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Statements of Operations-Additional Information | 12 Months Ended
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Jun. 30, 2021
Statements of Operations-Additional Information |
Statements of Operations-Additional Information | 4. Statements of Operations—Additional Information ​ Disaggregated revenue, deferred revenue and customer payment terms 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. We are also a developer, manufacturer and marketer of microbial products and bioproducts for a variety of applications serving animal health and nutrition, environmental, industrial and agricultural customers.
| ● | Vaccines: Our vaccines are primarily focused on preventing diseases in poultry and swine. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market conventionally licensed and autogenous vaccine products and 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. Our 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 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 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 | ​ | 2021 | ​ | 2020 | ​ | 2019
Animal Health | ​ | ​ |  |  | ​ |  | ​ | ​ | ​
MFAs and other | ​ | $ | 330,017 | ​ | $ | 322,300 | ​ | $ | 350,468
Nutritional specialties | ​ |  | 142,760 | ​ |  | 129,264 | ​ | ​ | 113,215
Vaccines | ​ |  | 72,939 | ​ |  | 75,340 | ​ | ​ | 68,291
Total Animal Health | ​ | $ | 545,716 | ​ | $ | 526,904 | ​ | $ | 531,974
Mineral Nutrition | ​ |  | 220,560 | ​ |  | 214,412 | ​ | ​ | 233,782
Performance Products | ​ |  | 67,074 | ​ |  | 59,038 | ​ | ​ | 62,239
Total | ​ | $ | 833,350 | ​ | $ | 800,354 | ​ | $ | 827,995
​ Net Sales by Region ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2021 |  | 2020 |  | 2019
United States | ​ | $ | 494,889 | ​ | $ | 471,938 | ​ | $ | 480,101
Latin America and Canada | ​ |  | 166,325 | ​ |  | 158,939 | ​ | ​ | 152,380
Europe, Middle East and Africa | ​ |  | 114,131 | ​ |  | 112,179 | ​ | ​ | 105,365
Asia Pacific | ​ |  | 58,005 | ​ |  | 57,298 | ​ | ​ | 90,149
Total | ​ | $ | 833,350 | ​ | $ | 800,354 | ​ | $ | 827,995
​ Net sales by region are based on country of destination. Deferred revenue was $3,674 and $4,570 as of June 30, 2021 and June 30, 2020, respectively. Accrued expenses and other current liabilities included $1,560 and $1,109 of the total deferred revenue as of June 30, 2021 and June 30, 2020, 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. Additional Information
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 | ​ | 2021 |  | 2020 |  | 2019
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term loan | ​ | $ | 7,951 | ​ | $ | 7,751 | ​ | $ | 8,553
Revolving credit facility | ​ |  | 3,649 | ​ |  | 5,317 | ​ |  | 3,748
Amortization of debt issuance costs and debt discount | ​ |  | 833 | ​ |  | 882 | ​ |  | 882
Refinancing expense | ​ | ​ | 1,020 | ​ | ​ | — | ​ | ​ | —
Other | ​ |  | 265 | ​ |  | 663 | ​ |  | 494
Interest expense | ​ |  | 13,718 | ​ |  | 14,613 | ​ |  | 13,677
Interest (income) | ​ |  | (838) | ​ |  | (1,757) | ​ |  | (1,901)
​ | ​ | $ | 12,880 | ​ | $ | 12,856 | ​ | $ | 11,776
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 | ​ | 2021 |  | 2020 |  | 2019
Depreciation and amortization | ​ |  | ​ | ​ |  |  | ​ |  |
Depreciation of property, plant and equipment | ​ | $ | 23,165 | ​ | $ | 23,250 | ​ | $ | 21,423
Amortization of intangible assets | ​ |  | 8,715 | ​ |  | 8,869 | ​ |  | 6,092
Amortization of other assets | ​ |  | 5 | ​ |  | 222 | ​ |  | 49
​ | ​ | $ | 31,885 | ​ | $ | 32,341 | ​ | $ | 27,564
​ Depreciation of property, plant and equipment includes amortization of capitalized software costs of $1,254, $1,038 and $1,217 during 2021, 2020 and 2019, respectively. Amortization of intangible assets as of June 30, 2021, is expected to be:
​ | ​ | ​ | ​
For the Year Ended June 30 |  | ​ |
2022 | ​ | $ | 8,628
2023 | ​ |  | 8,607
2024 | ​ |  | 8,427
2025 | ​ |  | 6,773
2026 | ​ |  | 5,823
Thereafter | ​ |  | 24,024
Total | ​ | $ | 62,282
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2021 |  | 2020 |  | 2019
Research and development expense | ​ | $ | 17,759 | ​ | $ | 13,738 | ​ | $ | 12,093
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