XML 45 R28.htm IDEA: XBRL DOCUMENT v3.23.1

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Information

Segment Information

Note 20. Segment Information

Our two operating segments are evaluated using Adjusted EBITDA as a segment operating metric. Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of acquisition, transaction and integrations costs, including management services and consulting agreements entered into in connection with the acquisition of S&D, impairment charges, changes in the fair value of warrant liabilities, non-cash mark-to-market adjustments, certain costs specifically excluded from the calculation of EBITDA under our material debt agreements, such as facility start-up costs, and other similar or infrequent items (although we may not have had such charges in the periods presented).

Selected financial data related to our segments is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

685,303

​

$

207,579

​

$

(25,010)

​

$

867,872

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

53,951

​

​

6,102

​

​

n/a

​

​

60,053

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

​

35,497

Income tax expense

​

​

​

​

​

​

​

​

​

​

​

111

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

24,210

Acquisition, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

13,169

Change in fair value of warrants

​

​

​

​

​

​

​

​

​

​

​

29,675

Management and consulting fees (S&D acquisition)

​

​

​

​

​

​

​

​

​

​

​

3,868

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

2,631

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

3,502

Loss (gain) on disposal of property, plant and equipment

​

​

​

​

​

​

​

​

​

​

​

935

Other

​

​

​

​

​

​

​

​

​

​

​

1,916

Net loss

​

​

​

​

​

​

​

​

​

​

$

(55,461)

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

63,158

​

$

103

​

​

n/a

​

$

63,261

Total assets

​

​

658,814

​

​

87,399

​

​

n/a

​

​

746,213

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2021

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

551,013

​

$

170,035

​

$

(22,904)

​

$

698,144

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

41,468

​

​

5,706

​

​

n/a

​

​

47,174

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

​

32,549

Income tax benefit

​

​

​

​

​

​

​

​

​

​

​

(3,368)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

25,501

Acquisition, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

8,835

Management and consulting fees (S&D acquisition)

​

​

​

​

​

​

​

​

​

​

​

6,382

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

1,223

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(3,585)

Loss (gain) on disposal of property, plant and equipment

​

​

​

​

​

​

​

​

​

​

​

243

Other

​

​

​

​

​

​

​

​

​

​

​

702

Net loss

​

​

​

​

​

​

​

​

​

​

$

(21,308)

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

24,501

​

$

614

​

​

n/a

​

$

25,115

Total assets

​

​

510,751

​

​

82,269

​

​

n/a

​

​

593,020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2020

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

424,906

​

$

150,577

​

$

(24,637)

​

$

550,846

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

28,802

​

​

4,793

​

​

n/a

​

​

33,595

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

​

25,229

Income tax benefit

​

​

​

​

​

​

​

​

​

​

​

(17,545)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

23,838

Acquisition, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

22,355

Management and consulting fees (S&D acquisition)

​

​

​

​

​

​

​

​

​

​

​

5,317

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

1,553

Impairment charges

​

​

​

​

​

​

​

​

​

​

​

82,083

Inventory write-offs

​

​

​

​

​

​

​

​

​

​

​

5,432

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(217)

Loss (gain) on disposal of property, plant and equipment

​

​

​

​

​

​

​

​

​

​

​

7,750

Other

​

​

​

​

​

​

​

​

​

​

​

6,665

Net loss

​

​

​

​

​

​

​

​

​

​

$

(128,865)

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

18,944

​

$

528

​

​

n/a

​

$

19,472

Total assets

​

​

488,577

​

​

59,563

​

​

n/a

​

​

548,140

​

Approximately 100% of our long-lived assets were located in the United States as of December 31, 2022.

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration