We develop, manufacture and market a broad range of products for food animals including poultry, beef and dairy cattle, swine, 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, cattle, and swine 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 on 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 beef and dairy cattle, swine and poultry.

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	2021		2020		2021		2020

Animal Health
MFAs and other	$	91,724	$	81,577	$	175,482	$	160,280
Nutritional specialties		37,330		36,394		73,327		68,994
Vaccines		21,873		18,267		43,122		35,333
Total Animal Health	$	150,927	$	136,238	$	291,931	$	264,607
Mineral Nutrition		66,655		54,157		121,087		105,597
Performance Products		15,130		15,754		34,359		31,139
Total	$	232,712	$	206,149	$	447,377	$	401,343

Net Sales by Region


	Three Months				Six Months
For the Periods Ended December 31	2021		2020		2021		2020
United States	$	139,145	$	122,307	$	265,464	$	241,077
Latin America and Canada		48,013		40,664		90,674		78,421
Europe, Middle East and Africa		30,029		30,285		60,961		57,157
Asia Pacific		15,525		12,893		30,278		24,688
Total	$	232,712	$	206,149	$	447,377	$	401,343

Net sales by region are based on country of destination.

Deferred revenue was $3,024 and $3,674 as of December 31, 2021, and June 30, 2021, respectively. Accrued expenses and other current liabilities included $1,675 and $1,560 of the total deferred revenue as of December 31, 2021, and June 30, 2021, 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	2021		2020		2021		2020
Interest expense, net
Term loan	$	2,264	$	2,064	$	4,537	$	3,939
Revolving credit facility		647		1,133		1,246		2,079
Amortization of debt issuance costs		147		220		295		441
Other		44		59		89		126
Interest expense		3,102		3,476		6,167		6,585
Interest income		(149)		(262)		(325)		(561)
	$	2,953	$	3,214	$	5,842	$	6,024

	Three Months				Six Months
For the Periods Ended December 31	2021		2020		2021		2020
Depreciation and amortization
Depreciation of property, plant and equipment	$	5,864	$	5,885	$	11,578	$	11,716
Amortization of intangible assets		2,137		2,203		4,277		4,408
	$	8,001	$	8,088	$	15,855	$	16,124