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				Nine Months
For the Periods Ended March 31	2022		2021		2022		2021

Animal Health
MFAs and other	$	84,330	$	78,530	$	259,812	$	238,810
Nutritional specialties		41,394		36,978		114,721		105,972
Vaccines		22,865		18,872		65,987		54,205
Total Animal Health	$	148,589	$	134,380	$	440,520	$	398,987
Mineral Nutrition		69,033		58,153		190,120		163,750
Performance Products		21,997		19,196		56,356		50,335
Total	$	239,619	$	211,729	$	686,996	$	613,072

Net Sales by Region


	Three Months				Nine Months
For the Periods Ended March 31	2022		2021		2022		2021
United States	$	146,820	$	129,370	$	412,284	$	370,446
Latin America and Canada		45,048		37,386		135,722		115,808
Europe, Middle East and Africa		29,931		27,802		90,889		84,959
Asia Pacific		17,820		17,171		48,101		41,859
Total	$	239,619	$	211,729	$	686,996	$	613,072

Net sales by region are based on country of destination.

Deferred revenue was $2,697 and $3,674 as of March 31, 2022, and June 30, 2021, respectively. Accrued expenses and other current liabilities included $1,383 and $1,560 of the total deferred revenue as of March 31, 2022, 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				Nine Months
For the Periods Ended March 31	2022		2021		2022		2021
Interest expense, net
Term loan	$	2,208	$	1,857	$	6,745	$	5,796
Revolving credit facility		690		938		1,936		3,017
Amortization of debt issuance costs		147		221		442		662
Other		67		65		156		191
Interest expense		3,112		3,081		9,279		9,666
Interest income		(187)		(148)		(512)		(709)
	$	2,925	$	2,933	$	8,767	$	8,957

	Three Months				Nine Months
For the Periods Ended March 31	2022		2021		2022		2021
Depreciation and amortization
Depreciation of property, plant and equipment	$	6,214	$	5,763	$	17,792	$	17,479
Amortization of intangible assets		2,231		2,155		6,508		6,563
	$	8,445	$	7,918	$	24,300	$	24,042