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Business Segments
 6 Months Ended
Dec. 31, 2024
Business Segments  
Business Segments

12.  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 a segment or segments and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the other segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, information 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 net income (loss) plus (a) interest expense, net, (b) provision for income taxes or less benefit for income taxes, (c) depreciation and amortization, (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.

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Three Months

    

Six Months

For the Periods Ended December 31

    

2024

    

2023

    

2024

    

2023

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Animal Health

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$

229,418

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$

173,104

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$

411,941

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$

333,634

Mineral Nutrition

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63,250

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61,347

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122,312

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117,373

Performance Products

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16,593

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15,492

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35,440

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30,285

Total segments

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$

309,261

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$

249,943

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$

569,693

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$

481,292

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Depreciation and amortization

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Animal Health

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$

10,286

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$

7,348

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$

17,949

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$

14,697

Mineral Nutrition

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515

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660

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1,031

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1,306

Performance Products

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292

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433

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625

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859

Total segments

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$

11,093

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$

8,441

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$

19,605

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$

16,862

Adjusted EBITDA

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Animal Health

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$

58,177

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$

39,299

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$

98,561

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$

67,793

Mineral Nutrition

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5,702

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3,507

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9,464

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6,388

Performance Products

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1,888

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817

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4,177

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2,226

Total segments

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$

65,767

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$

43,623

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$

112,202

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$

76,407

Reconciliation of income before income taxes to Adjusted EBITDA

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Income (loss) before income taxes

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$

4,838

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$

3,565

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$

14,458

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$

(8,414)

Interest expense, net

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8,996

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4,659

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16,637

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9,223

Depreciation and amortization – Total segments

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11,093

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8,441

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19,605

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16,862

Depreciation and amortization – Corporate

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481

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469

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973

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919

Corporate costs

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17,592

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14,171

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33,371

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28,304

Acquisition-related cost of goods sold

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1,634

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310

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1,634

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310

Acquisition-related other

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8,815

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12,239

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Pension settlement cost

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—

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249

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—

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10,674

Brazil employment taxes

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—

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4,202

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—

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4,202

Insurance settlement gain

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(1,257)

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—

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(1,257)

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—

Stock-based compensation expense

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180

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80

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359

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161

Phibro Forward income growth initiatives

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1,696

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2,046

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Foreign currency losses, net

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11,699

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7,477

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12,137

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14,166

Adjusted EBITDA – Total segments

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$

65,767

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$

43,623

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$

112,202

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$

76,407

 

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December 31, 

    

June 30, 

As of

    

2024

    

2024

Identifiable assets

 

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Animal Health

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$

1,011,145

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$

684,407

Mineral Nutrition

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76,950

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67,088

Performance Products

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50,998

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50,862

Total segments

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1,139,093

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802,357

Corporate

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146,416

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179,827

Total

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$

1,285,509

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$

982,184

 

 

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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.