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Statements of Operations-Additional Information | 3 Months Ended
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Sep. 30, 2022
Statements of Operations-Additional Information |
Disaggregated Revenue, Deferred Revenue and Customer Payment Terms | Disaggregated revenue, deferred revenue and customer payment terms We develop, manufacture and market a broad range of products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture, and dogs. The products help prevent, control and treat diseases and support nutrition to help improve animal health and well-being. The animal health and mineral nutrition products are sold directly to integrated poultry, cattle, and swine integrators and through commercial animal feed manufacturers, wholesalers, distributors and veterinarians. 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. 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. The MFAs and other category also include other antibacterial products and processing aids used in the ethanol fermentation industry.
| ● | 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, as well as adjuvants to vaccine manufacturers. We have also 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. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months
For the Periods Ended September 30 |  | 2022 |  | 2021
Animal Health | ​ | ​ |  |  | ​ |
MFAs and other | ​ | $ | 92,790 | ​ | $ | 83,758
Nutritional specialties | ​ |  | 39,054 | ​ |  | 35,997
Vaccines | ​ |  | 23,015 | ​ |  | 21,249
Total Animal Health | ​ | $ | 154,859 | ​ | $ | 141,004
Mineral Nutrition | ​ |  | 59,646 | ​ |  | 54,432
Performance Products | ​ |  | 18,016 | ​ |  | 19,229
Total | ​ | $ | 232,521 | ​ | $ | 214,665
​ Net Sales by Region ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months
For the Periods Ended September 30 |  | 2022 |  | 2021
United States | ​ | $ | 135,804 | ​ | $ | 126,319
Latin America and Canada | ​ |  | 52,246 | ​ |  | 42,660
Europe, Middle East and Africa | ​ |  | 29,517 | ​ |  | 30,935
Asia Pacific | ​ |  | 14,954 | ​ |  | 14,751
Total | ​ | $ | 232,521 | ​ | $ | 214,665
​ ​ Net sales by region are based on country of destination. Deferred revenue was $1,601 and $2,051 as of September 30, 2022, and June 30, 2022, respectively. Accrued expenses and other current liabilities included $458 and $822 of the total deferred revenue as of September 30, 2022, and June 30, 2022, 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 exclude 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. ​
Additional Information | Interest Expense ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months
For the Periods Ended September 30 |  | 2022 |  | 2021
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​
Term loan | ​ | $ | 1,738 | ​ | $ | 2,273
Revolving credit facility | ​ |  | 1,809 | ​ |  | 599
Amortization of debt issuance costs | ​ |  | 147 | ​ |  | 148
Other | ​ |  | 1 | ​ |  | 45
Interest expense | ​ |  | 3,695 | ​ |  | 3,065
Interest income | ​ |  | (628) | ​ |  | (176)
​ | ​ | $ | 3,067 | ​ | $ | 2,889
​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Depreciation and Amortization ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months
For the Periods Ended September 30 |  |  | 2022 |  | 2021
Depreciation and amortization | ​ | ​ |  | ​ | ​ |  |
Depreciation of property, plant and equipment | ​ | ​ | $ | 6,051 | ​ | $ | 5,714
Amortization of intangible assets | ​ | ​ |  | 2,396 | ​ |  | 2,135
Amortization of other assets | ​ | ​ |  | 3 | ​ |  | 5
​ | ​ | ​ | $ | 8,450 | ​ | $ | 7,854
​

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