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Statements of Operations-Additional Information | 6 Months Ended
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Dec. 31, 2019
Statements of Operations-Additional Information |
Statements of Operations-Additional Information | 4. Statements of Operations—Additional Information We develop, manufacture and market a broad range of products for food animals including poultry, swine, beef and dairy cattle and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold directly to integrated poultry, swine and cattle integrators and through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms. We have a diversified portfolio of products that are classified within our three business segments—Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team. Animal Health The Animal Health business develops, manufactures and markets products in three main categories:
| · |  | MFAs and Other: MFAs and other products primarily consist of concentrated medicated products that are administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause bacterial infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products.
| · |  | Nutritional Specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health.
| · |  | Vaccines: Our vaccines are primarily focused on preventing diseases in poultry, swine and cattle. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market conventionally licensed and autogenous vaccine products and also produce and market adjuvants to vaccine manufacturers. We have developed and market an innovative and proprietary delivery platform for vaccines.
Mineral Nutrition The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. The customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including poultry, swine and beef and dairy cattle. Performance Products The Performance Products business manufactures and markets a number of specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type
|  | Three Months |  | Six Months
For the Periods Ended December 31 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Animal Health |  |  |  |  |  |  |  |  |  |  |  |
MFAs and other |  | $ | 91,955 |  | $ | 93,054 |  | $ | 166,989 |  | $ | 180,058
Nutritional specialties |  |  | 33,062 |  |  | 29,460 |  |  | 63,495 |  |  | 56,430
Vaccines |  |  | 18,672 |  |  | 17,048 |  |  | 35,055 |  |  | 34,263
Total Animal Health |  | $ | 143,689 |  | $ | 139,562 |  | $ | 265,539 |  | $ | 270,751
Mineral Nutrition |  |  | 55,685 |  |  | 62,319 |  |  | 108,334 |  |  | 117,157
Performance Products |  |  | 14,638 |  |  | 16,342 |  |  | 29,859 |  |  | 30,468
Total |  | $ | 214,012 |  | $ | 218,223 |  | $ | 403,732 |  | $ | 418,376
Net Sales by Region
|  | Three Months |  | Six Months
For the Periods Ended December 31 |  | 2019 |  | 2018 |  | 2019 |  | 2018
United States |  | $ | 122,917 |  | $ | 126,065 |  | $ | 241,404 |  | $ | 240,552
Latin America and Canada |  |  | 42,704 |  |  | 40,273 |  |  | 79,445 |  |  | 79,156
Europe, Middle East and Africa |  |  | 27,660 |  |  | 26,186 |  |  | 51,353 |  |  | 51,022
Asia Pacific |  |  | 20,731 |  |  | 25,699 |  |  | 31,530 |  |  | 47,646
Total |  | $ | 214,012 |  | $ | 218,223 |  | $ | 403,732 |  | $ | 418,376
Net sales by region are based on country of destination. Deferred revenue was $5,130 and $5,464 as of December 31, 2019 and June 30, 2019, respectively. Accrued expenses and other current liabilities included $1,082 and $965 of the total deferred revenue as of December 31, 2019 and June 30, 2019, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand alone sales prices of the individual products or services. Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 to 70 days after the revenue is recognized. Interest Expense and Depreciation and Amortization
|  | Three Months |  | Six Months
For the Periods Ended December 31 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |
Term loan |  | $ | 2,031 |  | $ | 2,202 |  | $ | 4,079 |  | $ | 4,314
Revolving credit facility |  |  | 1,530 |  |  | 920 |  |  | 2,961 |  |  | 1,667
Amortization of debt issuance costs and debt discount |  |  | 221 |  |  | 220 |  |  | 442 |  |  | 441
Acquisition-related accrued interest |  |  | 79 |  |  | — |  |  | 132 |  |  | —
Other |  |  | 76 |  |  | 120 |  |  | 156 |  |  | 283
Interest expense |  |  | 3,937 |  |  | 3,462 |  |  | 7,770 |  |  | 6,705
Interest (income) |  |  | (505) |  |  | (447) |  |  | (984) |  |  | (907)
|  | $ | 3,432 |  | $ | 3,015 |  | $ | 6,786 |  | $ | 5,798
|  | Three Months |  | Six Months
For the Periods Ended December 31 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment |  | $ | 5,840 |  | $ | 5,308 |  | $ | 11,571 |  | $ | 10,496
Amortization of intangible assets |  |  | 2,296 |  |  | 1,521 |  |  | 4,334 |  |  | 3,012
Amortization of other assets |  |  | 12 |  |  | 12 |  |  | 24 |  |  | 24
|  | $ | 8,148 |  | $ | 6,841 |  | $ | 15,929 |  | $ | 13,532

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