RT Bitcoin For Corporations (@BitcoinForCorps)📺 The Bitcoin For Corporations ShowEpisode 11 now live — hosted by @BitcoinPierrePierre Rochard and @DeSpencer_ unpack @Strategy’s Q2 earnings, covering mark-to-market EPS, preferreds, ATM/MAV guidance, and #Bitcoin treasury strategy.00:00 – Intro & Episode Context01:09 – Strategy Earnings Call & Bitcoin Accounting Changes05:59 – Investor Relations for Bitcoin Treasury Companies10:54 – Capital Flows & Treasury Market Dynamics11:22 – Yield Curve & Credit Instrume ...

Core Insights - Phibro Animal Health Corporation (PAHC) is focusing on advancing its Animal Health business, which is expected to drive growth in the upcoming quarters [1] - The company has shown strong performance with a 39.9% increase in shares over the past year, significantly outperforming the industry and S&P 500 [2] - Recovery in Mineral Nutrition and Performance Products is contributing to overall growth, although macroeconomic conditions remain a concern [1][9] Animal Health Business - Phibro's key animal health products, including Medicated Feed Additives (MFAs) and nutritional specialty products, are enhancing animal nutrition and are crucial for growth [3] - The Animal Health business reported a 42% sales growth year over year, with MFAs and other product sales increasing by 68% [4][8] - Nutritional specialty products saw an 8% increase in net sales, driven by improved domestic dairy demand [4] Global Market Presence - Phibro's operations outside the United States contributed approximately 40% to total revenues during the fiscal third quarter [6] - The company is targeting high-growth regions such as Brazil, China, India, and Southeast Asia, where livestock production growth rates are expected to exceed average levels [5] Mineral Nutrition and Performance Products - The Mineral Nutrition business grew 4% year over year, supported by increased sales volume and pricing [7] - Performance Products experienced a 28% year-over-year sales increase due to rising demand for personal care product ingredients [7][8] Macroeconomic Challenges - Phibro's operations are impacted by economic sanctions, supply chain disruptions, and inflationary pressures, particularly due to the ongoing conflict between Russia and Ukraine [9] - The cost of goods sold increased by 32.5% from the prior year, reflecting the adverse macroeconomic environment [9] Financial Estimates - The Zacks Consensus Estimate for fiscal 2025 earnings per share (EPS) has increased by 1.5% to $2.04, with revenue estimates at $1.28 billion, indicating a 25.6% rise from the previous year [10]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $500.8 million, a 7.1% increase from $467.6 million in Q1 2024, representing an 8.9% growth on a revenue per day basis [8][11] - Adjusted EBITDA increased to $102.7 million in Q1 2025 from $96.1 million in Q1 2024, a 6.8% increase, with adjusted EBITDA margin slightly decreasing from 20.6% to 20.5% [8][18] - Net income was $40.6 million, lower than the same quarter last year, primarily due to increased interest expenses and transaction costs related to acquisitions [9][10] Business Line Data and Key Metrics Changes - Total patient visits per day increased by 3.2% year over year to 50,900, with a 0.6% increase to 49,600 when excluding the Nova acquisition [5][11] - Workers' compensation revenue was $302.1 million, an 8% increase year over year, with visits per day up 2.4% [12] - Employer services revenue increased by 6.2% to $160.1 million, with visits per day up 3.9% [13] Market Data and Key Metrics Changes - The company reported strong growth in both workers' compensation and employer services, indicating a positive trend in the occupational health market [6][9] - The acquisition of Nova Medical Centers and other strategic acquisitions are expected to enhance market presence and service offerings [7][22] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, with the recent Nova acquisition and plans for the Pivot On-site acquisition, which will significantly increase its operational scale [7][24] - The strategy includes enhancing employer relationships and scaling the on-site health segment, which is projected to double in revenue due to the Pivot acquisition [24][25] - The company aims to maintain a leverage ratio of approximately 3.5 times by the end of 2025 and 3.0 times within the next 18 to 24 months, focusing on debt repayment and organic growth initiatives [26] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic uncertainties, there has been no observed impact on visit volumes, which is seen as a positive indicator [27][28] - The company is well-positioned to handle potential economic slowdowns, leveraging its history of managing costs effectively during downturns [31][32] - Future growth is anticipated from potential increases in manufacturing jobs due to reshoring efforts, which could drive visit growth at the company's centers [28][29] Other Important Information - The company declared a cash dividend of $0.0625 per share, payable on May 29, 2025 [21] - The company ended Q1 2025 with a total debt balance of $1.6 billion and a cash balance of $52 million, with a net leverage ratio of 3.9 times [20] Q&A Session Summary Question: Discussion on Employer Services volumes and turnaround - Management indicated that the positive performance in Employer Services volumes is attributed to improved sales and marketing efforts, with cautious optimism for continued growth [39][41] Question: Future growth with recent acquisitions - Management emphasized the importance of scaling operations and enhancing partnerships within the managed care ecosystem to drive future growth [43][44] Question: Workers' compensation visit growth and long-term outlook - Management acknowledged that while organic growth was slightly slower than expected, they anticipate positive growth moving forward [53][54] Question: Impact of inflation on rates - Management explained that rates typically adjust in line with inflation, with historical patterns showing timely adjustments to fee schedules [61][64] Question: Cost structure and labor efficiency - Management highlighted that labor constitutes a significant portion of costs, with teams effectively managing staffing levels in response to visit volumes [102][103]