ODC - Earnings call transcript Q4 2024 | Oil-Dri Corporation of America

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Operator

Good day, and thank you for standing by. Welcome to the Oil-Dri Corporation of America Fourth Quarter and Fiscal Year 2024 Earnings Discussion. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, President and CEO, Dan Jaffee. Please go ahead.

Daniel Jaffee

welcome, our and teleconference. year-end Daniel, you, everyone, fiscal to investor Thank

VP time, going Manager Operations; are to Ultra Group today Retail of want Susan our questions, and Parker, extra Amlan up today through pet Christiansen, Products and to International; CIO; Laura Investor Aaron safe Director Legal Kreh, of Chief and Division, Robey, we're minutes. Leslie of VP you and We on to Scheland, is have acquisition. XX of us Lamson, With expanding Wholesale; the the harbor. very Relations. Ag cover President to Vice Chris the If Wade President of Tony me of Legal Leslie, we give Officer our And of take and Garber, exciting and also call President and VP Vice General we CFO Consumer will

Leslie Garber

for On Thank contain everyone. Yes. those comments regarding SEC our results materially Actual future periods Dan. a statements press company's in may may highlight in differ. number forward-looking you, performance filings, our and periods. In in Welcome, today's factors, release that call, us. in comments our we the may uncertainties and performance. We joining Dan? evaluating any those future in and stock. ask of that you evaluating Oil-Dri risk you important Thank consider trends and company's review affect factors the in investment

Daniel Jaffee

how give $X,XXX,XXX sales to We they with back and sales, 'XX. on Commissioner this my and over knew and always only $X.X the end. sort before perspective we we it were remarking did general I is Selig that joined our to who's And Bud in nice both been our on and comment, been Yes. contribute Selig, anything remarkable. board would want all We turn grandfather very he of our went he's and around and at was it since million I 'XX Commissioner amazed, father at week, look just Leslie. in Meritus, meeting of both be members have our Board. my Chris, since we their on Thanks, go XX,XXX-foot was XXXX our board Board the Board some which year public

XX we us get can going we be 'XX. It harbor, to we have given get but feel and to took knows what $XXX to sales. this roll. anotherXX that we took $XXX to And of to us in to It the XX continue snowball safe X is the And years the question fiscal in where get 'XX million. fiscal more $XXX business then to years, to sales. Nobody see, it $XXX million million will took bullish our get then to I is in tell very us you, to million. momentum

So the it's pretty has accomplished. team amazing what

this And our at team meeting, doing for senior in investors the XX and at are really our drive, told our as oil at retreat told "Look, I've I people as the and sales people I global years. you been investing

underneath raised X XXth you're people the It's The from President year August X proud and are and just So in last company's hearing we're of we that Oil-Dri. So as today X biggest Ultra history, year -- excited very of but them." that delivered. Chris team. the is started the the the pretty the humbling, amazing and we're fiscal Pet, then in Very led of acquisition excited my the about the part about by Lamson. large the bar years real to they've on people future, difference we're just the

over. it take please Chris, So

Christopher Lamson

Thanks, Dan, morning, good and everybody.

at was quarter accretive finished the Pet the with acquisition again, the on some acquisition of end even business share the Ultra first the acquisition sale QX. So adjustments, pleased even of owned when Pet, wrap on of quarter first completed or to accounting full follow Ultra update accounting. here earnings we little accounting Really that and specifics that shortly, accretive ownership our which with yes, completed to it, in recently I a the you in with that QX. will and But up, the the quarter I'll we provide Susan sale

brand, we distribution to that middle retailer in the our acquisition, Ultra which, only be on -- did hard, have think initial Really we SKUs given success. acquisition really really a I report new the we X we met few of created Pride been efforts, season micro only in the can what of the a under gain months Not post remarkable new decision-making name. but that pleased were brand accomplishment -- only hit Cat's candidly, with crystals and distribution strong as described the short right

crystals. began micro the Pride in those to in to fiscal QX, So fourth Cat's we quarter then new of early 'XX, sell ship and began

You on shelf can find now shelf other the East retailers. soon several they'll Coast hitting and actually be already at particularly the Wegmans at them very

on numbers help about the and Cat's we've when both XX the And -- regional distribution at mostly been since Ultra I'll added Pride of the few the in a either Cat's banners. team retail retailer Ultra East focused acquisition, Pride had demonstrate completed or new that we acquisition. since Coast. acquisition, the here share talking added -- distribution success Ultra the We've I'm banners,

stuff the were took them push over and we So they what line. helped driving finish really some

gained the So initial we've traction. that's where most

retailers, X,XXX over those distribution. Across we've XX that's X,XXX of -- points added

probably with store not item That's You example consumer might of really ask best combinations. here. what goods in it's a companies, is you're an described point familiar of distribution if number the as

they items retailer, Pride have a that call it, Royal Crystals, and added if XXX Cat's and Ultra XXX fictional retail, So let's points or took crystals would of our I new X be stores we distribution. of

being the Ultra new aforementioned X items X, Cat's X,XXX distribution Cat's actually with Pride fourth come developed last over on in the X of and months, that shelves the hitting brands points Pride those quarter. now months, So did both we across the majority the the

distribution For we the the purchased points brand. perspective, X,XXX on Ultra of about when we business, had

collectively label more than Ultra So really let had bit. of Do of since when results. points time. pretty a business. distribution than distribution, in They the me And more those of our in though had an branded But not short look period that are temper pleased a business. private we've acquisition. counted course, that our little distribution. with at in a We're also we've those doubled actually period doubling the businesses doubled e-com of doubling you

will. happy to from as to also October let office to onto Ultra move front if know X, ERP that the business you I'm going Oil-Dri Now the system. you integrated of our the back we office, I'm Pet

the In to ours pricing had tell and aware, shipped I'd our X Oil-Dri take Carolinas. getting recognize or These have the a Pet conversions them to orders. time the not days South conversion, really to were Ultra system. seamless the we're as our prior also to all largely hiccup I'd were in and impact like them Helene or out Hurricane teammates. tough moment well Carolina-based a a minor quick right, very publicly accepting always We're customers. you're completely in X. you on We're

us you teammates really Carolinas, sit that yet the out lesson Our in months that on our certainly sacrifice. Systems the products of Ultra allow that the customers it. you these that. for should both say and Carolina Pet next end face those learned will done spotty that are to personal Oil-Dri's power and Internet of and and way for drive which of quarter same our business some to outages, over truck. in teammates work do they and efficiencies cannot were Oil-Dri combine teammates Oil-Dri Ultra those to the with can real Thank it on them with be customers. to in will get getting be that legacy through done those now doing our integration on South around conversion. getting mostly working for lived litter tell We'll I really the few

to Most we Ultra, couple network, reduction our we're schedule ahead recently the realize savings synergies and them speaking rationalize accounts. of business efficiency, in-housing brokers Ultra as broker well. sales our Finally, of that larger and as into we rate really a both to completed existing a beginning notably, through folded work with cost driving of

have initial results and Pet. All our plenty efforts to left Susan, accounting business. from little we who further of a get the oil acquisition work but financial in Susan? all, our Ultra results that, the drive and initial do, I'll will some deeper crystals perspective With over we're overall with on to pleased on into provide it turn

Susan Kreh

an and was acquisition Chris. accounting quarter. the can of day on well. you, team from May Thank the in tell team for Ultra first you our XXXX, And exciting Ultra comments, which for was Yes. Anderson as fourth Pet fiscal Chris's From of X, strategic Pet acquired has the standpoint, been as our

and to a The X this Oil-Dri Note and shares financing credit statements, fourth completed on cash third in The quarters. cash facility. detailed on outstanding our for issuance issued net acquired. the combination capital through in $XX.X done a Pet of was fiscal the draw of of the of acquisition stock notes hand, both of As financing million our Ultra the and acquired financial of actually was all

Series drew on XXXX facility in So Prudential occurred provisions this from a B did Bank. precision $XX following day with of we X, quarter. financing over pursuant to notes our our notes revolving million event. $XX This XX on facility amount of quarters, agreement with a million fiscal $XX April standpoint our affiliates. Oil-Dri credit XX, aggregate we detail because were issued $XX cross million during and timing summarizing May million X.XX% issued on These note The due making quarter senior both principal April draw our shelf fourth third BMO

X.X%. variable draw subject a assist our specialist BMO Ultra valuation on our third-party Pet depending during a that debt-to-earnings to the rate varies of fiscal acquisition our At Pet. rate Ultra formal acquisition date is we that draw, ratio. adjusted the to with Our of sulfur-based on Being fourth engaged quarter, a margin was of with plus the

of of valuation the of categories major that $XX.X booked a at XX, over just working We also be July of result booked $XX of a capital the million, of booked asset million. includes we were of valued assets And goodwill As list years. we that million XXXX analysis, as follows. which that intangible XX amortized assets over as $XX.X $XX.X customer and majority will million,

to a standpoint. performance switching Now

the the Chris results net fourth the costs. during quarter, of step-up administrative transaction We anticipate during Ultra transaction-related cost Pet. are quarter These level was and sold of Pet fiscal pleased, of $XXX,XXX general and income. cost a Ultra both $XXX,XXX million include including $XXX,XXX charge to Generated the $X acquisition of of with goods these pretax accretive associated These acquiring as mentioned, categories of that expenses. and of inventory similar for first include also We results a of 'XX. sales in

this to proceeding Now from of Ultra which mentioned of in let's bit has switch little Pet the the Chris a which acquisition, his been comments purchase earlier and integration well.

human migrated fully Oil-Dri's our of Chris and success As resource X, legacy their integrated October pleased resource successfully, the system. we from environment, to Ultra to have have information now Ultra Oil-Dri's accomplished are enterprise system we very been is there. with applications planning Both and integrated systems into Pet migrations and mentioned, Pet as

gears Now a success financial Taking talk our a XXXX. let's during as whole. at Oil-Dri and switch about look

inclusion higher both Increased Record Our revenues million, product mix reflecting This growth business products as purification for bolstered year increase X% the line an both retail of reached across to Pet top high sales. the all-time sales of volume of $XXX.X year. the in incremental and the consolidated of well segments. quarter over sales operating a of Ultra for and were improved as was wholesale fourth fluid product achieved business-to-business groups. prices due also our fiscal and prior the net acquisition the

to Revenue cat products revenue items, litter, from excluding Fluids prior from and and increased XX%, co-packaged respectively, by X% Purification the domestic compared year.

reposition position to company's strong. executed While us the that We growth business XXXX. to opportunity into during annual going the products health revenues initiatives remains fiscal believe animal were will remained commitment this flat, that the from well XXXX

fiscal and these diversity challenges side, of demand The on during flip reflective record of portfolio had of the respectively, market the of XXXX. year, On the by we co-packaging year and coarse litter a customer despite businesses, that Oil-Dri's value in is our agricultural impacts products. X fact declined and XX% X%,

lower of fiscal increase expanding to annual record compared packaging with profit cost XX% depreciation by prior a XX% gross gross partially at were XXXX, an only by fiscal goods Our gas from domestic of higher margin consolidated in and the year ton and the our costs. million, per costs the in was offset increase year to sold year XXXX despite of which X% freight natural level $XXX fiscal XX% over was labor, XXXX that margins in driven

and pricing achieve profit. improved this Our helped profitable gross product record mix

higher a Fiscal that This using income record few operating consolidated XX% increase increase the key were additions. year. onetime prior This XX% and million, as consists resulting Significant increased selling, or inclusive reflecting the compensation record costs in year XXXX both high $XX.X XX% million fiscal over reached XXXX well a prior expenses expenditures is $XX.X to reflect and compared performance-based ongoing result elevated as of administrative headcount of year. planned large a of expenses. from general incentives

costs Pet the increased well to intangible assets earlier. integration including Cat's had promote litter. costs the that the and as advertising I of amortization Ultra In to were lightweight Pride as transaction addition, There related expenses acquisition, mentioned we

of of take price the Oil-Dri of of of the couple per a upcoming set a attractive make of stock news. meeting X, financially broader liquidity split. stockholder number subject potentially and at of XXXX. common to our X-for-X the improve an this stock the recent company's amendment split to amendment the accomplish with stock order to in XX, for the company The a to reduce Now of other Incorporation split stock to items to share float Directors approval of of seek On share this Certificate The stock increasing December the investors. related annual on the of let's goal to shares October form to dividend approval authorized a the approved increase intends in to Board is of it stockholder

Incorporation to increase and State If split and the company the of stock authorized of the implement following is Delaware, share approved the the Secretary by amendment amendment file our the expects of with Certificate stockholders, State of meeting. promptly the annual to

additional December filing the that of Stockholders record of every amendment. share the approval expects stockholder stock Oil-Dri's receive on and January stock X, on be expected split, Class for of X date. the of shares of of close XXXX, the and common the X XX, additional the share January of is B for stock to shares begin share following the will a on at stock every share close plan additional of after of Incorporation are common date, record distributed on common date Our of The X, stock Certificate record Oil-Dri trading held held B on will post-split market of Class stock basis at the business effectiveness record on XXXX. the open XXXX. market

year that size SEC as SEC's has position development fiscal of company change for qualifies Another XX, our to January beginning status. with status. recent it an upcoming no small reporting is on longer our determined was XXXX, a to reporting XXXX, Based grown Oil-Dri that

beginning XXXX SEC XX-Qs our expanded with can see our fiscal As disclosures filings. XX-Ks and such, expect in investors to year

all good news. that's So

of into additional up of to in financial company ACE credit our XXXX, line amendment This to our other million increases level to The an or financial on of amendment in desired Oil-Dri capacity company the amount should credit upsize additional needed on current the XX, And increased it is million which the the Bank. create BMO borrow future. $XX from be entered to provides agreement to September to the level revolving with for credit up existing its may $XX purpose facility with Oil-Dri, news, the flexibility.

credit up facility adds a credit will of a the size line the also revolving by million allow accordion additional for million. facility, an to increase which total $XX $XXX of This new to amendment company

XXXX, termination those with amendment flexibility the Pet the Oil-Dri covenants ongoing opportunities, this In in financial opportunistically agreement remain addition, efforts unchanged. to our XX, arise. to Ultra of extends the of the changes when we did September part that as while These be growth able to acquisition are positions invest such opportunities provide to

I'm turn that, to for you Dan, it over with going comments and back And Q&A. to

Daniel Jaffee

Susan, Chris. Very you, great and review. exciting Thank Great. a and thank you,

We've as to best them from many to we can as time and turn Q&A over of questions shareholders, going are it do a remaining. the of we'll We and bunch in the now our our good answer section. gotten to

walk our Leslie us through So questions.

Leslie Garber

a use hasn't anyone Yes. submitted button clicks Ask on and any And for who questions, Question the the please webcast event.

there the record So congrats our Bair split John X-for-X at stock year, sales improve that pleasantly solid Advisors. surprised first And oils Is over I'm question Purification market from Ascend His transportation particular liquidity. comes finish strong to I'm from fuel. and would Wealth year-over-year. says, as products a Dan, first help strong, proposal trading on going you. agreed Fluids question it or has he especially were and any food it to up is, XX% a been such hand

Daniel Jaffee

And here Bruce is not Patsey today.

So I best his the do -- answers, but have represent fortunately, we and can to Bruce. I'll

has diesel in been renewable growth division. absolutely driving Fluids Purification our the So,

New up time. the popping all plants

Leslie Garber

Perfect.

have to What regarding to a trials swine to poultry What over will going with the industries basis combine you. prospective for making? Wade, you on worldwide questions take customers. I'm how that and we is going turn it couple I'm them. Next, a Amlan Amlan. your and going adopt to of progress are think larger product do

Wade Robey

Yes. you Thank Leslie, for question thank and well. as you, the

were them a kind So there's asked to a of couple that try of in and at that one I'll time. different aspects question, take

that adoption as types in the America North around that the America, both specifically in Asia our and terms Pacific Mexico our we in the Oil-Dri First, rates have product good and world products in adoption that on all calls Amlan where we by China use see technology, markets, highly Americas, and its portfolio in we valued The and areas of our of world, mentioned of already previously or it's as customers, in Latin well. a the including we we have are our we market. sell.

was, our in with And a months. progress of the year persisted difficult last for year ag. has terms that In last XX, frankly, customers, really, XX

the in food in the to momentum. really good closing across the production with we year year, especially recovery As see we and market started and ag close we're side. the

we begin areas all seeing decisions. complete trials with have and and products customers as underway are those previously our We world in buying moving to as success have

see pivotal our We to of or a there opportunity into products to terms to the dramatic are don't by change. our a aha evaluated sell In rations. we have expect growth customers, and we moment, expect their just as an be them continued

So strong just the in all growth we're continued areas pursuing.

Leslie Garber

Great. Thanks, Wade.

comes [Ethan Star], distribution you investor. Our in litter opportunities of label silica via answer next question individual What you from Europe. cat please? will gel an to see that, private crystal new customers, do expand Chris, and

Christopher Lamson

as had Yes, Ethan, glad the build continue to value And foundation to base my branded side. and and crystal comments, question. -- thanks couple a of and with that we really just make for in distribution a margin. asked particularly the significant the good a extremely segment on label litter a label We focused offer The you growth key are it looking we're because really on piece I'm on believe Ultra focused relative private that. the of customers, I good growing we're the on play business, in folks our the business. can we to private

for crystal is good private it the fact, segment private the at says a way. evidence support velocities expanded the player. the a can, out is meaningful there thing a value segment point in couple The in label of are of that add the retailers market words, In label in pieces there has ready I are a other would that there where business litter really one to

now conversations crystal super engaged with are in several both private them. and for right national about litter regional developing products customers label We

the like there We out the brand. we quickly. brand So got

where We assessing candidly, we're into there. well, will some of on market TBD. the folks build and process our in selling Ultra appropriate. Europe, were The opportunity is brand as Europe, the Ultra product

manage with be and their them. brands their really ability will help it through building leveraging label is relationships, private label in them candidly with what acquisition out crystals the us. think to retailer existing strong business. opportunistic through I private largely -- for our we're distribution our

Leslie Garber

Our next margins you and Smith from Center he question Robert that this you to do Performance gross from expect asks, Investing one? take year? will comes Susan, maintain the for

Susan Kreh

Sure.

guidance, to talk forward-looking couple give don't I'd things here's we Although this. a of

costs us First the have of is all, for can when we to have say and go. we where will what allowing But been don't increased. know rational markets costs take sure pricing

focus The products. including value-added second renewable litter areas thing the all portfolio cat products and fluids animal purification I the would the are our diesel, and health higher lightweight that say of

we would margins. see gross we in product growth as our expect to impact So the favorable lines, those see on

Leslie Garber

Great. you. Okay. Thank

indication business contributed question Next, from he's has purchasing And based has of -- is Ventura]. model product cost Dan. Hill in [Tyler speak, over particularly in gel innovation? your competitive losing clay and we its that turn How Is vertically crystal litter I'm cat terms your and Capital. Diamond a advantage, going have to structure to litter How from a the your integrated silica to an to so alternative, market? luster, it

Daniel Jaffee

for Thanks, the and both West not as the integrated, I And of will vertical because integrated, it's Tyler, your Coast competitors are U.S. many East horizontal the horizontally they're meaning say of to but from our Yes. vertically question.

the plants our strategic advantage. all does give and is to the in from competitive big plants California then lines. Georgia us cost a goods that product have of So middle. Freight delivered we piece of many way And a of the of

has situated high-quality, way to that demanding us geographically customers. helped And being our products provide low-cost very so

source been definitely a us. it's for advantage So of competitive

are seeing they're are odor believe family members the they're more they either performance, in willing more position X-legged silicon-based if just fast-growing -- to they really litter. terms luster, metrics losing the that think as their and it it's looking say consumers I I and In of an gel, dominant segment. by dust, what clay for. of has a still dominant that whatever more cat is get shows friends control, But would indication the clay far is spend its more tracking, furry

a It's you now of just the Yes, it's -- growing help has can is slice billion over $X But retail. I think think I taken pie crystals Laura, over pie. It's all at in and U.S. it's that the positive. So me.

So of is a it's market. the still but small definitely taking overall a but crystals growing, very bigger the pie is share, percentage

Leslie Garber

Great. Where debt has in questions this. paydown that does the want X regarding received do John Bair fall capital priority we actually another take and chain? allocation Susan, to one? question, you

Susan Kreh

I'd love in capital Thanks, and to, about we our foremost, are returns we to. When Leslie. our think to allocation, generate first business reinvesting investors. committed for you, the

takes question spending the I'll of similar on, both a would in And infrastructure. spend a say, we capital expect will about growth it XXXX. was that So in aged I our yes, in form and similar a XXXX to There spending I insert here. level. CapEx And the so at right level capital be as later was saw question it

the invest invest next in business, of because there that we know us who prioritize our that there for of After shareholders we dividend. in are the our as we out dividend predictability shareholders

which M&A why expansion earlier. of lot any we Following powder, I is of try which the revolving about that, prioritize talked we our also a why opportunities, is dry keep credit facility to

And that facility the interest income cash extent were the expense to our would short-term financially on interest credit paying credit facility revolving making the revolving then down investments. to sense. on exceed makes since consider it our We we're that

of it. of the order kind And back that's to So Leslie, you.

Leslie Garber

of 'XX? Brazil any for selling similar at sales Oil-Dri that for renewable markets international fiscal continue expect renewable growth diesel and question. diesel as Purification the of [Ethan is And Indonesia? products purification to question. percentages Do Dan fluid another products Fluid And handle you will such to into Star] increasing has

Daniel Jaffee

come a 'XX rate today. do similar best We in F is is which sell Indonesia expect not and which growth in new great. market, We plants Yes. America, Yes. our continued at as into North do online

customers our are in significant we have and active Brazil. portion business in of is in Europe, we fluids America, purification and North Latin America A do Asia. However,

Leslie Garber

Great. Christiansen calendar Robert that. Smith XXXX, Aaron you you. hedging answer into natural Are question. has gas will Thank a

Aaron Christiansen

revolving We're to Happy understand question. component a the gas for consume ultimately obviously, is hedge it. a a years layered to predict help the to That We cost. purchase make strips to Yes, using is input beat for and do do purchase we thanks and over not period lower multiple forward future. natural natural at word time allow that cost deliberate how portion the purchases like a out of market and Robert, for foreseeable answer gas, implies of consumed objective. that purchase. us both our buffer our about we costs. we structure and so and our of will of key that volatility we continue gas can in the natural avoid

Leslie Garber

ad We have a should another defensive which ROI is in is How that, high question lower spend from which please? Chris, being the of ad looking answer versus spending terms Tyler Ventura. a growth-oriented, have ROI. can you

Christopher Lamson

what area work would that little to and or private brand more lifts label only it and lightweight. talking was ultimate we we we a started segment made a Where Tyler. the can that We the oriented a business bit our about as ago message X.X we've our category funnel, broader the lists less I to or it as awareness benefit The little within oriented, Thanks, but branded is harder within not helps maybe really lightweight lightweight. believe business, is of shift and The spent really tell in for up years more those consumer us dollars well. refer little you what Yes. be oriented. growth fail conversion that --

possible. look metric would got return basis spend regular we spending you, aggressive assure business aggressive between bit investment, some what not call at lens defensive the to need is a we just have that we measure toggle, tools the down the to incremental of on constant good defend where incrementality more pretty basically can return more and And iROAS, spending. that drive call we some ongoing between said, real We on spend. that incremental in But against funnel, help toggle but that the time specifically investment. what we've defensive and think more spend I return competitors advertising on to I almost I most on a us We like primarily

Leslie Garber

Great. John has higher or so, Bair your has brand cat private Chris? a competitor, expense Litter litter a percentage. question market if names, share overall And sales increase of Cat your regarding label been combination. it at the has

Christopher Lamson

like me. the that of modestly. with challenging share most sourced where both how exactly Thanks, crystals is recent and spending that significantly really syndicated It's the being share John. the They're period, has being several lightweight the that category. With up what know performed In when we without was than category said, really is you our bunch areas over our to from. for provider to years. growing our a growth, look of Back faster focus last money at

to growth. pies specific are answer, those And in helps focused growing. Dan's previous specific drive we're that, our turn, where share those So pies back

Leslie Garber

has tax projected Great. your fiscal is year Robert rate Smith a for question 'XX? Susan. for What

Susan Kreh

Thanks, Leslie, question. and thanks for the

tax the the not While rest what we Pet, I Crystals does of from would to guidance our deduction don't is on income that it that give business rates, business is does. the have the available forward of depletion not say -- acquisition Ultra with the that comes

profitable that as part with slightly becomes portfolio, and will higher differently, of a of it portfolio a our rate. more come So our tax bigger said part

Leslie Garber

you land is competitive Is clay from a years? future you see to opportunities question X do Do about next still out still reserves. as more in buy The significant your XX your look advantage Dan? strategic and/or Great. the to How you next opportunities today reserves. that and into Ventura. value the buried substantial Tyler feel

Daniel Jaffee

there built build in huge can have the And new strategic remember just is I and capital the regulation, greenfield U.S. years. reserves the that that advantage us. for the last real prohibitive. is XX Yes. no getting absolutely, plants competitive then The And clay plant actually in a the been to

in. add than grandfathered more we're we So We try and year. every on use clay

which have total, If year, sold always today. lines. a mined. million sure major X.X we around ago years that. in XXX,XXX so over And mining in make about we least of This more product were tons more And back, past sell to are we used of a at mining XX have tons, little being we over reserves clay we maybe tons fiscal much years meant We then million you our we X of million than we all year, tons. XX X look were that than clay

we're buy and really opportunities shape So that in good reserves, more to standpoint. we and land always from really, have

Leslie Garber

we uptake Great. can early of sorry, antibac. about The next Pride Cat's antibacterial Pride the questions address cat any has you status that. product? the -- our Chris, of please have are actually, Cat's been question how with that? asks, And Okay. there And just antibacterial -- a Tyler litter, couple success the

Christopher Lamson

Sure.

in I think board of the the couple a things on or question I antibac. saw message about

grow. I'll So you pleased X tell general, and with our we're to things. continuing it's uptake In

are what that. the I gosh, We as at last lacked was I So part state EPA now -- would we X to product. for quarter, it refer think registration our We the for the early until have velocities solid. product, X up did the registration state of

in that really aggressive otherwise to it. us to places. X retailers. e-com carry But be more One, retailers with enabled include national that's two, So

So the before, on would much now now available. more it is but e-com wasn't I what unavailable it's call product

And that bit the help but -- the in it antibacterial U.S. see does certainly it more have new And consumer education that any only EPA-registered litter takes digital behavior, little us that actually advertising -- doesn't people enables take with on take to we it item. of cat in aggressive the a our market be to investment.

spend. message So bit little media driving harder now digital we're that a our via

Leslie Garber

Great.

for question, is time products? he your disclosed from you for a have [Baird market and have this Amlan Associates]. addressable Wade, And last from Anderson total We asks one Bill

Wade Robey

Yes. to it of as parts couple because sell dairy, X we Bill, market into Amlan for answer different aqua industries, targeting going that that kind to Thank poultry, thank for in goes you, products Leslie, a I'm you, really question. segments. swine, we're and of the

been animal have is first that the $X but utilized estimated traditional more market that's for The of mycotoxin billion to has opportunity. the products and be around over been That market clay-based world an for feeds, fluctuates, mitigation.

target Some is in that which a we don't Europe, today. of market that is again,

are probiotics microbials The be in food And rations although has sub-therapeutically, are that of products harder sold that principally over improve billion or to substituted. that of or products familiar types like or that That the the is certainly products $X that of terms much last market opportunities. is been second also been direct-fed call target certain with over couple of or enzymes larger, production antibiotics nutraceuticals what we well decades, you'll traditionally gut market part of have estimate, $X antibiotics, but market by billion animals. I'll into animal productivity in sold the health to a that dominated really

then formulated other Again, we side, total very clay-based clay our with that is large. the in opportunity we microtoxin with really also combination use a for portfolio. health of mentioned that adjuvants our and products products So I the is market market target gut our but the

Daniel Jaffee

Wade. can you, we're stock And our or calling for those And so or end class. will just to execute proxies before Thank the authorization vote encourage it. a of reason closing, out your split is the X-for-X shares that you everyone the -- dividend of call I the important we to want vote October. doubling the whatever Great. it's by goes on But it's come for of because at why so

the So all side. the and vote doesn't matter we're our for control, I on voting at to B, it. family common which But going my be Class

or for it. so we you this vote hope as And if a value see benefit, you'll

if in increase We the think half -- the positive. It X. price do for average X activity, to will it's reduce going selling be daily the outlined, Susan as liquidity, should you

of And should it cut mathematically, more accessible be wider a to a it's day investors. that So in -- on half going to range X. hopefully, wider

lookout to would you for. the proxies, So be vote love and for on your we please

you, everybody, the you to will quarter. Thank we and after next talk

Operator

you Thank participating. conference for call. This concludes today's

You may now disconnect.

Oil-Dri Corporation of America (ODC) 11 Oct 242024 Q4 Earnings call transcript