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Business Segments
 6 Months Ended
Dec. 31, 2021
Business Segments  
Business Segments

10.  Business Segments

We evaluate performance and allocate resources, based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, business technology, legal, finance, human resources and business development.

We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as income before income taxes plus (a) interest expense, net, (b) depreciation and amortization, (c) (income) loss from, and disposal of, discontinued

operations, and (d) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency (gains) losses, net and certain items that we consider to be unusual, non-operational or non-recurring.

The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein.

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Three Months

    

Six Months

    

For the Periods Ended December 31

    

2021

    

2020

    

2021

    

2020

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Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Animal Health

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$

150,927

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$

136,238

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$

291,931

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$

264,607

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Mineral Nutrition

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66,655

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54,157

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121,087

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105,597

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Performance Products

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15,130

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15,754

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34,359

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31,139

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Total segments

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$

232,712

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$

206,149

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$

447,377

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$

401,343

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Depreciation and amortization

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Animal Health

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$

6,517

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$

6,498

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$

12,937

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$

13,019

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Mineral Nutrition

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660

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747

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1,299

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1,396

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Performance Products

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437

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423

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856

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868

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Total segments

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$

7,614

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$

7,668

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$

15,092

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$

15,283

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Adjusted EBITDA

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Animal Health

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$

33,696

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$

33,349

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$

61,333

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$

63,450

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Mineral Nutrition

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5,525

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4,185

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10,058

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7,232

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Performance Products

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1,324

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2,266

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3,462

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4,238

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Total segments

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$

40,545

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$

39,800

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$

74,853

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$

74,920

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Reconciliation of income before income taxes to Adjusted EBITDA

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Income before income taxes

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$

23,530

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$

16,052

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$

33,125

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$

32,561

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Interest expense, net

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2,953

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3,214

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5,842

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6,024

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Depreciation and amortization – Total segments

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7,614

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7,668

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15,092

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15,283

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Depreciation and amortization – Corporate

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387

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420

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763

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841

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Corporate costs

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11,453

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11,258

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23,295

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22,089

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Gain on sale of investment

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(1,203)

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—

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(1,203)

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—

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Stock-based compensation

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—

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564

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—

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1,129

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Foreign currency (gains) losses, net

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(4,189)

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624

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(2,061)

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(3,007)

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Adjusted EBITDA – Total segments

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$

40,545

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$

39,800

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$

74,853

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$

74,920

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December 31, 

    

June 30, 

As of

    

2021

    

2021

Identifiable assets

 

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Animal Health

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$

589,809

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$

595,315

Mineral Nutrition

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77,122

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67,338

Performance Products

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38,099

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36,847

Total segments

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705,030

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699,500

Corporate

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143,928

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141,825

Total

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$

848,958

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$

841,325

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The Animal Health segment includes all goodwill of the Company. Corporate assets include cash and cash equivalents, short-term investments, debt issuance costs, income tax-related assets and certain other assets.