Bioceres Crop Solutions (BIOX) - 2023 Q4 - Annual Report

Financial Performance - Total revenues for Q3 2023 were $93.6 million, a 33% increase compared to pro forma revenues of $70.6 million in Q3 2022[3][44] - Adjusted EBITDA reached $35.8 million in Q3 2023, a significant increase of 1200% from $2.8 million in Q3 2022[15][35] - Year-to-date revenues were $315.1 million, reflecting a 28% increase compared to the previous year[18] - The company reported a gross profit of $58.2 million in Q3 2023, an 84% increase from $31.3 million in Q3 2022[24] - Operating profit for Q3 2023 was $29.9 million, compared to an operating profit of $2.1 million in Q3 2022[100] - Profit for the period in Q3 2023 was $27.5 million, a significant turnaround from a loss of $7.0 million in Q3 2022[100] - Gross profit for Q3 2023 reached $57.5 million, representing an 84% increase from $31.3 million in Q3 2022[111] - Management emphasizes that adjusted EBITDA is a key measure for evaluating financial and operating performance, providing insights into core operating trends before capital structure impacts[117] Segment Performance - The Crop Nutrition segment saw a 104% increase in revenues, driven by initial profit sharing from the agreement with Syngenta[44] - The Crop Nutrition segment saw a 104% increase in revenue year-over-year, from $21.3 million in Q3 2022 to $43.5 million in Q3 2023[111] - Revenues from the Crop Protection segment declined by 3% due to reduced pest pressure in Argentina[19] - Seed and Integrated Products revenue increased by 65% year-over-year, from $3.5 million in Q3 2022 to $5.7 million in Q3 2023[111] - Crop Protection gross profit declined by 5%, while Seed and Integrated products gross profit increased by 90%[46] Debt and Liabilities - Total financial debt increased to $250.1 million as of March 31, 2023, compared to $205.0 million in Q3 2022[28] - Total net debt rose to $179.2 million as of March 31, 2023, compared to $163.7 million in the previous year[54] - Long-term debt increased to $145.1 million from $91.1 million year-over-year[54] - Total liabilities increased to $511.6 million as of March 31, 2023, from $359.9 million as of June 30, 2022[99] Cash and Investments - Cash, cash equivalents, and other short-term investments totaled $70.9 million, up from $41.3 million in 3Q22[76] - Total current assets as of March 31, 2023, were $421.8 million, compared to $297.7 million as of June 30, 2022[99] Cost Management - Total SG&A expenses decreased by 16% year-over-year to $24.0 million, primarily due to proactive cost control measures[47] - The company continues to focus on cost synergies and proactive measures to mitigate impacts from adverse weather conditions[47] Future Outlook - The company is optimistic about a strong end to the fiscal year if the drought conditions in Argentina improve[13] - The HB4 Soy program in Brazil is progressing well, with seed inventory expected to reach 10,000 hectares in the 2023/24 season[4] Miscellaneous - Financials for Q3 2022 are presented as pro forma, including Pro Farm, indicating adjustments made for comparative analysis[118] - Net debt-to-LTM adjusted EBITDA improved to 2.10x from 3.06x in 3Q22, reflecting a significant increase in adjusted EBITDA[55] - Gross margin improved to 61.4%, up 1,707 basis points from 44.3% in Q3 2022[113] - Adjusted EBITDA surged by 1,200% to $35.8 million compared to $2.8 million in 3Q22[66] - The company completed a $26.6 million public offering of Series VIII corporate bonds during the quarter[28]