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.

The Animal Health business develops, manufactures and markets products in three main categories:

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


	Three Months				Six Months
For the Periods Ended December 31	2020		2019		2020		2019

Animal Health
MFAs and other	$	81,577	$	91,955	$	160,280	$	166,989
Nutritional specialties		36,394		33,062		68,994		63,495
Vaccines		18,267		18,672		35,333		35,055
Total Animal Health	$	136,238	$	143,689	$	264,607	$	265,539
Mineral Nutrition		54,157		55,685		105,597		108,334
Performance Products		15,754		14,638		31,139		29,859
Total	$	206,149	$	214,012	$	401,343	$	403,732

Net Sales by Region


	Three Months				Six Months
For the Periods Ended December 31	2020		2019		2020		2019
United States	$	122,307	$	122,917	$	241,077	$	241,404
Latin America and Canada		40,664		42,704		78,421		79,445
Europe, Middle East and Africa		30,285		27,660		57,157		51,353
Asia Pacific		12,893		20,731		24,688		31,530
Total	$	206,149	$	214,012	$	401,343	$	403,732

Net sales by region are based on country of destination.

Deferred revenue was $4,729 and $4,570 as of December 31, 2020, and June 30, 2020, respectively. Accrued expenses and other current liabilities included $1,868 and $1,109 of the total deferred revenue as of December 31, 2020, 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 days after the revenue is recognized.

Interest Expense and Depreciation and Amortization


	Three Months				Six Months
For the Periods Ended December 31	2020		2019		2020		2019
Interest expense, net
Term loan	$	2,064	$	2,031	$	3,939	$	4,079
Revolving credit facility		1,133		1,530		2,079		2,961
Amortization of debt issuance costs		220		221		441		442
Other		59		155		126		288
Interest expense		3,476		3,937		6,585		7,770
Interest income		(262)		(505)		(561)		(984)
	$	3,214	$	3,432	$	6,024	$	6,786

	Three Months				Six Months
For the Periods Ended December 31	2020		2019		2020		2019
Depreciation and amortization
Depreciation of property, plant and equipment	$	5,885	$	5,840	$	11,716	$	11,571
Amortization of intangible assets		2,203		2,296		4,408		4,334
Amortization of other assets		—		12		—		24
	$	8,088	$	8,148	$	16,124	$	15,929