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Business Segments

3 Months Ended

Sep. 30, 2023

Business Segments

Business Segments

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

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

​

​	​	​	​	​	​	​
​		Three Months
For the Periods Ended September 30		2023			2022
Net sales
Animal Health	​	$	160,530	​	$	154,859
Mineral Nutrition	​		56,026	​		59,646
Performance Products	​		14,793	​		18,016
Total segments	​	$	231,349	​	$	232,521
​	​	​	​	​	​	​
Depreciation and amortization	​	​	​	​	​	​
Animal Health	​	$	7,349	​	$	6,911
Mineral Nutrition	​		646	​		655
Performance Products	​		426	​		442
Total segments	​	$	8,421	​	$	8,008
Adjusted EBITDA	​	​	​	​	​	​
Animal Health	​	$	28,494	​	$	26,964
Mineral Nutrition	​		2,881	​		5,297
Performance Products	​		1,409	​		2,364
Total segments	​	$	32,784	​	$	34,625
Reconciliation of income before income taxes to Adjusted EBITDA	​	​	​	​	​	​
(Loss) income before income taxes	​	$	(11,979)	​	$	5,417
Interest expense, net	​		4,564	​		3,067
Depreciation and amortization – Total segments	​		8,421	​		8,008
Depreciation and amortization – Corporate	​		450	​		442
Corporate costs	​	​	14,133	​	​	12,491
Pension settlement cost	​	​	10,425	​	​	—
Stock-based compensation	​	​	81	​	​	—
Foreign currency losses, net	​		6,689	​		5,200
Adjusted EBITDA – Total segments	​	$	32,784	​	$	34,625

​

​	​	​	​	​	​	​
​	​	September 30,			June 30,
As of		2023			2023
Identifiable assets		​			​
Animal Health	​	$	679,935	​	$	698,522
Mineral Nutrition	​		74,060	​		75,814
Performance Products	​		49,939	​		49,678
Total segments	​		803,934	​		824,014
Corporate	​		160,589	​		147,383
Total	​	$	964,523	​	$	971,397

​

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.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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