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Segment Information

6 Months Ended

Jun. 30, 2024

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 (loss) 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, transaction, restructuring 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, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, 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 June 30, 2024

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

163,253

​

$

46,740

​

$

(1,604)

​

$

208,389

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

13,245

​

​

419

​

​

n/a

​

​

13,664

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

​

​

​

7,453

Income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

​

(4,645)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

7,968

Transaction, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

4,399

Change in fair value of warrant liabilities

​

​

​

​

​

​

​

​

​

​

​

(1,612)

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

3,025

Impairment charges

​

​

​

​

​

​

​

​

​

​

​

831

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

​

​

​

​

​

​

​

​

​

​

​

13,612

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(1,522)

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

​

​

​

​

​

​

​

​

​

​

​

971

Other

​

​

​

​

​

​

​

​

​

​

​

943

Net loss

​

​

​

​

​

​

​

​

​

​

$

(17,759)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

​

965,250

​

​

91,123

​

​

n/a

​

​

1,056,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2023

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

189,719

​

$

36,048

​

$

(1,073)

​

$

224,694

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

11,660

​

​

(350)

​

​

n/a

​

​

11,310

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

​

​

​

7,385

Income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

​

6,240

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

6,181

Transaction, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

2,901

Change in fair value of warrant liabilities

​

​

​

​

​

​

​

​

​

​

​

11,800

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

2,310

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

​

​

​

​

​

​

​

​

​

​

​

1,711

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(969)

Other

​

​

​

​

​

​

​

​

​

​

​

562

Net loss

​

​

​

​

​

​

​

​

​

​

$

(26,811)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

​

727,471

​

​

94,837

​

​

n/a

​

​

822,308

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2024

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

321,312

​

$

83,060

​

$

(3,483)

​

$

400,889

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

24,045

​

​

761

​

​

n/a

​

​

24,806

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

​

​

​

15,032

Income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

​

1,170

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

15,516

Transaction, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

7,363

Change in fair value of warrants

​

​

​

​

​

​

​

​

​

​

​

(1,653)

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

5,481

Impairment charges

​

​

​

​

​

​

​

​

​

​

​

831

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

​

​

​

​

​

​

​

​

​

​

​

23,408

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(3,162)

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

​

​

​

​

​

​

​

​

​

​

​

973

Other

​

​

​

​

​

​

​

​

​

​

​

1,279

Net loss

​

​

​

​

​

​

​

​

​

​

$

(41,432)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

​

965,250

​

​

91,123

​

​

n/a

​

​

1,056,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2023

​

​

​

Sustainable

​

​

Total of

​

​

Beverage

​

Sourcing &

​

Intersegment

​

Reportable

(Thousands)

​

Solutions

​

Traceability

​

Revenues

​

Segments

Net sales

​

$

370,928

​

$

61,439

​

$

(2,231)

​

$

430,136

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA

​

​

20,081

​

​

(318)

​

​

n/a

​

​

19,763

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

​

​

​

13,414

Income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

​

1,881

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

12,055

Transaction, restructuring and integration expense

​

​

​

​

​

​

​

​

​

​

​

9,545

Change in fair value of warrants

​

​

​

​

​

​

​

​

​

​

​

6,272

Management and consulting fees (S&D acquisition)

​

​

​

​

​

​

​

​

​

​

​

556

Equity-based compensation

​

​

​

​

​

​

​

​

​

​

​

3,857

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

​

​

​

​

​

​

​

​

​

​

​

3,580

Mark-to-market adjustments

​

​

​

​

​

​

​

​

​

​

​

(2,205)

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

​

​

​

​

​

​

​

​

​

​

​

896

Other

​

​

​

​

​

​

​

​

​

​

​

1,049

Net loss

​

​

​

​

​

​

​

​

​

​

$

(31,137)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

​

727,471

​

​

94,837

​

​

n/a

​

​

822,308

​

X

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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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