments | | | | | 24,000 | | | | | | 50,000 | | |
Accounts receivable, net | | | | | 159,022 | | | | | | 135,742 | | |
Inventories, net | | | | | 198,322 | | | | | | 178,170 | | |
Other current assets | | | | | 27,245 | | | | | | 22,381 | | |
Total current assets | | | | | 466,162 | | | | | | 415,461 | | |
Property, plant and equipment, net | | | | | 140,235 | | | | | | 130,108 | | |
Intangibles, net | | | | | 47,478 | | | | | | 51,978 | | |
Goodwill | | | | | 27,348 | | | | | | 27,348 | | |
Other assets | | | | | 45,448 | | | | | | 46,784 | | |
Total assets | | | | $ | 726,671 | | | | | $ | 671,679 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current portion of long-term debt | | | | $ | 12,540 | | | | | $ | 12,579 | | |
Accounts payable | | | | | 73,189 | | | | | | 59,498 | | |
Accrued expenses and other current liabilities | | | | | 68,498 | | | | | | 71,144 | | |
Total current liabilities | | | | | 154,227 | | | | | | 143,221 | | |
Revolving credit facility | | | | | 96,000 | | | | | | 70,000 | | |
Long-term debt | | | | | 217,635 | | | | | | 229,802 | | |
Other liabilities | | | | | 42,794 | | | | | | 43,702 | | |
Total liabilities | | | | | 510,656 | | | | | | 486,725 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,287,574 and 19,992,204 shares issued and outstanding at June 30, 2019 and 2018, respectively; 30,000,000 Class B shares authorized, 20,166,034 and 20,365,504 shares issued and outstanding at June 30, 2019 and 2018, respectively | | | | | 4 | | | | | | 4 | | |
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding | | | | | — | | | | | | — | | |
Paid-in capital | | | | | 133,266 | | | | | | 129,873 | | |
Retained earnings | | | | | 168,926 | | | | | | 131,560 | | |
Accumulated other comprehensive income (loss) | | | | | (86,181) | | | | | | (76,483) | | |
Total stockholders’ equity | | | | | 216,015 | | | | | | 184,954 | | |
Total liabilities and stockholders’ equity | | | | $ | 726,671 | | | | | $ | 671,679 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | (in thousands) | | |||||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 27,564 | | | | | | 26,943 | | | | | | 26,001 | | |
Amortization of debt issuance costs and debt discount | | | | | 882 | | | | | | 883 | | | | | | 1,015 | | |
Stock-based compensation | | | | | 2,259 | | | | | | 334 | | | | | | — | | |
Acquisition-related items | | | | | — | | | | | | 3,908 | | | | | | 2,081 | | |
Pension settlement cost | | | | | — | | | | | | — | | | | | | 1,702 | | |
Deferred income taxes | | | | | (105) | | | | | | 6,389 | | | | | | (28) | | |
Foreign currency (gains) losses, net | | | | | (1,899) | | | | | | (635) | | | | | | (867) | | |
Other | | | | | (302) | | | | | | 1,181 | | | | | | 765 | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Changes in operating assets and liabilities, net of business acquisitions: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (23,679) | | | | | | (11,900) | | | | | | (2,765) | | |
Inventories, net | | | | | (20,982) | | | | | | (24,292) | | | | | | 5,432 | | |
Other current assets | | | | | (7,173) | | | | | | 134 | | | | | | (3,012) | | |
Other assets | | | | | (299) | | | | | | (152) | | | | | | (1,504) | | |
Accounts payable | | | | | 12,092 | | | | | | 2,446 | | | | | | (3,119) | | |
Accrued expenses and other liabilities | | | | | 4,098 | | | | | | (114) | | | | | | 5,471 | | |
Net cash provided by operating activities | | | | | 47,169 | | | | | | 70,008 | | | | | | 98,385 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Purchases of short-term investments | | | | | (34,000) | | | | | | (82,000) | | | | | | — | | |
Maturities of short-term investments | | | | | 60,000 | | | | | | 32,000 | | | | | | — | | |
Capital expenditures | | | | | (29,891) | | | | | | (18,548) | | | | | | (20,880) | | |
Business acquisitions | | | | | (9,838) | | | | | | (15,000) | | | | | | — | | |
Other, net | | | | | (404) | | | | | | (1,064) | | | | | | (1,062) | | |
Net cash used by investing activities | | | | | (14,133) | | | | | | (84,612) | | | | | | (21,942) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Revolving credit facility borrowings | | | | | 213,000 | | | | | | 225,000 | | | | | | 230,500 | | |
Revolving credit facility repayments | | | | | (187,000) | | | | | | (220,000) | | | | | | (234,500) | | |
Proceeds from long-term debt | | | | | — | | | | | | — | | | | | | 250,000 | | |
Payments of long-term debt, capital leases and other | | | | | (12,649) | | | | | | (6,401) | | | | | | (285,527) | | |
Issuance of acquisition note payable | | | | | 3,775 | | | | | | — | | | | | | — | | |
Payment of acquisition note payable | | | | | (3,775) | | | | | | — | | | | | | — | | |
Debt issuance costs | | | | | — | | | | | | — | | | | | | (3,925) | | |
Proceeds from common shares issued | | | | | 1,134 | | | | | | 5,699 | | | | | | 5,541 | | |
Dividends paid | | | | | (18,592) | | | | | | (16,073) | | | | | | (15,827) | | |
Net cash used by financing activities | | | | | (4,107) | | | | | | (11,775) | | | | | | (53,738) | | |
Effect of exchange rate changes on cash | | | | | (524) | | | | | | (536) | | | | | | (227) | | |
Net increase (decrease) in cash and cash equivalents | | | | | 28,405 | | | | | | (26,915) | | | | | | 22,478 | | |
Cash and cash equivalents at beginning of period | | | | | 29,168 | | | | | | 56,083 | | | | | | 33,605 | | |
Cash and cash equivalents at end of period | | | | $ | 57,573 | | | | | $ | 29,168 | | | | | $ | 56,083 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Interest paid | | | | $ | 12,250 | | | | | $ | 11,208 | | | | | $ | 14,600 | | |
Income taxes paid, net | | | | | 16,215 | | | | | | 15,191 | | | | | | 14,762 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment and capital lease additions | | | | | 2,890 | | | | | | 8,449 | | | | | | 1,550 | | |
| | | Shares of Common Stock | | | Common Stock | | | Preferred Stock | | | Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | |||||||||||||||||||||
As of June 30, 2016 | | | | | 39,407,568 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 118,299 | | | | | $ | 33,962 | | | | | $ | (61,785) | | | | | $ | 90,480 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,615 | | | | | | 6,348 | | | | | | 70,963 | | |
Exercise of stock options | | | | | 468,400 | | | | | | — | | | | | | — | | | | | | 5,541 | | | | | | — | | | | | | — | | | | | | 5,541 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,827) | | | | | | — | | | | | | (15,827) | | |
As of June 30, 2017 | | | | | 39,875,968 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 123,840 | | | | | $ | 82,750 | | | | | $ | (55,437) | | | | | $ | 151,157 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,883 | | | | | | (21,046) | | | | | | 43,837 | | |
Exercise of stock options | | | | | 481,740 | | | | | | — | | | | | | — | | | | | | 5,699 | | | | | | — | | | | | | — | | | | | | 5,699 | | |
Dividends declared ($0.40 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,073) | | | | | | — | | | | | | (16,073) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 334 | | | | | | — | | | | | | — | | | | | | 334 | | |
As of June 30, 2018 | | | | | 40,357,708 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 129,873 | | | | | $ | 131,560 | | | | | $ | (76,483) | | | | | $ | 184,954 | | |
Adoption of new revenue standard | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,245 | | | | | | — | | | | | | 1,245 | | |
Comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54,713 | | | | | | (9,698) | | | | | | 45,015 | | |
Exercise of stock options | | | | | 95,900 | | | | | | — | | | | | | — | | | | | | 1,134 | | | | | | — | | | | | | — | | | | | | 1,134 | | |
Dividends declared ($0.46 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,592) | | | | | | — | | | | | | (18,592) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 2,259 | | | | | | — | | | | | | — | | | | | | 2,259 | | |
As of June 30, 2019 | | | | | 40,453,608 | | | | | $ | 4 | | | | | $ | — | | | | | $ | 133,266 | | | | | $ | 168,926 | | | | | $ | (86,181) | | | | | $ | 216,015 | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Net income | | | $ | 64,615 | | | | $ | 82,728 | | | | $ | 60,280 | | | | | $ | 54,713 | | | | $ | 64,883 | | | | $ | 64,615 | | | ||||||
Weighted average number of shares–basic | | | | 39,524 | | | | | 39,254 | | | | | 38,969 | | | | | | 40,412 | | | | | 40,181 | | | | | 39,524 | | | ||||||
Dilutive effect of stock options | | | | 518 | | | | | 708 | | | | | 846 | | | ||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units | | | | 111 | | | | | 204 | | | | | 518 | | | ||||||||||||||||||||||
Weighted average number of shares–diluted | | | | 40,042 | | | | | 39,962 | | | | | 39,815 | | | | | | 40,523 | | | | | 40,385 | | | | | 40,042 | | | ||||||
Net income per share | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
basic | | | $ | 1.63 | | | | $ | 2.11 | | | | $ | 1.55 | | | | | $ | 1.35 | | | | $ | 1.61 | | | | $ | 1.63 | | | ||||||
diluted | | | $ | 1.61 | | | | $ | 2.07 | | | | $ | 1.51 | | | | | $ | 1.35 | | | | $ | 1.61 | | | | $ | 1.61 | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Interest expense, net | | | | | | | | | | | | | | | | | | | |
Term loan | | | | $ | 11,482 | | | | | $ | 11,631 | | | | | $ | 11,717 | | |
Revolving credit facility | | | | | 2,897 | | | | | | 2,257 | | | | | | 918 | | |
Amortization of debt issuance costs and debt discount | | | | | 1,015 | | | | | | 989 | | | | | | 967 | | |
Acquisition-related accrued interest | | | | | 1,373 | | | | | | 1,476 | | | | | | 613 | | |
Other | | | | | 105 | | | | | | 495 | | | | | | 339 | | |
Interest expense | | | | | 16,872 | | | | | | 16,848 | | | | | | 14,554 | | |
Interest (income) | | | | | (1,966) | | | | | | (256) | | | | | | (249) | | |
| | | | $ | 14,906 | | | | | $ | 16,592 | | | | | $ | 14,305 | | |
Depreciation and amortization | | | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment | | | | $ | 19,916 | | | | | $ | 17,659 | | | | | $ | 16,813 | | |
Amortization of intangible assets | | | | | 5,950 | | | | | | 5,559 | | | | | | 4,560 | | |
Amortization of other assets | | | | | 135 | | | | | | 234 | | | | | | 231 | | |
| | | | $ | 26,001 | | | | | $ | 23,452 | | | | | $ | 21,604 | | |
|
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Research and development expenditures | | | | $ | 9,442 | | | | | $ | 11,029 | | | | | $ | 9,511 | | |
|
As of July 1, 2018 | | | Effect of Adoption | | | Post-adoption | | ||||||
Other current assets | | | | $ | 2,100 | | | | | $ | 24,481 | | |
Other assets | | | | | 2,325 | | | | | | 49,109 | | |
Accrued expenses and other current liabilities | | | | | 343 | | | | | | 71,487 | | |
Other liabilities | | | | | 2,837 | | | | | | 46,539 | | |
Retained earnings | | | | $ | 1,245 | | | | | $ | 132,805 | | |
As of June 30, 2019 | | | Effect of adoption | | | As reported | | ||||||
Other current assets | | | | $ | 225 | | | | | $ | 27,245 | | |
Other assets | | | | | 225 | | | | | | 45,448 | | |
Other liabilities | | | | | (216) | | | | | | 42,794 | | |
Retained earnings | | | | $ | 666 | | | | | $ | 168,926 | | |
For the Year Ended June 30, 2019 | | | Effect of adoption | | | As reported | | ||||||
Net sales | | | | $ | 793 | | | | | $ | 827,995 | | |
Provision for income taxes | | | | | 127 | | | | | | 16,792 | | |
Net income | | | | $ | 666 | | | | | $ | 54,713 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Animal Health | | | | | |||||||||||||||
MFAs and other | | | | $ | 350,468 | | | | | $ | 336,666 | | | | | $ | 321,430 | | |
Nutritional specialties | | | | | 113,215 | | | | | | 122,978 | | | | | | 111,282 | | |
Vaccines | | | | | 68,291 | | | | | | 72,083 | | | | | | 65,033 | | |
Total Animal Health | | | | $ | 531,974 | | | | | $ | 531,727 | | | | | $ | 497,745 | | |
Mineral Nutrition | | | | | 233,782 | | | | | | 234,922 | | | | | | 218,298 | | |
Performance Products | | | | | 62,239 | | | | | | 53,333 | | | | | | 48,238 | | |
Total | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
United States | | | | $ | 480,101 | | | | | $ | 490,880 | | | | | $ | 483,794 | | |
Latin America and Canada | | | | | 152,380 | | | | | | 143,231 | | | | | | 113,187 | | |
Europe, Middle East and Africa | | | | | 105,365 | | | | | | 110,377 | | | | | | 95,838 | | |
Asia Pacific | | | | | 90,149 | | | | | | 75,494 | | | | | | 71,462 | | |
Total | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Interest expense, net | | | | | |||||||||||||||
Term loan | | | | $ | 8,553 | | | | | $ | 8,321 | | | | | $ | 11,482 | | |
Revolving credit facility | | | | | 3,748 | | | | | | 2,777 | | | | | | 2,897 | | |
Amortization of debt issuance costs and debt discount | | | | | 882 | | | | | | 883 | | | | | | 1,015 | | |
Acquisition-related accrued interest | | | | | — | | | | | | 1,085 | | | | | | 1,373 | | |
Other | | | | | 494 | | | | | | 537 | | | | | | 105 | | |
Interest expense | | | | | 13,677 | | | | | | 13,603 | | | | | | 16,872 | | |
Interest (income) | | | | | (1,901) | | | | | | (1,693) | | | | | | (1,966) | | |
| | | | $ | 11,776 | | | | | $ | 11,910 | | | | | $ | 14,906 | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Depreciation and amortization | | | | | |||||||||||||||
Depreciation of property, plant and equipment | | | | $ | 21,423 | | | | | $ | 21,044 | | | | | $ | 19,916 | | |
Amortization of intangible assets | | | | | 6,092 | | | | | | 5,851 | | | | | | 5,950 | | |
Amortization of other assets | | | | | 49 | | | | | | 48 | | | | | | 135 | | |
| | | | $ | 27,564 | | | | | $ | 26,943 | | | | | $ | 26,001 | | |
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Research and development expenditures | | | | $ | 12,083 | | | | | $ | 9,998 | | | | | $ | 9,442 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Accounts receivable, net | | | | | | | | | | | | | |
Trade accounts receivable | | | | $ | 132,275 | | | | | $ | 128,743 | | |
Allowance for doubtful accounts | | | | | (6,428) | | | | | | (4,953) | | |
| | | | $ | 125,847 | | | | | $ | 123,790 | | |
|
As of June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Allowance for doubtful accounts | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | | | | $ | 4,953 | | | | | $ | 3,378 | | | | | $ | 1,235 | | |
Provision for bad debts | | | | | 1,412 | | | | | | 1,774 | | | | | | 2,587 | | |
Effect of changes in exchange rates | | | | | 159 | | | | | | (132) | | | | | | (218) | | |
Bad debt write-offs (recovery) | | | | | (96) | | | | | | (67) | | | | | | (226) | | |
Balance at end of period | | | | $ | 6,428 | | | | | $ | 4,953 | | | | | $ | 3,378 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Inventories | | | | | | | | | | | | | |
Raw materials | | | | $ | 54,861 | | | | | $ | 51,369 | | |
Work-in-process | | | | | 12,402 | | | | | | 8,074 | | |
Finished goods | | | | | 93,970 | | | | | | 108,248 | | |
| | | | $ | 161,233 | | | | | $ | 167,691 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Property, plant and equipment, net | | | | | | | | | | | | | |
Land | | | | $ | 9,584 | | | | | $ | 9,612 | | |
Buildings and improvements | | | | | 65,958 | | | | | | 64,265 | | |
Machinery and equipment | | | | | 212,589 | | | | | | 196,480 | | |
| | | | | 288,131 | | | | | | 270,357 | | |
Accumulated depreciation | | | | | (160,780) | | | | | | (143,034) | | |
| | | | $ | 127,351 | | | | | $ | 127,323 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Accounts receivable, net | | | | ||||||||||
Trade accounts receivable | | | | $ | 163,464 | | | | | $ | 141,999 | | |
Allowance for doubtful accounts | | | | | (4,442) | | | | | | (6,257) | | |
| | | | $ | 159,022 | | | | | $ | 135,742 | | |
|
As of June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Allowance for doubtful accounts | | | | | |||||||||||||||
Balance at beginning of period | | | | $ | 6,257 | | | | | $ | 6,428 | | | | | $ | 4,953 | | |
Provision for bad debts | | | | | (201) | | | | | | 166 | | | | | | 1,412 | | |
Effect of changes in exchange rates | | | | | 38 | | | | | | (215) | | | | | | 159 | | |
Bad debt write-offs | | | | | (1,500) | | | | | | — | | | | | | — | | |
Bad debt recovery | | | | | (152) | | | | | | (122) | | | | | | (96) | | |
Balance at end of period | | | | $ | 4,442 | | | | | $ | 6,257 | | | | | $ | 6,428 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Inventories | | | | ||||||||||
Raw materials | | | | $ | 64,441 | | | | | $ | 62,373 | | |
Work-in-process | | | | | 10,699 | | | | | | 14,731 | | |
Finished goods | | | | | 123,182 | | | | | | 101,066 | | |
| | | | $ | 198,322 | | | | | $ | 178,170 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Property, plant and equipment, net | | | | ||||||||||
Land | | | | $ | 10,152 | | | | | $ | 10,140 | | |
Buildings and improvements | | | | | 71,036 | | | | | | 68,769 | | |
Machinery and equipment | | | | | 252,097 | | | | | | 227,092 | | |
| | | | | 333,285 | | | | | | 306,001 | | |
Accumulated depreciation | | | | | (193,050) | | | | | | (175,893) | | |
| | | | $ | 140,235 | | | | | $ | 130,108 | | |
As of June 30 | | | Weighted- Average Useful Life (Years) | | | 2017 | | | 2016 | | |||||||||
Intangibles, net | | | | | | | | | | | | | | | | | | | |
Cost | | | | | | | | | | | | | | | | | | | |
Medicated feed additive product registrations | | | | | 10 | | | | | $ | 10,400 | | | | | $ | 11,744 | | |
Amprolium international marketing rights | | | | | 10 | | | | | | 4,292 | | | | | | 4,292 | | |
Customer relationships | | | | | 13 | | | | | | 10,616 | | | | | | 10,606 | | |
Technology | | | | | 13 | | | | | | 67,907 | | | | | | 66,960 | | |
Distribution agreements | | | | | 4 | | | | | | 3,222 | | | | | | 3,275 | | |
Trade names, trademarks and other | | | | | 5 | | | | | | 2,740 | | | | | | 2,740 | | |
In-process research and development | | | | | | | | | | | 1,800 | | | | | | 1,579 | | |
| | | | | | | | | | | 100,977 | | | | | | 101,196 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | |
Medicated feed additive product registrations | | | | | | | | | | | (10,400) | | | | | | (10,846) | | |
Amprolium international marketing rights | | | | | | | | | | | (4,292) | | | | | | (4,292) | | |
Customer relationships | | | | | | | | | | | (6,995) | | | | | | (6,303) | | |
Technology | | | | | | | | | | | (18,776) | | | | | | (13,877) | | |
Distribution agreements | | | | | | | | | | | (3,222) | | | | | | (3,275) | | |
Trade names, trademarks and other | | | | | | | | | | | (2,690) | | | | | | (2,508) | | |
| | | | | | | | | | | (46,375) | | | | | | (41,101) | | |
| | | | | | | | | | $ | 54,602 | | | | | $ | 60,095 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Goodwill roll-forward | | | | | | | | | | | | | |
Balance at beginning of period | | | | $ | 21,121 | | | | | $ | 12,613 | | |
Purchase price allocation correction | | | | | 2,861 | | | | | | — | | |
MVP acquisition | | | | | — | | | | | | 8,508 | | |
Balance at end of period | | | | $ | 23,982 | | | | | $ | 21,121 | | |
|
As of June 30 | | | Weighted- Average Useful Life (Years) | | | 2019 | | | 2018 | | |||||||||
Intangibles, net | | | | | |||||||||||||||
Cost | | | | | |||||||||||||||
Technology | | | | | 13 | | | | | $ | 71,016 | | | | | $ | 69,475 | | |
Product registrations, marketing and distribution rights | | | | | 9 | | | | | | 17,858 | | | | | | 17,902 | | |
Customer relationships | | | | | 13 | | | | | | 12,194 | | | | | | 12,211 | | |
Trade names, trademarks and other | | | | | 5 | | | | | | 2,740 | | | | | | 2,740 | | |
In-process research and development | | | | | | | | | | | 1,800 | | | | | | 1,800 | | |
| | | | | | | | | | | 105,608 | | | | | | 104,128 | | |
Accumulated amortization | | | | | |||||||||||||||
Technology | | | | | | | | | | | (29,333) | | | | | | (23,937) | | |
Product registrations, marketing and distribution rights | | | | | | | | | | | (17,811) | | | | | | (17,902) | | |
Customer relationships | | | | | | | | | | | (8,282) | | | | | | (7,614) | | |
Trade names, trademarks and other | | | | | | | | | | | (2,704) | | | | | | (2,697) | | |
| | | | | | | | | | | (58,130) | | | | | | (52,150) | | |
| | | | | | | | | | $ | 47,478 | | | | | $ | 51,978 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Goodwill roll-forward | | | | ||||||||||
Balance at beginning of period | | | | $ | 27,348 | | | | | $ | 23,982 | | |
Acquisition | | | | | — | | | | | | 5,642 | | |
Translation | | | | | — | | | | | | (2,276) | | |
Balance at end of period | | | | $ | 27,348 | | | | | $ | 27,348 | | |
As of June 30 | | | 2017 | | | 2016 | | ||||||
Other assets | | | | | | | | | | | | | |
Acquisition-related note receivable | | | | $ | 5,000 | | | | | $ | 5,000 | | |
Equity method investments | | | | | 4,235 | | | | | | 4,580 | | |
Insurance investments | | | | | 5,097 | | | | | | 4,833 | | |
Deferred financing fees | | | | | 2,552 | | | | | | 1,064 | | |
Deferred income taxes | | | | | 23,269 | | | | | | 28,019 | | |
Deposits | | | | | 7,074 | | | | | | 5,992 | | |
Other | | | | | 6,570 | | | | | | 6,977 | | |
| | | | $ | 53,797 | | | | | $ | 56,465 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Other assets | | | | ||||||||||
Equity method investments | | | | $ | 4,196 | | | | | $ | 3,944 | | |
Insurance investments | | | | | 5,431 | | | | | | 5,235 | | |
Deferred financing fees | | | | | 1,531 | | | | | | 2,042 | | |
Deferred income taxes | | | | | 16,770 | | | | | | 15,424 | | |
Deposits | | | | | 7,024 | | | | | | 6,692 | | |
Indemnification asset | | | | | 3,000 | | | | | | 3,000 | | |
Fair value of derivative | | | | | — | | | | | | 5,078 | | |
Other | | | | | 7,496 | | | | | | 5,369 | | |
| | | | $ | 45,448 | | | | | $ | 46,784 | | |
As of June 30 | | | 2017 | | | 2016 | | ||||||
Accrued expenses and other current liabilities | | | | | | | | | | | | | |
Employee related | | | | $ | 26,553 | | | | | $ | 21,712 | | |
Commissions and rebates | | | | | 6,443 | | | | | | 3,722 | | |
Insurance related | | | | | 1,515 | | | | | | 1,780 | | |
Professional fees | | | | | 3,823 | | | | | | 3,573 | | |
Income and other taxes | | | | | 3,035 | | | | | | 1,910 | | |
Contingent consideration on acquisitions | | | | | — | | | | | | 1,250 | | |
Other | | | | | 11,283 | | | | | | 11,756 | | |
| | | | $ | 52,652 | | | | | $ | 45,703 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Other liabilities | | | | | | | | | | | | | |
U.S. pension plan | | | | $ | 6,150 | | | | | $ | 21,371 | | |
International retirement plans | | | | | 5,257 | | | | | | 5,600 | | |
Supplemental retirement benefits, deferred compensation and other | | | | | 9,783 | | | | | | 8,984 | | |
Long term and deferred income taxes | | | | | 8,946 | | | | | | 8,205 | | |
Contingent consideration on acquisitions | | | | | 11,751 | | | | | | 9,172 | | |
Other long term liabilities | | | | | 7,666 | | | | | | 7,981 | | |
| | | | $ | 49,553 | | | | | $ | 61,313 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Accrued expenses and other current liabilities | | | | ||||||||||
Employee related | | | | $ | 28,298 | | | | | $ | 27,333 | | |
Commissions and rebates | | | | | 8,397 | | | | | | 7,341 | | |
Insurance-related | | | | | 1,279 | | | | | | 1,168 | | |
Professional fees | | | | | 5,212 | | | | | | 4,350 | | |
Income and other taxes | | | | | 6,067 | | | | | | 3,610 | | |
Acquisition-related consideration | | | | | — | | | | | | 12,845 | | |
Restructuring costs | | | | | 3,590 | | | | | | — | | |
Other | | | | | 15,655 | | | | | | 14,497 | | |
| | | | $ | 68,498 | | | | | $ | 71,144 | | |
As of June 30 | | | 2017 | | | 2016 | | ||||||
Accumulated other comprehensive income (loss) | | | | | | | | | | | | | |
Derivative instruments | | | | $ | 2,686 | | | | | $ | 2,655 | | |
Foreign currency translation adjustment | | | | | (43,556) | | | | | | (41,904) | | |
Unrecognized net pension gains (losses) | | | | | (18,059) | | | | | | (30,977) | | |
(Provision) benefit for income taxes on derivative instruments | | | | | (1,553) | | | | | | (1,548) | | |
(Provision) benefit for incomes taxes on long-term intercompany investments | | | | | 8,166 | | | | | | 8,166 | | |
(Provision) benefit for income taxes on pension gains (losses) | | | | | (3,121) | | | | | | 1,823 | | |
| | | | $ | (55,437) | | | | | $ | (61,785) | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Other liabilities | | | | ||||||||||
U.S. pension plan | | | | $ | 3,934 | | | | | $ | 2,910 | | |
International retirement plans | | | | | 5,133 | | | | | | 4,644 | | |
Supplemental retirement benefits, deferred compensation and other | | | | | 7,605 | | | | | | 10,792 | | |
Long term and deferred income taxes | | | | | 8,978 | | | | | | 9,729 | | |
Restructuring costs | | | | | 2,000 | | | | | | — | | |
Other long term liabilities | | | | | 15,144 | | | | | | 15,627 | | |
| | | | $ | 42,794 | | | | | $ | 43,702 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Accumulated other comprehensive income (loss) | | | | ||||||||||
Derivative instruments | | | | $ | (594) | | | | | $ | 4,986 | | |
Foreign currency translation adjustment | | | | | (71,225) | | | | | | (67,098) | | |
Unrecognized net pension gains (losses) | | | | | (20,050) | | | | | | (18,213) | | |
(Provision) benefit for income taxes on derivative instruments | | | | | 148 | | | | | | (1,241) | | |
(Provision) benefit for incomes taxes on long-term intercompany investments | | | | | 8,166 | | | | | | 8,166 | | |
(Provision) benefit for income taxes on pension gains (losses) | | | | | (2,626) | | | | | | (3,083) | | |
| | | | $ | (86,181) | | | | | $ | (76,483) | | |
| Working capital, net | | | | $ | 4,914 | | | | ||
| Property, plant and equipment | | | | | 4,774 | | | | ||
| Definite-lived intangible assets | | | | | 28,380 | | | | ||
| Goodwill | | | | | 8,508 | | | | ||
| Net assets acquired | | | | $ | 46,576 | | | | | |
|
As of June 30 | | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||
Term A Loan due June 2022 | | | $ | 250,000 | | | | $ | — | | | | | $ | 231,250 | | | | $ | 243,750 | | | ||||
Term B Loan due April 2021 | | | | — | | | | | 284,200 | | | |||||||||||||||
Capitalized lease obligations | | | | — | | | | | 7 | | | | | | 40 | | | | | 118 | | | ||||
| | | | 250,000 | | | | | 284,207 | | | | | | 231,290 | | | | | 243,868 | | | ||||
Unamortized debt issuance costs and debt discount | | | | (1,859) | | | | | (3,035) | | | | | | (1,115) | | | | | (1,487) | | | ||||
| | | | 248,141 | | | | | 281,172 | | | | | | 230,175 | | | | | 242,381 | | | ||||
Less: current maturities | | | | (6,250) | | | | | (2,907) | | | | | | (12,540) | | | | | (12,579) | | | ||||
| | | $ | 241,891 | | | | $ | 278,265 | | | | | $ | 217,635 | | | | $ | 229,802 | | | |
For the Years Ended June 30 | | | ||||||||||||
2018 | | | $ | 6,250 | | | ||||||||
2019 | | | | 12,500 | | | ||||||||
For the Year Ended June 30 | | | ||||||||||||
2020 | | | | 12,500 | | | | | $ | 12,540 | | | ||
2021 | | | | 18,750 | | | | | | 18,750 | | | ||
2022 | | | | 200,000 | | | | | | 200,000 | | | ||
Total | | | $ | 250,000 | | | | | $ | 231,290 | | | ||
|
| | 2017 | | 2016 | | | | | | | 2017 | | 2016 | | | 2019 | | 2018 | | | | | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||
As of June 30 | | Authorized Shares | | Par value | | Issued and outstanding shares | | | Authorized Shares | | Par value | | Issued and outstanding shares | | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | | | | 16,000,000 | | | | | 16,000,000 | | | | $ | 0.0001 | | | | | — | | | | | — | | | | | | 16,000,000 | | | | | 16,000,000 | | | | $ | 0.0001 | | | | | — | | | | | — | | | ||||||||||
Common stock–Class A | | | | 300,000,000 | | | | | 300,000,000 | | | | $ | 0.0001 | | | | | 19,249,132 | | | | | 18,519,757 | | | | | | 300,000,000 | | | | | 300,000,000 | | | | $ | 0.0001 | | | | | 20,287,574 | | | | | 19,992,204 | | | ||||||||||
Common stock–Class B | | | | 30,000,000 | | | | | 30,000,000 | | | | $ | 0.0001 | | | | | 20,626,836 | | | | | 20,887,811 | | | | | | 30,000,000 | | | | | 30,000,000 | | | | $ | 0.0001 | | | | | 20,166,034 | | | | | 20,365,504 | | |
| | | Option Shares | | | Weighted- Average Exercise Price Per Share | | ||||||
Outstanding, June 30, 2016 | | | | | 1,046,040 | | | | | $ | 11.83 | | |
Exercised | | | | | (468,400) | | | | | $ | 11.83 | | |
Outstanding, June 30, 2017 | | | | | 577,640 | | | | | $ | 11.83 | | |
Exercisable, June 30, 2017 | | | | | 577,640 | | | | | $ | 11.83 | | |
|
| | | RSUs | | | Grant Date Fair Value per RSU Share | | | Grant Date Fair Value | | |||||||||
Performance-Based RSUs Granted May 2018 | | | | | 200,000 | | | | | $ | 19.63 | | | | | $ | 3,926 | | |
Time-Based RSUs Granted May 2018 | | | | | 50,000 | | | | | $ | 41.10 | | | | | $ | 2,055 | | |
Outstanding June 30, 2019 and 2018 | | | | | 250,000 | | | | | $ | 23.92 | | | | | $ | 5,981 | | |
| | | Option Shares | | | Weighted-Average Exercise Price Per Share | | ||||||
Outstanding, June 30, 2018 | | | | | 95,900 | | | | | $ | 11.83 | | |
Exercised | | | | | (95,900) | | | | | $ | 11.83 | | |
Outstanding, June 30, 2019 | | | | | — | | | | | $ | — | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | ||||||
Change in projected benefit obligation | | | | | | | | | | | | | |
Projected benefit obligation at beginning of year | | | | $ | 75,664 | | | | | $ | 62,605 | | |
Service cost | | | | | 845 | | | | | | 2,939 | | |
Interest cost | | | | | 2,045 | | | | | | 2,893 | | |
Benefits paid | | | | | (1,521) | | | | | | (1,271) | | |
Actuarial (gain) loss | | | | | (1,448) | | | | | | 8,498 | | |
Liability (gain) loss due to curtailment | | | | | (6,822) | | | | | | — | | |
Settlement payments | | | | | (5,503) | | | | | | — | | |
Projected benefit obligation at end of year | | | | $ | 63,260 | | | | | $ | 75,664 | | |
|
For the Years Ended June 30 | | | 2017 | | | 2016 | | ||||||
Change in plan assets | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | | | $ | 54,293 | | | | | $ | 44,032 | | |
Actual return on plan assets | | | | | 5,647 | | | | | | (1,202) | | |
Employer contributions | | | | | 4,194 | | | | | | 12,734 | | |
Benefits paid | | | | | (1,521) | | | | | | (1,271) | | |
Settlement payments | | | | | (5,503) | | | | | | — | | |
Fair value of plan assets at end of year | | | | $ | 57,110 | | | | | $ | 54,293 | | |
Funded status at end of year | | | | $ | (6,150) | | | | | $ | (21,371) | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | ||||||
Change in projected benefit obligation | | | | ||||||||||
Projected benefit obligation at beginning of year | | | | $ | 61,557 | | | | | $ | 63,260 | | |
Interest cost | | | | | 2,407 | | | | | | 2,157 | | |
Benefits paid | | | | �� | (1,758) | | | | | | (2,196) | | |
Actuarial (gain) loss | | | | | 6,321 | | | | | | (1,664) | | |
Projected benefit obligation at end of year | | | | $ | 68,527 | | | | | $ | 61,557 | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | ||||||
Change in plan assets | | | | ||||||||||
Fair value of plan assets at beginning of year | | | | $ | 58,648 | | | | | $ | 57,110 | | |
Actual return on plan assets | | | | | 6,860 | | | | | | 965 | | |
Employer contributions | | | | | 842 | | | | | | 2,768 | | |
Benefits paid | | | | | (1,757) | | | | | | (2,195) | | |
Fair value of plan assets at end of year | | | | $ | 64,593 | | | | | $ | 58,648 | | |
Funded status at end of year | | | | $ | (3,934) | | | | | $ | (2,909) | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | ||||||
Accumulated Other Comprehensive (Income) Loss Related to Pension Plan | | | | | | | | | | | | | |
Balance at beginning of period | | | | $ | 30,977 | | | | | $ | 19,884 | | |
Amortization of net actuarial loss and prior service costs | | | | | (9,213) | | | | | | (1,784) | | |
Current period net actuarial (gain) loss | | | | | (3,705) | | | | | | 12,877 | | |
Net change | | | | | (12,918) | | | | | | 11,093 | | |
Balance at end of period | | | | $ | 18,059 | | | | | $ | 30,977 | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | ||||||
Accumulated Other Comprehensive Income (Loss) Related to Pension Plan | | | | | | | | | | | | | |
Balance at beginning of period | | | | $ | (18,213) | | | | | $ | (18,059) | | |
Amortization of net actuarial loss | | | | | 465 | | | | | | 453 | | |
Current period net actuarial (loss) gain | | | | | (2,302) | | | | | | (607) | | |
Net change | | | | | (1,837) | | | | | | (154) | | |
Balance at end of period | | | | $ | (20,050) | | | | | $ | (18,213) | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Service cost–benefits earned during the year | | | $ | 845 | | | | $ | 2,939 | | | | $ | 2,954 | | | | | $ | — | | | | $ | — | | | | $ | 845 | | | ||||||
Interest cost on benefit obligation | | | | 2,045 | | | | | 2,893 | | | | | 2,618 | | | | | | 2,407 | | | | | 2,157 | | | | | 2,045 | | | ||||||
Expected return on plan assets | | | | (3,389) | | | | | (3,177) | | | | | (2,828) | | | | | | (2,842) | | | | | (3,236) | | | | | (3,389) | | | ||||||
Amortization of net actuarial loss and prior service costs | | | | 672 | | | | | 1,784 | | | | | 1,405 | | | ||||||||||||||||||||||
Amortization of net actuarial loss | | | | 465 | | | | | 453 | | | | | 672 | | | ||||||||||||||||||||||
Curtailment expense | | | | 16 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 16 | | | ||||||
Settlement expense | | | | 1,702 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 1,702 | | | ||||||
Net pension expense | | | $ | 1,891 | | | | $ | 4,439 | | | | $ | 4,149 | | | ||||||||||||||||||||||
Net periodic pension expense | | | $ | 30 | | | | $ | (626) | | | | $ | 1,891 | | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Discount rate for service cost | | | | 4.0% | | | | | 4.6% | | | | | 4.5% | | | | | | N/A | | | | | N/A | | | | | 4.0% | | | ||||||
Discount rate for interest cost | | | | 3.2% | | | | | 4.6% | | | | | 4.5% | | | | | | 3.1% | | | | | 3.9% | | | | | 3.2% | | | ||||||
Expected rate of return on plan assets | | | | 6.1% | | | | | 6.1% | | | | | 6.7% | | | | | | 4.9% | | | | | 5.6% | | | | | 6.1% | | | ||||||
Discount rate for year-end benefit obligation | | | | 3.9% | | | | | 3.9% | | | | | 4.6% | | | | | | 3.6% | | | | | 4.2% | | | | | 3.9% | | |
For the Years Ended June 30 | | | |||||
2018 | | | | $ | 2,156 | | |
2019 | | | | | 2,388 | | |
2020 | | | | | 2,612 | | |
2021 | | | | | 2,815 | | |
2022 | | | | | 3,014 | | |
2023–2027 | | | | | 17,073 | | |
For the Year Ended June 30 | | | |||||
2020 | | | | $ | 2,599 | | |
2021 | | | | | 2,878 | | |
2022 | | | | | 3,113 | | |
2023 | | | | | 3,318 | | |
2024 | | | | | 3,474 | | |
2025–2029 | | | | | 18,828 | | |
| | Target Allocation | | Percentage of Plan Assets | | | Target Allocation | | Percentage of Plan Assets | | ||||||||||||||||||||||
For the years ended June 30 | | 2018 | | 2017 | | 2016 | | |||||||||||||||||||||||||
For the Year Ended June 30 | | 2020 | | 2019 | | 2018 | | |||||||||||||||||||||||||
Debt securities | | 48%–68% | | | | 33% | | | | | 19% | | | | 57%–77% | | | | 67% | | | | | 63% | | | ||||||
Equity securities | | 20%–40% | | | | 38% | | | | | 43% | | | | 18%–38% | | | | 28% | | | | | 26% | | | ||||||
Global asset allocation/risk parity(1) | | 2%–22% | | | | 17% | | | | | 26% | | | | 0%–15% | | | | 4% | | | | | 10% | | | ||||||
Other | | 0%–10% | | | | 12% | | | | | 12% | | | | 0%–10% | | | | 1% | | | | | 1% | | |
| | | Fair Value Measurements Using | | |||||||||||||||||||||
As of June 30, 2017 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash and cash equivalents | | | | $ | 3,023 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,023 | | |
Common-collective funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Global large cap equities | | | | | — | | | | | | 12,385 | | | | | | 7,132 | | | | | | 19,517 | | |
Fixed income securities | | | | | — | | | | | | 16,850 | | | | | | 1,136 | | | | | | 17,986 | | |
Global asset allocations/risk parity | | | | | — | | | | | | 5,822 | | | | | | — | | | | | | 5,822 | | |
Mutual funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Equities | | | | | 1,972 | | | | | | — | | | | | | — | | | | | | 1,972 | | |
Fixed income securities | | | | | 1,099 | | | | | | — | | | | | | — | | | | | | 1,099 | | |
Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other | | | | | | | | | | | | | | | | | | | | | | | | | |
Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 4,103 | | |
Other | | | | | — | | | | | | — | | | | | | 3,588 | | | | | | 3,588 | | |
| | | | $ | 6,094 | | | | | $ | 35,057 | | | | | $ | 15,959 | | | | | $ | 57,110 | | |
|
| | | Fair Value Measurements Using | | |||||||||||||||||||||
As of June 30, 2016 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash and cash equivalents | | | | $ | 713 | | | | | $ | — | | | | | $ | — | | | | | $ | 713 | | |
Common-collective funds | | | | | | ||||||||||||||||||||
Global large cap equities | | | | | — | | | | | | 11,963 | | | | | | 6,596 | | | | | | 18,559 | | |
Fixed income securities | | | | | — | | | | | | 7,583 | | | | | | — | | | | | | 7,583 | | |
Global asset allocations/risk parity | | | | | — | | | | | | 4,878 | | | | | | — | | | | | | 4,878 | | |
Mutual funds | | | | | | ||||||||||||||||||||
Global Equities | | | | | 4,611 | | | | | | — | | | | | | — | | | | | | 4,611 | | |
Fixed income securities | | | | | 1,366 | | | | | | — | | | | | | — | | | | | | 1,366 | | |
Global asset allocations/risk parity | | | | | 2,667 | | | | | | — | | | | | | — | | | | | | 2,667 | | |
Other | | | | | | ||||||||||||||||||||
Fixed income securities | | | | | — | | | | | | — | | | | | | 1,434 | | | | | | 1,434 | | |
Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 6,554 | | | | | | 6,554 | | |
Other | | | | | — | | | | | | — | | | | | | 5,929 | | | | | | 5,929 | | |
| | | | $ | 9,357 | | | | | $ | 24,424 | | | | | $ | 20,513 | | | | | $ | 54,294 | | |
|
| | | Fair Value Measurements Using | | |||||||||||||||||||||
As of June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash and cash equivalents | | | | $ | 215 | | | | | $ | — | | | | | $ | — | | | | | $ | 215 | | |
Common-collective funds | | | | | | ||||||||||||||||||||
Global large cap equities | | | | | — | | | | | | 13,995 | | | | | | 4,016 | | | | | | 18,011 | | |
Fixed income securities | | | | | — | | | | | | 43,288 | | | | | | — | | | | | | 43,288 | | |
Global asset allocations/risk parity | | | | | — | | | | | | 1,446 | | | | | | — | | | | | | 1,446 | | |
Other | | | | | | ||||||||||||||||||||
Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 1,447 | | | | | | 1,447 | | |
Other | | | | | — | | | | | | — | | | | | | 186 | | | | | | 186 | | |
| | | | $ | 215 | | | | | $ | 58,729 | | | | | $ | 5,649 | | | | | $ | 64,593 | | |
|
| | | Fair Value Measurements Using | | |||||||||||||||||||||
As of June 30, 2018 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash and cash equivalents | | | | $ | 428 | | | | | $ | — | | | | | $ | — | | | | | $ | 428 | | |
Common-collective funds | | | | | | ||||||||||||||||||||
Global large cap equities | | | | | — | | | | | | 11,632 | | | | | | 3,811 | | | | | | 15,443 | | |
Fixed income securities | | | | | — | | | | | | 36,671 | | | | | | — | | | | | | 36,671 | | |
Global asset allocations/risk parity | | | | | — | | | | | | 2,957 | | | | | | — | | | | | | 2,957 | | |
Other | | | | | | ||||||||||||||||||||
Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 2,881 | | | | | | 2,881 | | |
Other | | | | | — | | | | | | — | | | | | | 268 | | | | | | 268 | | |
| | | | $ | 428 | | | | | $ | 51,260 | | | | | $ | 6,960 | | | | | $ | 58,648 | | |
Change in Fair Value Level 3 assets | | 2017 | | 2016 | | |||||||||||||||||||||
Change in Fair Value of Level 3 assets | | 2019 | | 2018 | | |||||||||||||||||||||
Balance at beginning of period | | | $ | 20,513 | | | | $ | 8,989 | | | | | $ | 6,960 | | | | $ | 15,959 | | | ||||
Redemptions | | | | (9,353) | | | | | (3,656) | | | | | | (4,336) | | | | | (9,901) | | | ||||
Purchases | | | | 2,533 | | | | | 15,695 | | | | | | 2,800 | | | | | — | | | ||||
Change in fair value | | | | 2,266 | | | | | (515) | | | | | | 225 | | | | | 902 | | | ||||
Balance at end of period | | | $ | 15,959 | | | | $ | 20,513 | | | | | $ | 5,649 | | | | $ | 6,960 | | | ||||
|
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Domestic | | | $ | 18,015 | | | | $ | 2,027 | | | | $ | 15,937 | | | | | $ | 2,331 | | | | $ | 19,819 | | | | $ | 18,015 | | | ||||||
Foreign | | | | 62,528 | | | | | 74,734 | | | | | 62,826 | | | | | | 69,174 | | | | | 68,251 | | | | | 62,528 | | | ||||||
Income (loss) before income taxes | | | $ | 80,543 | | | | $ | 76,761 | | | | $ | 78,763 | | | ||||||||||||||||||||||
Income before income taxes | | | $ | 71,505 | | | | $ | 88,070 | | | | $ | 80,543 | | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Current provision (benefit): | | | | | ||||||||||||||||||||||||||||||||||
Federal | | | $ | 383 | | | | $ | (2,889) | | | | $ | (468) | | | | | $ | (459) | | | | $ | 81 | | | | $ | 383 | | | ||||||
State and local | | | | 724 | | | | | (474) | | | | | (48) | | | | | | 102 | | | | | 1,744 | | | | | 724 | | | ||||||
Foreign | | | | 14,839 | | | | | 20,168 | | | | | 13,868 | | | | | | 16,603 | | | | | 15,268 | | | | | 14,839 | | | ||||||
Total current provision | | | | 15,946 | | | | | 16,805 | | | | | 13,352 | | | | | | 16,246 | | | | | 17,093 | | | | | 15,946 | | | ||||||
Deferred provision (benefit): | | | | | ||||||||||||||||||||||||||||||||||
Federal | | | | 4,675 | | | | | (2,985) | | | | | 6,157 | | | | | | 858 | | | | | 2,746 | | | | | 4,675 | | | ||||||
State and local | | | | 251 | | | | | 911 | | | | | 1,311 | | | | | | 432 | | | | | 2,156 | | | | | 251 | | | ||||||
Foreign | | | | (833) | | | | | (989) | | | | | 5,933 | | | | | | (691) | | | | | 769 | | | | | (833) | | | ||||||
Change in valuation allowance–domestic | | | | — | | | | | (19,588) | | | | | (7,468) | | | ||||||||||||||||||||||
Change in valuation allowance–foreign | | | | (4,111) | | | | | (121) | | | | | (802) | | | | | | (53) | | | | | 423 | | | | | (4,111) | | | ||||||
Total deferred provision | | | | (18) | | | | | (22,772) | | | | | 5,131 | | | ||||||||||||||||||||||
Provision (benefit) for income taxes | | | $ | 15,928 | | | | $ | (5,967) | | | | $ | 18,483 | | | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Total deferred provision (benefit) | | | | 546 | | | | | 6,094 | | | | | (18) | | | ||||||||||||||||||||||
Provision for income taxes | | | $ | 16,792 | | | | $ | 23,187 | | | | $ | 15,928 | | |
For the Years Ended June 30 | | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||
For the Year Ended June 30 | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||
Federal income tax rate | | | | 35.0% | | | | | 35.0% | | | | | 35.0% | | | | | | 21.0% | | | | | 28.1% | | | | | 35.0% | | | ||||||
State and local taxes, net of federal benefit | | | | 0.9 | | | | | 0.2 | | | | | 0.2 | | | | | | 0.6 | | | | | 1.5 | | | | | 0.9 | | | ||||||
Change in federal valuation allowance | | | | — | | | | | (27.8) | | | | | (7.8) | | | ||||||||||||||||||||||
Change in foreign valuation allowance | | | | (5.1) | | | | | — | | | | | — | | | ||||||||||||||||||||||
Foreign income tax rates | | | | (6.8) | | | | | (5.5) | | | | | (2.2) | | | | | | 6.9 | | | | | (1.5) | | | | | (6.8) | | | ||||||
Foreign withholding tax | | | | 0.1 | | | | | 0.1 | | | | | 0.3 | | | ||||||||||||||||||||||
Foreign incentive tax rates | | | | (3.1) | | | | | (4.5) | | | | | (4.1) | | | | | | (2.8) | | | | | (3.3) | | | | | (3.1) | | | ||||||
Domestic tax on foreign income | | | | 2.7 | | | | | 2.7 | | | | | 0.9 | | | | | | — | | | | | — | | | | | 2.7 | | | ||||||
Change in liability for uncertain tax positions | | | | 1.6 | | | | | (4.9) | | | | | 1.5 | | | ||||||||||||||||||||||
Changes in uncertain tax positions | | | | (1.0) | | | | | 1.1 | | | | | 1.6 | | | ||||||||||||||||||||||
Permanent items | | | | (0.9) | | | | | 1.5 | | | | | (0.6) | | | | | | 0.6 | | | | | 0.5 | | | | | (0.9) | | | ||||||
Exercise of employee stock options | | | | (3.8) | | | | | (4.6) | | | | | — | | | | | | (0.4) | | | | | (4.3) | | | | | (3.8) | | | ||||||
Global Intangible Low-Taxed Income | | | | 0.8 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Mandatory toll charge from Tax Act | | | | (0.5) | | | | | 0.5 | | | | | — | | | ||||||||||||||||||||||
Reduction of domestic deferred tax assets | | | | — | | | | | 2.6 | | | | | — | | | ||||||||||||||||||||||
Reduction of foreign deferred tax assets | | | | — | | | | | 1.3 | | | | | — | | | ||||||||||||||||||||||
Recognition of federal tax credits | | | | (1.1) | | | | | — | | | | | — | | | ||||||||||||||||||||||
Recognition of foreign tax credits | | | | (1.4) | | | | | (0.7) | | | | | — | | | ||||||||||||||||||||||
Reclassification from accumulated other comprehensive income | | | | — | | | | | 0.6 | | | | | — | | | ||||||||||||||||||||||
Release of foreign valuation allowance | | | | — | | | | | — | | | | | (5.1) | | | ||||||||||||||||||||||
Other | | | | (0.8) | | | | | — | | | | | 0.3 | | | | | | (0.8) | | | | | (0.1) | | | | | (0.7) | | | ||||||
Effective tax rate | | | | 19.8% | | | | | (7.8)% | | | | | 23.5% | | | | | | 23.5% | | | | | 26.3% | | | | | 19.8% | | | ||||||
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Deferred tax assets: | | | | ||||||||||
Employee related accruals | | | | $ | 7,146 | | | | | $ | 12,603 | | |
Inventory | | | | | 4,851 | | | | | | 2,573 | | |
Environmental remediation | | | | | 2,280 | | | | | | 2,208 | | |
Net operating loss carry forwards–domestic | | | | | 4,893 | | | | | | 13,768 | | |
Net operating loss carry forwards–foreign | | | | | 4,023 | | | | | | 4,346 | | |
Other | | | | | 11,139 | | | | | | 7,566 | | |
| | | | | 34,332 | | | | | | 43,064 | | |
Valuation allowance | | | | | (438) | | | | | | (4,614) | | |
| | | | | 33,894 | | | | | | 38,450 | | |
Deferred tax liabilities: | | | | ||||||||||
Property, plant and equipment and intangible assets | | | | | (9,671) | | | | | | (9,725) | | |
Other | | | | | (2,004) | | | | | | (1,956) | | |
| | | | | (11,675) | | | | | | (11,681) | | |
Net deferred tax asset | | | | $ | 22,219 | | | | | $ | 26,769 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Other assets | | | | $ | 23,269 | | | | | $ | 28,019 | | |
Other liabilities | | | | | (1,050) | | | | | | (1,250) | | |
| | | | $ | 22,219 | | | | | $ | 26,769 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Deferred tax assets: | | | | ||||||||||
Employee related accruals | | | | $ | 5,735 | | | | | $ | 4,952 | | |
Inventory | | | | | 4,766 | | | | | | 3,953 | | |
Environmental remediation | | | | | 1,128 | | | | | | 1,341 | | |
Net operating loss carry forwards–domestic | | | | | 902 | | | | | | 1,577 | | |
Net operating loss carry forwards–foreign | | | | | 3,703 | | | | | | 3,243 | | |
Other | | | | | 6,302 | | | | | | 9,986 | | |
| | | | | 22,536 | | | | | | 25,052 | | |
Valuation allowance | | | | | (808) | | | | | | (861) | | |
| | | | | 21,728 | | | | | | 24,191 | | |
Deferred tax liabilities: | | | | ||||||||||
Property, plant and equipment and intangible assets | | | | | (6,071) | | | | | | (8,957) | | |
Other | | | | | (772) | | | | | | (1,906) | | |
| | | | | (6,843) | | | | | | (10,863) | | |
Net deferred tax asset | | | | $ | 14,885 | | | | | $ | 13,328 | | |
As of June 30 | | | 2019 | | | 2018 | | ||||||
Other assets | | | | $ | 16,770 | | | | | $ | 15,424 | | |
Other liabilities | | | | | (1,885) | | | | | | (2,096) | | |
| | | | $ | 14,885 | | | | | $ | 13,328 | | |
As of June 30 | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||
Balance at beginning of period | | | $ | 4,614 | | | | $ | 26,622 | | | | $ | 32,892 | | | | | $ | 861 | | | | $ | 438 | | | | $ | 4,614 | | | ||||||
Provision for income taxes | | | | (4,111) | | | | | (19,709) | | | | | (6,270) | | | | | | (53) | | | | | 423 | | | | | (4,111) | | | ||||||
Net operating loss utilization | | | | (65) | | | | | (2,299) | | | | | — | | | | | | — | | | | | — | | | | | (65) | | | ||||||
Balance at end of period | | | $ | 438 | | | | $ | 4,614 | | | | $ | 26,622 | | | | | $ | 808 | | | | $ | 861 | | | | $ | 438 | | | ||||||
|
As of June 30 | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||
Unrecognized tax benefits–beginning of period | | | $ | 4,946 | | | | $ | 8,078 | | | | $ | 7,420 | | | | | $ | 7,000 | | | | $ | 6,553 | | | | $ | 4,946 | | | ||||||
Tax position changes–prior periods | | | | — | | | | | 188 | | | | | (24) | | | ||||||||||||||||||||||
Tax position changes–current period | | | | 1,490 | | | | | 472 | | | | | 1,945 | | | | | | 528 | | | | | 1,749 | | | | | 1,490 | | | ||||||
Tax position changes–prior periods, net of settlements with tax authorities | | | | (317) | | | | | (994) | | | | | — | | | ||||||||||||||||||||||
Lapse of statute of limitations | | | | (391) | | | | | (3,700) | | | | | (907) | | | | | | (1,053) | | | | | — | | | | | (391) | | | ||||||
Translation | | | | 508 | | | | | (92) | | | | | (356) | | | | | | 185 | | | | | (308) | | | | | 508 | | | ||||||
Unrecognized tax benefits–end of period | | | | 6,553 | | | | | 4,946 | | | | | 8,078 | | | | | | 6,343 | | | | | 7,000 | | | | | 6,553 | | | ||||||
Interest and penalties–end of period | | | | 449 | | | | | 308 | | | | | 1,326 | | | | | | 750 | | | | | 633 | | | | | 449 | | | ||||||
Total liabilities related to uncertain tax positions | | | $ | 7,002 | | | | $ | 5,254 | | | | $ | 9,404 | | | | | $ | 7,093 | | | | $ | 7,633 | | | | $ | 7,002 | | | ||||||
|
For the Years Ended June 30 | | Non-cancellable operating leases | | |||||||||||||||||
2018 | | | $ | 5,363 | | | ||||||||||||||
2019 | | | | 4,584 | | | ||||||||||||||
For the Year Ended June 30 | | Capital leases | | Non-cancellable operating leases | | |||||||||||||||
2020 | | | | 3,972 | | | | | $ | 40 | | | | $ | 5,815 | | | |||
2021 | | | | 3,430 | | | | | | — | | | | | 4,160 | | | |||
2022 | | | | 2,833 | | | | | | — | | | | | 3,191 | | | |||
2023 | | | | — | | | | | 1,445 | | | |||||||||
2024 | | | | | | | | | 865 | | | |||||||||
Thereafter | | | | 2,607 | | | | | | — | | | | | 765 | | | |||
Total minimum lease payments | | | $ | 22,789 | | | | | $ | 40 | | | | $ | 16,241 | | | |||
|
Instrument | | Hedge | | Notional amount at June 30, 2017 | | | Fair value as of June 30, | | | Hedge | | Notional Amount at June 30, 2019 | | Consolidated Balance Sheet | | | Asset (Liability) fair value as of | | |||||||||||||||||||||||
| 2017 | | 2016 | | | June 30, 2019 | | June 30, 2018 | | ||||||||||||||||||||||||||||||||
Options | | Brazilian Real calls | | R$ 39,000 | | | $ | 2,686 | | | | $ | 3,027 | | | | Brazilian Real calls | | R$ 43,000 | | (1) | | | $ | 413 | | | | $ | 71 | | | |||||||||
Options | | Brazilian Real puts | | R$ 39,000 | | | $ | — | | | | $ | (372) | | | | Brazilian Real puts | | R$ 43,000 | | (1) | | | $ | (30) | | | | $ | — | | | |||||||||
Swap | | Interest rate swap | | $150,000 | | Other assets (Other liabilities) | | | $ | (977) | | | | $ | 5,078 | | |
For the Year Ended June 30 | | | Gain (Loss) recorded in OCI | | | Gain (Loss) recognized in consolidated statements of operations | | | Consolidated Statement of Operations Line Item Total | | |||||||||||||||||||||||||||||||||
Instrument | | | Hedge | | | 2019 | | | 2018 | | | Consolidated Statement of Operations | | | 2019 | | | 2018 | | | 2019 | | | 2018 | | ||||||||||||||||||
Options | | | Brazilian Real calls | | | | $ | 475 | | | | | $ | (2,778) | | | | Cost of goods sold | | | | $ | 1,069 | | | | | $ | 3,136 | | | | | $ | 563,371 | | | | | $ | 553,103 | | |
Swap | | | Interest rate swap | | | | $ | (6,055) | | | | | $ | 5,078 | | | | Interest expense, net | | | | $ | — | | | | | $ | — | | | | | $ | 11,776 | | | | | $ | 11,910 | | |
As of June 30 | | | 2017 | | | 2016 | | ||||||||||||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||
Derivatives asset | | | | $ | — | | | | | $ | 2,686 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,655 | | | | | $ | — | | |
Contingent consideration on acquisitions | | | | $ | — | | | | | $ | — | | | | | $ | (7,644) | | | | | $ | — | | | | | $ | — | | | | | $ | (6,745) | | |
As of June 30 | | | 2019 | | | 2018 | | ||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 1 | | | Level 2 | | ||||||||||||
Short-term investments | | | | $ | 24,000 | | | | | $ | — | | | | | $ | 50,000 | | | | | $ | — | | |
Derivatives asset (liability) | | | | $ | — | | | | | $ | 383 | | | | | $ | — | | | | | $ | 71 | | |
Interest rate swap (liability) | | | | $ | — | | | | | $ | (977) | | | | | $ | — | | | | | $ | 5,078 | | |
| | | 2017 | | | 2016 | | ||||||
Balance, June 30, 2016 | | | | $ | (6,745) | | | | | $ | (5,465) | | |
Adjustment to contingent consideration | | | | | 404 | | | | | | — | | |
Acquisition-related accrued interest | | | | | (1,373) | | | | | | (1,476) | | |
Payment | | | | | 70 | | | | | | 196 | | |
Balance, June 30, 2017 | | | | $ | (7,644) | | | | | $ | (6,745) | | |
|
For the Year Ended June 30 | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Net sales | | | | | | | | | | | | | | | | | | | |
Animal Health | | | | $ | 531,974 | | | | | $ | 531,727 | | | | | $ | 497,745 | | |
Mineral Nutrition | | | | | 233,782 | | | | | | 234,922 | | | | | | 218,298 | | |
Performance Products | | | | | 62,239 | | | | | | 53,333 | | | | | | 48,238 | | |
Total segments | | | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | |
Depreciation and amortization | | | | | | | | | | | | | | | | | | | |
Animal Health | | | | $ | 22,312 | | | | | $ | 21,447 | | | | | $ | 20,132 | | |
Mineral Nutrition | | | | | 2,319 | | | | | | 2,371 | | | | | | 2,332 | | |
Performance Products | | | | | 1,127 | | | | | | 1,029 | | | | | | 939 | | |
Total segments | | | | $ | 25,758 | | | | | $ | 24,847 | | | | | $ | 23,403 | | |
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | |
Animal Health | | | | $ | 136,049 | | | | | $ | 141,914 | | | | | $ | 130,261 | | |
Mineral Nutrition | | | | | 15,712 | | | | | | 18,583 | | | | | | 17,426 | | |
Performance Products | | | | | 4,728 | | | | | | 1,881 | | | | | | 2,057 | | |
Total segments | | | | $ | 156,489 | | | | | $ | 162,378 | | | | | $ | 149,744 | | |
Reconciliation of income before income taxes to Adjusted EBITDA | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | | $ | 71,505 | | | | | $ | 88,070 | | | | | $ | 80,543 | | |
Interest expense, net | | | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | |
Depreciation and amortization–Total segments | | | | | 25,758 | | | | | | 24,847 | | | | | | 23,403 | | |
Depreciation and amortization–Corporate | | | | | 1,806 | | | | | | 2,096 | | | | | | 2,598 | | |
Corporate costs | | | | | 38,452 | | | | | | 33,420 | | | | | | 29,625 | | |
Restructuring costs | | | | | 6,281 | | | | | | — | | | | | | — | | |
Stock-based compensation | | | | | 2,259 | | | | | | 334 | | | | | | — | | |
Acquisition-related cost of goods sold | | | | | — | | | | | | 1,671 | | | | | | — | | |
Acquisition-related accrued compensation | | | | | — | | | | | | 1,152 | | | | | | 1,680 | | |
Acquisition-related transaction costs | | | | | 213 | | | | | | 400 | | | | | | 1,274 | | |
Acquisition-related other, net | | | | | — | | | | | | (468) | | | | | | (972) | | |
Other | | | | | (1,506) | | | | | | — | | | | | | — | | |
Pension settlement cost | | | | | — | | | | | | — | �� | | | | | 1,702 | | |
Gain on insurance settlement | | | | | — | | | | | | — | | | | | | (7,500) | | |
Foreign currency (gains) losses, net | | | | | (55) | | | | | | (1,054) | | | | | | (113) | | |
Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | 2,598 | | |
Adjusted EBITDA–Total segments | | | | $ | 156,489 | | | | | $ | 162,378 | | | | | $ | 149,744 | | |
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Net sales | | | | | | | | | | | | | | | | | | | |
MFAs and other | | | | $ | 321,430 | | | | | $ | 339,916 | | | | | $ | 335,735 | | |
Nutritional Specialties | | | | | 111,282 | | | | | | 94,084 | | | | | | 81,702 | | |
Vaccines | | | | | 65,033 | | | | | | 52,140 | | | | | | 53,363 | | |
Animal Health | | | | | 497,745 | | | | | | 486,140 | | | | | | 470,800 | | |
Mineral Nutrition | | | | | 218,298 | | | | | | 216,685 | | | | | | 227,102 | | |
Performance Products | | | | | 48,238 | | | | | | 48,701 | | | | | | 50,689 | | |
Total segments | | | | $ | 764,281 | | | | | $ | 751,526 | | | | | $ | 748,591 | | |
Depreciation and amortization | | | | | | | | | | | | | | | | | | | |
Animal Health | | | | $ | 20,132 | | | | | $ | 17,149 | | | | | $ | 15,430 | | |
Mineral Nutrition | | | | | 2,332 | | | | | | 2,467 | | | | | | 2,468 | | |
Performance Products | | | | | 939 | | | | | | 807 | | | | | | 577 | | |
Total segments | | | | $ | 23,403 | | | | | $ | 20,423 | | | | | $ | 18,475 | | |
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | |
Animal Health | | | | $ | 130,261 | | | | | $ | 127,442 | | | | | $ | 120,259 | | |
Mineral Nutrition | | | | | 17,426 | | | | | | 14,971 | | | | | | 14,429 | | |
Performance Products | | | | | 2,057 | | | | | | 970 | | | | | | 2,646 | | |
Total segments | | | | $ | 149,744 | | | | | $ | 143,383 | | | | | $ | 137,334 | | |
Reconciliation of income before income taxes to Adjusted EBITDA | | | | | |||||||||||||||
Income before income taxes | | | | $ | 80,543 | | | | | $ | 76,761 | | | | | $ | 78,763 | | |
Interest expense, net | | | | | 14,906 | | | | | | 16,592 | | | | | | 14,305 | | |
Depreciation and amortization–Total segments | | | | | 23,403 | | | | | | 20,423 | | | | | | 18,475 | | |
Depreciation and amortization–Corporate | | | | | 2,598 | | | | | | 3,029 | | | | | | 3,129 | | |
Corporate costs | | | | | 29,625 | | | | | | 29,323 | | | | | | 27,315 | | |
Acquisition-related cost of goods sold | | | | | — | | | | | | 2,566 | | | | | | — | | |
Acquisition-related accrued compensation | | | | | 1,680 | | | | | | 1,680 | | | | | | 747 | | |
Acquisition-related transaction costs | | | | | 1,274 | | | | | | 618 | | | | | | — | | |
Acquisition-related other, net | | | | | (972) | | | | | | — | | | | | | — | | |
Pension settlement cost | | | | | 1,702 | | | | | | — | | | | | | — | | |
Gain on insurance settlement | | | | | (7,500) | | | | | | — | | | | | | — | | |
Foreign currency (gains) losses, net | | | | | (113) | | | | | | (7,609) | | | | | | (5,400) | | |
Loss on extinguishment of debt | | | | | 2,598 | | | | | | — | | | | | | — | | |
Adjusted EBITDA–Total segments | | | | $ | 149,744 | | | | | $ | 143,383 | | | | | $ | 137,334 | | |
|
As of June 30 | | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||
Identifiable assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Animal Health | | | $ | 442,521 | | | | $ | 444,751 | | | | | $ | 508,864 | | | | $ | 455,704 | | | ||||
Mineral Nutrition | | | | 55,184 | | | | | 57,939 | | | | | | 67,662 | | | | | 69,779 | | | ||||
Performance Products | | | | 23,681 | | | | | 21,557 | | | | | | 32,886 | | | | | 24,040 | | | ||||
Total segments | | | | 521,386 | | | | | 524,247 | | | | | | 609,412 | | | | | 549,523 | | | ||||
Corporate | | | | 102,011 | | | | | 83,588 | | | | | | 117,259 | | | | | 122,156 | | | ||||
Total | | | $ | 623,397 | | | | $ | 607,835 | | | | | $ | 726,671 | | | | $ | 671,679 | | | ||||
|
For the Years Ended June 30 | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Net sales | | | | | | | | | | | | | | | | | | | |
United States | | | | $ | 484,148 | | | | | $ | 473,247 | | | | | $ | 475,942 | | |
Israel | | | | | 92,752 | | | | | | 89,999 | | | | | | 93,459 | | |
Latin America and Canada | | | | | 96,687 | | | | | | 105,667 | | | | | | 99,578 | | |
Europe and Africa | | | | | 40,211 | | | | | | 36,177 | | | | | | 36,397 | | |
Asia/Pacific | | | | | 50,483 | | | | | | 46,436 | | | | | | 43,215 | | |
| | | | $ | 764,281 | | | | | $ | 751,526 | | | | | $ | 748,591 | | |
|
As of June 30 | | | 2017 | | | 2016 | | ||||||
Property, plant and equipment, net | | | | | | | | | | | | | |
United States | | | | $ | 56,459 | | | | | $ | 56,735 | | |
Israel | | | | | 47,027 | | | | | | 46,706 | | |
Brazil | | | | | 22,793 | | | | | | 22,720 | | |
Other | | | | | 1,072 | | | | | | 1,162 | | |
| | | | $ | 127,351 | | | | | $ | 127,323 | | |
|
As of June 30 | | | 2019 | | | 2018 | | ||||||
Property, plant and equipment, net | | | | | | | | | | | | | |
United States | | | | $ | 54,999 | | | | | $ | 55,268 | | |
Israel | | | | | 52,434 | | | | | | 45,055 | | |
Brazil | | | | | 19,647 | | | | | | 19,653 | | |
Other | | | | | 13,155 | | | | | | 10,132 | | |
| | | | $ | 140,235 | | | | | $ | 130,108 | | |
| | | | Phibro Animal Health Corporation | | |||
| August | | | By: | | | /s/ Jack C. Bendheim Jack C. Bendheim Chairman, President and Chief Executive Officer | |
| | | | Phibro Animal Health Corporation | | |||
| August | | | By: | | | /s/ Jack C. Bendheim Jack C. Bendheim Chairman, President and Chief Executive Officer | |
| August | | | By: | | | /s/ Richard G. Johnson Richard G. Johnson Chief Financial Officer | |
| August | | | By: | | | /s/ Daniel M. Bendheim Daniel M. Bendheim Director and Executive Vice President, Corporate Strategy | |
| August | | | By: | | | /s/ Jonathan Bendheim Jonathan Bendheim Director and President, MACIE Region and General Manager of Israel Operations | |
| August 27, 2019 | | | By: | | | /s/ Gerald K. Carlson Gerald K. Carlson Director | |
| August | | | By: | | | /s/ E. Thomas Corcoran E. Thomas Corcoran Director | |
| August | | | By: | | | /s/ Sam Gejdenson Sam Gejdenson Director | |
| August | | | By: | | | /s/ George Gunn George Gunn Director | |
| August | | | By: | | | /s/ Mary Lou Malanoski Mary Lou Malanoski Director | |
| August | | | By: | | | /s/ Carol A. Wrenn Carol A. Wrenn Director | |