Phibro Animal Health Corp (PAHC) 2024 Q4 法說會逐字稿

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Phibro Animal Health Corporation fourth-quarter investor conference call. (Operator Instructions)

早安.我叫朱莉安，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Phibro 動物保健公司第四季投資者電話會議。（操作員說明）

I would now like to turn the conference over to Glenn David, Chief Financial Officer. Please go ahead.

我現在想將會議交給財務長 Glenn David。請繼續。

Thank you, Julianne. Good day, and welcome to the Phibro Animal Health Corporation earnings call for our fiscal fourth quarter and full-year ending June 30, 2024. My name is Glenn David, and I'm the Chief Financial Officer of Phibro Animal Health Corporation.

謝謝你，茱麗安。美好的一天，歡迎參加 Phibro 動物保健公司截至 2024 年 6 月 30 日的第四財季和全年財報電話會議。我叫 Glenn David，是 Phibro 動物保健公司的財務長。

I'm joined on today's call by Jack Bendheim, Phibro's Chairman, President and Chief Executive Officer; Donny Bendheim, Director and Executive Vice President of Corporate Strategy; and Larry Miller, Chief Operating Officer. Today, we will cover financial performance for our fourth-quarter and full-year 2024 and provide financial guidance for our fiscal year ending June 30, 2025. At the conclusion of our remarks, we will open the lines for your questions.

Phibro 董事長、總裁兼執行長 Jack Bendheim 參加了今天的電話會議。 Donny Bendheim，董事兼企業策略執行副總裁；和首席營運長拉里·米勒。今天，我們將介紹 2024 年第四季和全年的財務業績，並為截至 2025 年 6 月 30 日的財年提供財務指引。在我們的演講結束時，我們將開放您的提問熱線。

I would like to remind you that we are providing a simultaneous webcast of this call in website, pahc.com. Also on the Investors section of our website, you will find copies of the earnings press release and annual Form 10-K as well as the transcript and slides discussed and presented on this call.

我想提醒您，我們正在網站 pahc.com 上提供本次電話會議的同步網路廣播。此外，在我們網站的投資者部分，您還可以找到收益新聞稿和年度 10-K 表格的副本以及本次電話會議中討論和演示的文字記錄和幻燈片。

Our remarks today will include forward-looking statements, and actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements section in our earnings press release.

我們今天的言論將包括前瞻性陳述，實際結果可能與這些預測有重大差異。有關可能導致結果不同的某些因素的清單和描述，請參閱我們的收益新聞稿中的前瞻性陳述部分。

Our remarks and key references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or US GAAP. I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures.

我們對某些財務指標的評論和主要參考資料並非根據公認會計原則或美國公認會計準則編制。我建議您參閱我們收益新聞稿中的非公認會計原則財務資訊部分，以討論這些措施。

Reconciliations of these non-GAAP financial measures to the most directly comparable US GAAP measures are included in the financial tables that accompany the earnings press release. We present our results on a GAAP basis and on an adjusted basis. Our adjusted results exclude acquisition-related items, unusual nonoperational or nonrecurring items, including stock-based compensation. Other income expense is separately reported in the consolidated statement of operations, including foreign currency losses and gains and income taxes related to pretax income adjustments and unusual or nonrecurring income tax items.

這些非公認會計原則財務指標與最直接可比較的美國公認會計原則指標的調節表包含在收益新聞稿隨附的財務表格中。我們以公認會計原則和調整後的基礎上公佈我們的結果。我們的調整後結果不包括與收購相關的項目、異常的非經營性或非經常性項目，包括以股票為基礎的薪酬。其他收入費用在合併營業報表中單獨報告，包括外幣損益以及與稅前收入調整相關的所得稅以及異常或非經常性所得稅項目。

Now let me introduce our Chairman, President and Chief Executive Officer, Jack Bendheim, to share his opening remarks.

現在讓我介紹一下我們的董事長、總裁兼執行長 Jack Bendheim，他將致開幕詞。

Thank you, Glenn, and thank you to everyone joining us this morning. We had a strong finish to the year with our animal health business growing sales of 8% in the quarter, led by vaccine growth of 14% and MFAs and other growth of 12%. In the quarter, our mineral nutrition segment grew at 6%. And while our performance products segment showed a slight decline, both mineral nutrition and performance products had the best quarter of the year, building on the improvements we began to see in the third quarter.

謝謝你，格倫，也謝謝今天早上加入我們的所有人。我們的動物保健業務在本季的銷售額成長了 8%，在疫苗成長 14%、MFA 和其他成長 12% 的帶動下，我們為今年帶來了強勁的業績。本季度，我們的礦物質營養部門成長了 6%。儘管我們的功能性產品細分市場略有下降，但礦物質營養和功能性產品在第三季開始看到改善的基礎上，實現了今年最好的季度。

We remain very excited about the acquisition of the Zoetis MFA business and are moving closer to closing on the deal. Our team is working very hard together with Zoetis to ensure a transition that is as seamless as possible so that the customers are unaffected by the hand off. We expect the transaction to close in the fourth quarter of this calendar year.

我們對收購 Zoetis MFA 業務仍然感到非常興奮，並且正在接近完成交易。我們的團隊正在與 Zoetis 努力合作，以確保盡可能無縫的過渡，以便客戶不會受到移交的影響。我們預計交易將於今年第四季完成。

As Glenn will further detail, we are also providing guidance for our fiscal year 2025, which shows mid-single-digit growth in revenue and a leveraged P&L on a stand-alone basis. We anticipate the favorable momentum we saw this past quarter will continue in our new fiscal year. On top of this, our adjusted EBITDA and adjusted net income growth are benefiting from an income growth initiative that we have internally called Phibro Forward.

正如格倫將進一步詳細介紹的那樣，我們還為 2025 財年提供了指導，該財年的收入和獨立槓桿損益表顯示出中等個位數的增長。我們預計上個季度的有利動能將在新財年繼續下去。除此之外，我們調整後的 EBITDA 和調整後的淨利潤成長都受惠於我們內部稱為 Phibro Forward 的營收成長計畫。

This initiative is unlocking additional growth drivers in our business across both revenue and cost efficiency initiatives. Our guidance also includes onetime costs related to this initiative that are primarily external consulting fees. We expect even greater benefits from this initiative in our fiscal years 2026 and 2027 results. The guidance provided does not include the pending Zoetis acquisition. Additional guidance on Zoetis will be provided post the deal closing.

這項舉措正在透過收入和成本效率措施釋放我們業務的額外成長動力。我們的指導還包括與此計劃相關的一次性成本，主要是外部諮詢費用。我們預計這項措施將在 2026 和 2027 財年的業績中帶來更大的收益。所提供的指導不包括懸而未決的碩騰收購。交易完成後將提供有關 Zoetis 的額外指導。

I look forward to hearing your questions following Glenn's reviews of our financials. Thank you.

我期待在格倫對我們的財務狀況進行審查後聽到您的問題。謝謝。

Thanks, Jack. And starting with our Q4 performance on slide 4. Consolidated net sales for the quarter ended June 30, 2024, were $273.2 million, reflecting an increase of $18.1 million or a 7% increase over the same quarter one year ago. The animal health segment grew 8%, while mineral nutrition grew at 6% and the performance products segment declined by 1%.

謝謝，傑克。從投影片 4 上我們第四季的表現開始。截至 2024 年 6 月 30 日的季度合併淨銷售額為 2.732 億美元，比一年前同季增加 1,810 萬美元，即 7%。動物保健領域成長 8%，礦物質營養領域成長 6%，功能性產品領域下降 1%。

GAAP net income and diluted EPS decreased significantly driven by foreign currency losses in the quarter due to the weakening of the Brazilian real and increased SG&A due to higher employee-related costs, partially offset by favorable gross profit as a result of higher product demand in the animal health segment.

巴西雷亞爾疲軟導致本季外匯損失，以及員工相關成本上升導致銷售管理及行政管理費用增加，導致本季度公認會計準則淨利潤和攤薄後每股收益大幅下降，但部分被由於產品需求增加而帶來的良好毛利所抵銷。

After making our standard adjustments to GAAP results, including acquisition-related items, foreign currency losses and certain one-off items, fourth-quarter adjusted EBITDA increased $1.1 million or 3% versus the prior year. Adjusted net income and adjusted diluted EPS both increased 10%. The increased gross profit driven by sales growth was partially offset by higher adjusted SG&A and higher adjusted interest expense with a benefit from a reduced adjusted provision for income taxes.

在對 GAAP 業績（包括收購相關項目、外匯損失和某些一次性項目）進行標準調整後，第四季度調整後 EBITDA 比前一年增加了 110 萬美元，即 3%。調整後淨利和調整後攤薄每股收益均成長 10%。銷售成長所推動的毛利增加部分被調整後的銷售及管理費用和調整後利息支出的增加所部分抵消，而調整後的所得稅撥備減少也帶來了好處。

Moving to the full year. Consolidated net sales for the year ended June 30, 2024, were $1.017 billion, reflecting an increase of $39.8 million or a 4% increase over the prior year. The animal health segment grew 7%, while mineral nutrition was flat and the performance products segment declined by 10%.

轉至全年。截至 2024 年 6 月 30 日的年度合併淨銷售額為 10.17 億美元，比上年增加 3,980 萬美元，即 4%。動物保健細分市場成長 7%，而礦物質營養持平，功能性產品細分市場下降 10%。

The GAAP net income and diluted EPS decreased significantly, driven by foreign currency losses in the Argentinian peso and Brazilian real, increased SG&A due to pension settlement costs, and higher employee-related costs and higher interest expense, partially offset by favorable gross profit as a result of higher product demand in the animal health segment.

由於阿根廷比索和巴西雷亞爾的外匯損失、退休金結算成本導致的一般管理費用增加、員工相關成本和利息費用增加，美國公認會計原則淨利潤和攤薄後每股收益顯著下降，但部分被有利的毛利所抵銷。

Income tax expense decreased by $13 million. After making our standard adjustments to GAAP results, including acquisition-related items, foreign currency losses and certain one-off items, full-year adjusted EBITDA decreased $1.5 million or 1%. Adjusted net income and adjusted diluted EPS, both decreased by 1%. Higher adjusted SG&A and higher adjusted interest expense was partially offset by increased gross profit driven by sales growth and a benefit from a reduced adjusted provision for income taxes.

所得稅費用減少了 1300 萬美元。在對 GAAP 業績（包括收購相關項目、外匯損失和某些一次性項目）進行標準調整後，全年調整後 EBITDA 減少了 150 萬美元，即 1%。調整後淨利和調整後攤薄每股收益均下降 1%。較高的調整後銷售及管理費用和較高的調整後利息費用被銷售成長推動的毛利增加以及調整後所得稅撥備減少帶來的好處部分抵銷。

Now moving to segment level financial performance. The animal health segment posted $191.5 million net sales for the quarter an increase of $14.8 million or 8%. Within the animal health segment, we reported MFAs and other net sales growth was $12.5 million or 12% due to demand in both domestic and international regions. Vaccine net sales growth of $4 million, a healthy 14% increase driven by poultry product introductions in Latin America, plus an increase in domestic demand.

現在轉向部門層面的財務績效。動物保健部門本季淨銷售額為 1.915 億美元，成長 1,480 萬美元，成長 8%。在動物保健領域，由於國內和國際地區的需求，我們報告 MFA 和其他淨銷售額增長 1250 萬美元，即 12%。疫苗淨銷售額成長 400 萬美元，在拉丁美洲家禽產品引進以及國內需求成長的推動下實現了 14% 的健康成長。

Nutritional specialties net sales declined by $1.7 million or 4%, mostly due to lower demand for microbial and dairy products. Animal health adjusted EBITDA was $41.3 million, a 9% increase due to higher gross profit from increased sales, partially offset by higher SG&A.

營養特色產品的淨銷售額下降了 170 萬美元，即 4%，主要是由於微生物和乳製品的需求下降。動物健康調整後 EBITDA 為 4,130 萬美元，成長 9%，原因是銷售額增加帶來的毛利增加，但 SG&A 的增加部分抵消了這一影響。

Moving to full-year performance for animal health on slide 7. The animal health segment posted $706.5 million of net sales for the year, an increase of $46.6 million or 7% versus the prior year.

前往投影片 7 上的全年動物健康績效。動物保健部門今年的淨銷售額為 7.065 億美元，比上年增加 4,660 萬美元，即 7%。

Within the animal health segment, we reported MFAs and other net sales growth of $33.6 million or 9% due to demand in both domestic and international regions. Vaccine net sales growth of $20.9 million, a healthy 21% increase, driven by poultry product introductions in Latin America, plus an increase in domestic demand.

在動物保健領域，由於國內和國際地區的需求，我們報告 MFA 和其他淨銷售額增長 3,360 萬美元，即 9%。受拉丁美洲家禽產品引進以及國內需求成長的推動，疫苗淨銷售額成長 2,090 萬美元，健康成長 21%。

Nutritional specialties net sales declined $7.8 million or 5%, mostly due to lower demand for microbial and dairy products. Animal health adjusted EBITDA was $145.6 million, a 7% increase due to higher gross profit from increased sales, offset by higher SG&A.

營養特色產品的淨銷售額下降了 780 萬美元，即 5%，主要是由於微生物和乳製品的需求下降。動物健康調整後 EBITDA 為 1.456 億美元，成長 7%，原因是銷售額增加帶來的毛利增加，但 SG&A 的增加抵消了這一影響。

Moving on to fourth-quarter performance for our other business segments. Starting with mineral nutrition. Net sales for the quarter were $62.1 million, an increase of $3.6 million or 6% due to increased sales volume and price. Mineral nutrition adjusted EBITDA was $5.4 million, reflecting a year-on-year increase of $1.5 million driven by higher gross profit.

接下來是我們其他業務部門的第四季業績。從礦物質營養開始。由於銷量和價格的增加，該季度的淨銷售額為 6,210 萬美元，增加了 360 萬美元，即 6%。礦物營養調整後 EBITDA 為 540 萬美元，由於毛利增加，年增 150 萬美元。

Looking at our performance products segment, net sales of $19.6 million reflects a decrease of $0.3 million or 1% driven by decreased demand for personal care product ingredients and industrial chemicals.

看看我們的高性能產品部門，由於個人護理產品成分和工業化學品的需求下降，淨銷售額減少了 30 萬美元，即 1%，為 1,960 萬美元。

Adjusted EBITDA was $3.1 million and grew $0.8 million versus the same quarter prior year. Corporate expenses increased $4.6 million driven by increased employee-related costs related to the annual incentive bonds.

調整後 EBITDA 為 310 萬美元，與去年同期相比成長 80 萬美元。由於與年度激勵債券相關的員工相關成本增加，公司費用增加了 460 萬美元。

Moving on to full-year performance for our other business segments. Starting with mineral nutrition, net sales for the year were $243.7 million, an increase of $1 million due to increased sales volume. Mineral nutrition adjusted EBITDA was $16.4 million reflecting a year-on-year decrease of $1 million driven by lower gross profit.

接下來是我們其他業務部門的全年業績。從礦物質營養開始，本年度淨銷售額為 2.437 億美元，由於銷量增加，增加了 100 萬美元。礦物營養調整後 EBITDA 為 1,640 萬美元，由於毛利下降，年減 100 萬美元。

Looking at our performance products segment, net sales of $67.5 million for the year reflects a decrease of $7.8 million or 10% driven by decreased demand for personal care product ingredients and industrial chemicals.

看看我們的高性能產品部門，由於個人護理產品成分和工業化學品的需求下降，今年的淨銷售額為 6,750 萬美元，減少了 780 萬美元，即 10%。

Adjusted EBITDA was $7.7 million, a decline of $1.7 million versus the prior year. Corporate expenses increased $8.3 million, driven by increased employee-related costs due to the annual incentive bonus and incremental strategic investments.

調整後 EBITDA 為 770 萬美元，比前一年減少 170 萬美元。由於年度激勵獎金和增量策略投資導致員工相關成本增加，公司費用增加了 830 萬美元。

Turning to key capitalization related metrics. We generated more than $46 million of positive free cash flow for the 12 months ended June 30, 2024. We generated $88 million of operating cash flow and invested $41 million in capital expenditures. Cash and cash equivalents and short-term investments were $115 million at the end of the year.

轉向與資本相關的關鍵指標。截至 2024 年 6 月 30 日的 12 個月內，我們產生了超過 4,600 萬美元的正自由現金流。我們產生了 8,800 萬美元的營運現金流，並投資了 4,100 萬美元的資本支出。截至年底，現金和現金等價物以及短期投資為 1.15 億美元。

Our gross leverage ratio was 4.4 times at the end of the fourth quarter based on $489 million of total debt and $111 million of trailing 12-month adjusted EBITDA. Our net leverage ratio was 3.4x at the end of the fourth quarter based on $375 million of net debt and $111 million of trailing 12-month adjusted EBITDA.

根據 4.89 億美元的總債務和 1.11 億美元的過去 12 個月調整後 EBITDA，我們的總槓桿率為 4.4 倍。根據 3.75 億美元的淨債務和 1.11 億美元的過去 12 個月調整後 EBITDA，我們的淨槓桿率為 3.4 倍。

Turning to dividends. Consistent with our history, we paid a quarterly dividend of $0.12 per share or $4.9 million in aggregate. As a reminder, $300 million of our debt is at a fixed rate of 0.61% plus the applicable margin. The remaining $189 million in total debt is subject to variable interest rates, although offset somewhat by interest income earned on short-term investments.

轉向股息。與我們的歷史一致，我們支付了每股 0.12 美元的季度股息，總計 490 萬美元。提醒一下，我們 3 億美元的債務採用 0.61% 的固定利率加上適用的保證金。剩餘的 1.89 億美元總債務採用浮動利率，但短期投資賺取的利息收入在一定程度上抵消了債務的影響。

Effective July 3, we refinanced our existing credit facilities. Our new 2024 credit facilities have an initial aggregate principal amount of $610 million. It contains a delayed draw provision to allow the company to draw an additional $350 million Term A loan upon closing of the Zoetis transaction.

自 7 月 3 日起，我們為現有信貸額度進行再融資。我們新的 2024 年信貸安排的初始本金總額為 6.1 億美元。它包含一項延遲提款條款，允許公司在 Zoetis 交易結束後額外提取 3.5 億美元的 A 期貸款。

It also includes a $300 million Term A loan that replaces the company's existing 2021 Term A loan and 2023 incremental term loan. It also includes a $310 million revolver, replacing our existing $310 million revolver.

它還包括一筆 3 億美元的 A 期貸款，取代該公司現有的 2021 年 A 期貸款和 2023 年增量定期貸款。它還包括一把價值 3.1 億美元的左輪手槍，取代我們現有的價值 3.1 億美元的左輪手槍。

The new facilities extend the maturity date from our current facilities of April 2026 to maturity dates of July 2029 and July 2031. Additional information regarding the terms and conditions of the 2024 credit facilities are contained in our Form 10-K that was filed yesterday.

新融資將我們現有融資的到期日從 2026 年 4 月延長至 2029 年 7 月和 2031 年 7 月。有關 2024 年信貸便利條款和條件的更多資訊包含在我們昨天提交的 10-K 表格中。

Now let's turn to slide 11, which lays our guidance for fiscal year 2025. Please note that this guidance does not include the Zoetis MFA acquisition as the timing for close is still not final. Included in this guidance for fiscal year 2025 are early benefits related to our Phibro Forward income growth initiative that will help drive additional EBITDA and margin growth.

現在讓我們轉向投影片 11，其中列出了我們對 2025 財年的指導。請注意，本指南不包括 Zoetis MFA 收購，因為完成時間尚未最終確定。本 2025 財年指南中包含與我們的 Phibro Forward 營收成長計畫相關的早期收益，該計畫將有助於推動額外的 EBITDA 和利潤率成長。

Onetime costs related to this initiative are also included in our GAAP guidance and primarily consists of onetime consulting fees. The initiative is focused on unlocking additional areas of revenue growth and cost savings. Areas such as incremental price increases, expanded product offerings, procurement initiatives and other cost savings initiatives.

與此計劃相關的一次性成本也包含在我們的 GAAP 指南中，主要包括一次性諮詢費用。該計劃的重點是開拓收入成長和成本節約的其他領域。增量提價、擴大產品供應、採購計畫和其他成本節約計畫等領域。

Please note, we do not anticipate significant headcount reductions as part of this image. Our guidance for fiscal year 2025 on a stand-alone basis is as follows: net sales of $1.040 billion to $1.090 billion. This represents a growth range of 2% to 7% at a midpoint of approximately 5%. Growth versus prior year is driven by continued growth in our animal health segment as well as a recovery in both our mineral nutrition and performance products.

請注意，我們預計該圖片中的人員數量不會大幅減少。我們對 2025 財年的單獨指引如下：淨銷售額為 10.4 億美元至 10.9 億美元。這代表成長範圍為 2% 至 7%，中點約為 5%。與前一年相比的增長是由我們的動物保健領域的持續增長以及我們的礦物質營養和功能產品的復甦所推動的。

Adjusted EBITDA of $118 million to $126 million. This represents a growth range of 6% to 13%, and at a midpoint of approximately 10%. Adjusted net income of $50 million to $56 million, which represents growth of 3% to 15% with a midpoint of approximately 9%. This growth is driven by growth in EBITDA and an improvement in our adjusted effective tax rate, partially offset by incremental interest expense due to our new debt dealing.

調整後 EBITDA 為 1.18 億美元至 1.26 億美元。這代表成長範圍為 6% 至 13%，中點約為 10%。調整後淨利潤為 5,000 萬美元至 5,600 萬美元，成長 3% 至 15%，中位數約 9%。這一增長是由 EBITDA 增長和調整後有效稅率的提高所推動的，但部分被我們新債務交易帶來的增量利息支出所抵消。

GAAP net income and EPS assumes constant currency and no gains or losses from FX moves. Also included in our GAAP net income and EPS of onetime costs related to our Phibro Forward income growth initiatives.

公認會計準則淨利潤和每股收益假設貨幣不變，並且沒有因匯率變動而產生的收益或損失。還包括與我們的 Phibro Forward 收入成長計劃相關的一次性成本的 GAAP 淨利潤和每股收益。

As previously mentioned, this guidance does not include the pending Zoetis MFA acquisition as the timing for closing remains uncertain. We hope to provide guidance on Zoetis in our Q1 earnings call in November. We remain confident in our previous estimates of an incremental $0.60 in adjusted EPS in the first 12 months of the close date and our ability to delever post quotes.

如前所述，本指引不包括懸而未決的 Zoetis MFA 收購，因為完成時間仍不確定。我們希望在 11 月的第一季財報電話會議上為 Zoetis 提供指導。我們對先前的估計（即截止日期前 12 個月調整後每股收益增加 0.60 美元）以及我們解除報價後槓桿化的能力仍然充滿信心。

In closing, we're excited about the strong performance we saw in the second half of fiscal year 2024 and the momentum we are carrying into fiscal year 2025. We are confident in the demand for our products around the world and look forward to seeing continued improvement in our business as we move forward.

最後，我們對 2024 財年下半年的強勁表現以及 2025 財年的勢頭感到興奮。我們對世界各地對我們產品的需求充滿信心，並期待在我們前進的過程中看到我們的業務不斷改善。

We also look forward to welcoming Zoetis MFA employees in the coming months. With that, Julianne, can you please open the line for questions.

我們也期待在未來幾個月歡迎 Zoetis MFA 員工。朱莉安，您可以打開提問線嗎？

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指令）Michael Ryskin，美國銀行。

Great. Thanks for taking the questions. On first glance, you just went through it right there in terms of the components of the guide for fiscal year '24, but I was wondering if you could provide a little bit more color on MFAs and nutritional specialties vaccines. Just what are the various drivers of each? What are the puts and takes that some up to that overall 5% revenue guidance?

偉大的。感謝您提出問題。乍一看，您剛剛瀏覽了 24 財年指南的組成部分，但我想知道您是否可以提供有關 MFA 和營養專業疫苗的更多資訊。各自的不同驅動因素是什麼？達到整體 5% 收入指導的看跌期權和看跌期權有哪些？

Sure. So when you look at the performance for next year, like for fiscal year 2025, we're excited about continued growth in animal health and also improvement that we expect to see in both mineral nutrition and performance products, which struggled a bit in the first half of fiscal year 2024, and so our recovery in fiscal year 2025.

當然。因此，當您查看明年（例如 2025 財年）的業績時，我們對動物健康的持續增長以及我們預計在礦物質營養和功能產品方面看到的改進感到興奮，這些產品在第一年表現不佳2024 財年已過半，我們的復甦將在2025 財年實現。

Specifically to your question on animal health, again, we see that continuing to perform well in 2025, still growth in our M&A business, a recovery in our nutritional specialty and still growth in our vaccines for probably a little less than we saw in 2024 as we had the introduction in Brazil, particularly and the bar products.

具體到你關於動物健康的問題，我們再次看到，我們的業績在2025 年繼續表現良好，我們的併購業務仍在增長，我們的營養專業領域有所復甦，我們的疫苗業務的增長可能略低於2024 年的情況，因為我們在巴西進行了介紹，特別是酒吧產品。

Okay. And then another question on fibro forward. You flagged just a couple times in the PR in the prepared remarks. I'm just a little bit more color on the magnitude of the cost efficiencies and any what are the growth drivers in particular focusing and how should we think about the timing of this being rolled out?

好的。然後是關於光纖轉發的另一個問題。您在公關中準備好的評論中只標記了幾次。我只是對成本效率的大小以及特別關注的成長驅動因素有更多的了解，以及我們應該如何考慮推出這項計劃的時機？

Yes. So I'll start a little bit and then I'll ask Donny to comment on as well. And so we're in the early stages of this initiative right now. And we do expect benefits in fiscal year 2025, but we expect those to expand as we move into fiscal year 2026 and 2027 and the initiatives go across a number of areas, as I mentioned, both revenue growth drivers as well as cost savings initiatives that we're looking at in areas such as procurement and other areas as well.

是的。所以我會開始一點，然後我也會請唐尼發表評論。因此，我們目前正處於該計劃的早期階段。我們確實預計2025 財年會帶來效益，但隨著我們進入2026 和2027 財年，我們預計這些效益將會擴大，正如我所提到的，這些舉措涉及多個領域，包括收入成長驅動因素和成本節約舉措，我們也在考慮採購等領域以及其他領域。

We do expect that in 26 and 27, this initiative will allow us to provide EBITDA and adjusted net income growth beyond our historical levels. And as we get further into the process, we'll provide more guidance for those future years. And Donny, I don't know if you want to add.

我們確實預計，在 26 和 27 年，這項舉措將使我們能夠提供超越歷史水平的 EBITDA 和調整後淨利潤成長。隨著我們進一步深入這個過程，我們將為未來幾年提供更多指導。還有唐尼，我不知道你是否要補充。

Thanks. Not much to add, focused on deliverable performance, focused on both recurring EBITDA as well as cash flow. So we do see some -- we do display some positives there as well this year as well as in the future years. And as Glenn said, there's literally dozens of initiatives that some of them are very small, from the more larger than some of the kind of where we hope to be in a couple of years.

謝謝。沒什麼好補充的，重點是可交付的績效，重點是經常性 EBITDA 和現金流。所以我們確實看到了一些——今年以及未來幾年我們確實展示了一些積極的一面。正如格倫所說，實際上有幾十項舉措，其中一些非常小，但比我們希望在幾年內實現的一些舉措還要大。

Okay. And then one last one if I could squeeze in on the Zoetis MFA deal. Just around the deal itself, are there any regulatory steps or antitrust requirements we should be aware of from an HSR perspective? Are there any geographies where you need regulatory approval. Just walk us through that part of it.

好的。如果我能擠進碩騰 MFA 交易的話，還有最後一件事。就交易本身而言，從 HSR 的角度來看，我們是否應該注意任何監管措施或反壟斷要求？是否存在需要監管部門批准的地區。請引導我們完成這一部分。

Sure. So there were two markets where we required regulatory approval, Mike. One in the US -- one being the US, obviously, and the one outside of the US. We've already cleared all the requirements for the US. So we're very excited about that.

當然。因此，我們需要監管部門批准兩個市場，麥克。一個在美國——顯然，一個是在美國，另一個是在美國之外。我們已經滿足了美國的所有要求。所以我們對此感到非常興奮。

There's one additional market. We're very confident in the ability to get approval there. It's just more of a timing with their existing processes, and that's what drives our expectation that we will close the deal in Q4 calendar year this year.

還有一個額外的市場。我們對獲得那裡的批准非常有信心。這只是他們現有流程的一個時機，這就是我們期望我們將在今年第四季完成交易的原因。

(Operator Instructions) Navann Ty, BNP Paribas.

（操作員指示）Navann Ty，法國巴黎銀行。

Hi, good morning. About the Zoetis deal, can you discuss your integration plans and the integration work you have been doing before the deal closes? And then a question on refinancing, if you have completed all of it? And do you have higher covenant headroom as you anticipated? Thank you.

嗨，早安。關於碩騰交易，您能談談您們的整合計畫以及交易完成前你們一直在做的整合工作嗎？然後是關於再融資的問題，你是否已經全部完成了？您的聖約空間是否如您預期的更高？謝謝。

Sure. In terms of the integration plans, obviously, we've been working diligently as an organization to be prepared to bring the business into Phibro and be effective when we take over the business and make sure that we could effectively support our customers.

當然。就整合計劃而言，顯然，我們作為一個組織一直在努力工作，準備將業務引入 Phibro，並在我們接管業務時保持有效，並確保我們能夠有效地支持我們的客戶。

We are working with third-party consultants to help us to do that as well, we're very confident in our ability to take over the business on day one. And we are building additional resources internally in markets where we may not have the level of presence to support the magnitude of the business that we are acquiring from Zoetis. As we mentioned, we're very excited about what that adds to us in certain areas in particular, particularly the expansion that provides to us in China as well as the expansion in the US beef market.

我們正在與第三方顧問合作來幫助我們做到這一點，我們對第一天接管業務的能力非常有信心。我們正在內部市場建立額外的資源，在這些市場中，我們可能沒有足夠的影響力來支持我們從碩騰收購的業務規模。正如我們所提到的，我們對這在某些領域給我們帶來的好處感到非常興奮，特別是為我們在中國的擴張以及美國牛肉市場的擴張。

Related to the refinancing, we are done with the refinancing, as I mentioned in the prepared remarks, it does also provide for an additional delayed draw loan on the closing of the Zoetis acquisition of $350 million to help us finance that acquisition. So that is pending the deal close.

關於再融資，我們已經完成了再融資，正如我在準備好的發言中提到的那樣，它還提供了在 Zoetis 收購完成時提供額外的延遲提取貸款 3.5 億美元，以幫助我們為收購融資。因此，這正在等待交易完成。

Thank you. There are no further questions at this time. I would like to turn the call back over to Glenn David for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給格倫大衛，讓他發表結束語。

No, we thank you all for your interest in Phibro Animal Health, and we appreciate the questions, and hope everybody has a great day. Thank you.

不，我們感謝大家對 Phibro Animal Health 的興趣，我們感謝您提出問題，並希望每個人都有美好的一天。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。