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Segment Information
9 Months Ended
Sep. 30, 2023
Segment Information  
Segment Information

Note 19. Segment Information

Our two operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, net, 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 Coffee, Inc., 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 for the periods indicated:

Three Months Ended September 30, 2023

    

    

Sustainable

    

    

Total of

Beverage

Sourcing &

Intersegment

Reportable

(Thousands)

Solutions

Traceability

Revenues

Segments

Net sales

$

176,818

$

44,098

$

(1,304)

$

219,612

Adjusted EBITDA

9,884

1,711

n/a

11,595

Less:

Interest expense, net

7,803

Income tax expense (benefit)

(5,212)

Depreciation and amortization

6,364

Acquisition, restructuring and integration expense

3,137

Change in fair value of warrant liabilities

(25,105)

Equity-based compensation

2,439

Conway extract and ready-to-drink facility start-up costs

3,035

Mark-to-market adjustments

1,160

Loss on disposal of property, plant and equipment

248

Other

1,105

Net income (loss)

$

16,621

Total assets

801,466

89,605

n/a

891,071

Three Months Ended September 30, 2022

    

    

Sustainable

    

    

Total of

Beverage

Sourcing &

Intersegment

Reportable

(Thousands)

Solutions

Traceability

Revenues

Segments

Net sales

$

173,486

$

62,809

$

(5,987)

$

230,308

Adjusted EBITDA

15,885

2,028

n/a

17,913

Less:

Interest expense, net

13,404

Income tax expense (benefit)

(428)

Depreciation and amortization

5,816

Acquisition, restructuring and integration expense

3,959

Change in fair value of warrant liabilities

5,215

Management and consulting fees (S&D Coffee, Inc. acquisition)

834

Equity-based compensation

705

Mark-to-market adjustments

543

Loss on disposal of property, plant and equipment

459

Other

424

Net income (loss)

$

(13,018)

Total assets

638,160

111,928

n/a

750,088

Nine Months Ended September 30, 2023

    

    

Sustainable

    

    

Total of

Beverage

Sourcing &

Intersegment

Reportable

(Thousands)

Solutions

Traceability

Revenues

Segments

Net sales

$

547,746

$

105,537

$

(3,535)

$

649,748

Adjusted EBITDA

29,965

1,393

n/a

31,358

Less:

Interest expense, net

21,216

Income tax expense (benefit)

(3,331)

Depreciation and amortization

18,419

Acquisition, restructuring and integration expense

12,682

Change in fair value of warrant liabilities

(18,833)

Management and consulting fees (S&D Coffee, Inc. acquisition)

556

Equity-based compensation

6,297

Conway extract and ready-to-drink facility start-up costs

6,615

Mark-to-market adjustments

(1,045)

Loss on disposal of property, plant and equipment

1,145

Other

2,153

Net income (loss)

$

(14,516)

Total assets

801,466

89,605

n/a

891,071

Nine Months Ended September 30, 2022

    

    

Sustainable

    

    

Total of

Beverage

Sourcing &

Intersegment

Reportable

(Thousands)

Solutions

Traceability

Revenues

Segments

Net sales

$

492,712

$

169,041

$

(21,604)

$

640,149

Adjusted EBITDA

38,776

3,824

n/a

42,600

Less:

Interest expense, net

30,265

Income tax expense (benefit)

(3,511)

Depreciation and amortization

17,782

Acquisition, restructuring and integration expense

8,746

Change in fair value of warrant liabilities

5,215

Management and consulting fees (S&D Coffee, Inc. acquisition)

3,035

Equity-based compensation

1,184

Mark-to-market adjustments

793

Loss on disposal of property, plant and equipment

748

Other

1,885

Net income (loss)

$

(23,542)

Total assets

638,160

111,928

n/a

750,088