|
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) |
|
|
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
|
Class A Common Stock, $0.0001
par value per share |
| |
PAHC
|
| |
Nasdaq Stock Market
|
|
| Large accelerated filer | | | ☐ | | | | | | Accelerated filer | | | ☒ | |
| Non-accelerated filer | | | ☐ | | | | | | Smaller reporting company | | | ☐ | |
| Emerging Growth Company | | | ☐ | | | | | | | | | | |
| | |
Page
|
| |||
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
PART I | | ||||||
| | | | 6 | | | |
| | | | 25 | | | |
| | | | 50 | | | |
| | | | 50 | | | |
| | | | 51 | | | |
| | | | 51 | | | |
PART II | | ||||||
| | | | 52 | | | |
| | | | 54 | | | |
| | | | 56 | | | |
| | | | 78 | | | |
| | | | 80 | | | |
| | | | 119 | | | |
| | | | 119 | | | |
| | | | 120 | | | |
PART III | | ||||||
| | | | 121 | | | |
| | | | 121 | | | |
| | | | 121 | | | |
| | | | 121 | | | |
| | | | 121 | | | |
PART IV | | ||||||
| | | | 122 | | | |
| | | | 123 | | |
| | |
Segments
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2019/2018
|
| |
2018/2017
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 532 | | | | | $ | 532 | | | | | $ | 498 | | | | | $ | 0 | | | | |
|
0%
|
| | | | $ | 34 | | | | |
|
7%
|
| | | |
|
64%
|
| | | |
|
65%
|
| | | |
|
65%
|
| |
Mineral Nutrition
|
| | | | 234 | | | | | | 235 | | | | | | 218 | | | | | | (1) | | | | |
|
(0)%
|
| | | | | 17 | | | | |
|
8%
|
| | | |
|
28%
|
| | | |
|
29%
|
| | | |
|
29%
|
| |
Performance Products
|
| | | | 62 | | | | | | 53 | | | | | | 48 | | | | | | 9 | | | | |
|
17%
|
| | | | | 5 | | | | |
|
11%
|
| | | |
|
8%
|
| | | |
|
7%
|
| | | |
|
6%
|
| |
Total
|
| | | $ | 828 | | | | | $ | 820 | | | | | $ | 764 | | | | | $ | 8 | | | | |
|
1%
|
| | | | $ | 56 | | | | |
|
7%
|
| | | | |
| | |
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%
|
| | | | | |||||||||||||||
|
| | |
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)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2019/2018
|
| |
2018/2017
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 136 | | | | | $ | 142 | | | | | $ | 130 | | | | | $ | (6) | | | | |
|
(4)%
|
| | | | $ | 12 | | | | |
|
9%
|
| | | |
|
87%
|
| | | |
|
87%
|
| | | |
|
87%
|
| |
Mineral Nutrition
|
| | | | 16 | | | | | | 19 | | | | | | 17 | | | | | | (3) | | | | |
|
(15)%
|
| | | | | 1 | | | | |
|
7%
|
| | | |
|
10%
|
| | | |
|
11%
|
| | | |
|
12%
|
| |
Performance Products
|
| | | | 5 | | | | | | 2 | | | | | | 2 | | | | | | 3 | | | | |
|
151%
|
| | | | | (0) | | | | |
|
(9)%
|
| | | |
|
3%
|
| | | |
|
1%
|
| | | |
|
1%
|
| |
Corporate
|
| | | | (38) | | | | | | (33) | | | | | | (30) | | | | | | (5) | | | | |
|
*
|
| | | | | (4) | | | | |
|
*
|
| | | | | |||||||||||||||
Total
|
| | | $ | 118 | | | | | $ | 129 | | | | | $ | 120 | | | | | $ | (11) | | | | |
|
(8)%
|
| | | | $ | 9 | | | | |
|
7%
|
| | | | |
| | |
Net Identifiable Assets
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2019/2018
|
| |
2018/2017
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 509 | | | | | $ | 456 | | | | | $ | 442 | | | | | $ | 53 | | | | |
|
12%
|
| | | | $ | 14 | | | | |
|
3%
|
| | | |
|
70%
|
| | | |
|
68%
|
| | | |
|
71%
|
| |
Mineral Nutrition
|
| | | | 68 | | | | | | 70 | | | | | | 55 | | | | | | (2) | | | | |
|
(3)%
|
| | | | | 15 | | | | |
|
26%
|
| | | |
|
9%
|
| | | |
|
10%
|
| | | |
|
9%
|
| |
Performance Products
|
| | | | 33 | | | | | | 24 | | | | | | 24 | | | | | | 9 | | | | |
|
37%
|
| | | | | 0 | | | | |
|
1%
|
| | | |
|
5%
|
| | | |
|
4%
|
| | | |
|
4%
|
| |
Corporate
|
| | | | 117 | | | | | | 122 | | | | | | 102 | | | | | | (5) | | | | |
|
(4)%
|
| | | | | 20 | | | | |
|
20%
|
| | | |
|
16%
|
| | | |
|
18%
|
| | | |
|
16%
|
| |
Total
|
| | | $ | 727 | | | | | $ | 672 | | | | | $ | 623 | | | | | $ | 54 | | | | |
|
8%
|
| | | | $ | 49 | | | | |
|
8%
|
| | | | | |||||||||||||||
|
| | |
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%
|
| | | | | |||||||||||||||
|
| | |
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 | | |
78,000
|
| | Manufacturing and Research | |
Animal Health | | | Braganca Paulista, Brazil | | | Owned | | |
50,000
|
| | Manufacturing and Administrative | |
Animal Health | | | Buenos Aires, Argentina | | | Owned | | |
43,000
|
| | Manufacturing and Administrative | |
Animal Health | | | Chillicothe, Illinois | | | Owned | | |
19,000
|
| | Manufacturing | |
Animal Health | | | Corvallis, Oregon | | | Owned | | |
5,000
|
| | Research | |
Animal Health | | | Guarulhos, Brazil | | | Owned | | |
1,294,000
|
| | Manufacturing, Sales, Premixing, Research and Administrative | |
Animal Health | | | Neot Hovav, Israel | | | Owned/land lease | | |
140,000
|
| | Manufacturing and Research | |
Mineral Nutrition | | | Omaha, Nebraska | | | Owned | | |
84,000
|
| | Manufacturing | |
Animal Health | | | Omaha, Nebraska | | | Owned | | |
43,000
|
| | Manufacturing, Sales and Research | |
Animal Health | | | Petach Tikva, Israel | | | Owned | | |
60,000
|
| | Manufacturing | |
Business Segment(s)
|
| |
Location
|
| |
Owned/Leased
|
| |
Approx. sq.
Footage |
| |
Purpose(s)
|
|
Animal Health and Mineral Nutrition | | | Quincy, Illinois | | | Owned | | |
306,000
|
| | Manufacturing, Sales, Research and Administrative | |
Performance Products | | |
Santa Fe Springs, California
|
| | Owned | | |
108,000
|
| | Manufacturing | |
Animal Health | | |
State College, Pennsylvania
|
| | Owned | | |
13,000
|
| | Research | |
Animal Health | | | St. Paul, Minnesota | | | Leased | | |
5,000
|
| | Research | |
Corporate | | | Teaneck, New Jersey | | | Leased | | |
50,000
|
| | Corporate and Administrative | |
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 Year Ended June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net income
|
| | | $ | 54,713 | | | | | $ | 64,883 | | | | | $ | 64,615 | | | | | $ | 82,728 | | | | | $ | 60,280 | | |
Plus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | | | | | 16,592 | | | | | | 14,305 | | |
Provision (benefit) for income taxes
|
| | | | 16,792 | | | | | | 23,187 | | | | | | 15,928 | | | | | | (5,967) | | | | | | 18,483 | | |
Depreciation and amortization
|
| | | | 27,564 | | | | | | 26,943 | | | | | | 26,001 | | | | | | 23,452 | | | | | | 21,604 | | |
EBITDA
|
| | | | 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
|
| | | | — | | | | | | 1,671 | | | | | | — | | | | | | 2,566 | | | | | | — | | |
Acquisition-related accrued compensation
|
| | | | — | | | | | | 1,152 | | | | | | 1,680 | | | | | | 1,680 | | | | | | 747 | | |
Acquisition-related transaction costs
|
| | | | 213 | | | | | | 400 | | | | | | 1,274 | | | | | | 618 | | | | | | — | | |
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) | | | | | | (7,609) | | | | | | (5,400) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 118,037 | | | | | $ | 128,958 | | | | | $ | 120,119 | | | | | $ | 114,060 | | | | | $ | 110,019 | | |
For the Year Ended June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
EBITDA
|
| | | $ | 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
|
| | | | — | | | | | | 1,671 | | | | | | — | | | | | | 2,566 | | | | | | — | | |
Acquisition-related accrued compensation
|
| | | | — | | | | | | 1,152 | | | | | | 1,680 | | | | | | 1,680 | | | | | | 747 | | |
Acquisition-related transaction costs
|
| | | | 213 | | | | | | 400 | | | | | | 1,274 | | | | | | 618 | | | | | | — | | |
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) | | | | | | (7,609) | | | | | | (5,400) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | — | | |
Interest paid
|
| | | | (12,250) | | | | | | (11,208) | | | | | | (14,600) | | | | | | (14,215) | | | | | | (12,912) | | |
Income taxes paid
|
| | | | (16,215) | | | | | | (15,191) | | | | | | (14,762) | | | | | | (16,828) | | | | | | (10,780) | | |
Changes in operating assets and liabilities and other items
|
| | | | (42,190) | | | | | | (32,151) | | | | | | 1,402 | | | | | | (45,181) | | | | | | (12,337) | | |
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
|
| ||||||||||||||||||||||||||||||||||||
For the Year Ended June 30
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2019/2018
|
| |
2018/2017
|
| |||||||||||||||||||||||||||
| | |
(in thousands, except per share)
|
| |||||||||||||||||||||||||||||||||||||||
Net sales
|
| | | $ | 827,995 | | | | | $ | 819,982 | | | | | $ | 764,281 | | | | | $ | 8,013 | | | | |
|
1%
|
| | | | $ | 55,701 | | | | |
|
7%
|
| |
Gross profit
|
| | | | 264,624 | | | | | | 266,879 | | | | | | 248,243 | | | | | | (2,255) | | | | |
|
(1)%
|
| | | | | 18,636 | | | | |
|
8%
|
| |
Selling, general and administrative expenses
|
| | | | 181,398 | | | | | | 167,953 | | | | | | 150,309 | | | | | | 13,445 | | | | |
|
8%
|
| | | | | 17,644 | | | | |
|
12%
|
| |
Operating income
|
| | | | 83,226 | | | | | | 98,926 | | | | | | 97,934 | | | | | | (15,700) | | | | |
|
(16)%
|
| | | | | 992 | | | | |
|
1%
|
| |
Interest expense, net
|
| | | | 11,776 | | | | | | 11,910 | | | | | | 14,906 | | | | | | (134) | | | | |
|
(1)%
|
| | | | | (2,996) | | | | |
|
(20)%
|
| |
Foreign currency (gains) losses,
net |
| | | | (55) | | | | | | (1,054) | | | | | | (113) | | | | | | 999 | | | | |
|
*
|
| | | | | (941) | | | | |
|
*
|
| |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | * | | | | | | (2,598) | | | | | | * | | |
Income before income taxes
|
| | | | 71,505 | | | | | | 88,070 | | | | | | 80,543 | | | | | | (16,565) | | | | |
|
(19)%
|
| | | | | 7,527 | | | | |
|
9%
|
| |
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
|
| | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.63 | | | | | $ | (0.26) | | | | | | | | | | | $ | (0.02) | | | | | | | | |
diluted
|
| | | $ | 1.35 | | | | | $ | 1.61 | | | | | $ | 1.61 | | | | | $ | (0.26) | | | | | | | | | | | $ | — | | | | | | | | |
Weighted average number of shares
outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
basic
|
| | | | 40,412 | | | | | | 40,181 | | | | | | 39,524 | | | | | | | | | | | | | | | | | | | | | | | | | | |
diluted
|
| | | | 40,523 | | | | | | 40,385 | | | | | | 40,042 | | | | |