We develop, manufacture and market a broad range of products for food animals including poultry, swine, beef and dairy cattle, and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold directly to integrated poultry, swine and cattle integrators and through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms.

We have a diversified portfolio of products that are classified within our three business segments—Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team.

The Animal Health business develops, manufactures and markets products in three main categories:

Mineral Nutrition

The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron, and other compounds, with a focus on customers in North America. Our customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including poultry, swine and beef and dairy cattle.

Performance Products

The Performance Products business manufactures and markets specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States.

The following tables present our revenues disaggregated by major product category and geographic region:

Net Sales by Product Type


	Three Months				Nine Months
For the Periods Ended March 31	2021		2020		2021		2020
Animal Health
MFAs and other	$	78,530	$	82,670	$	238,810	$	249,659
Nutritional specialties		36,978		34,636		105,972		98,131
Vaccines		18,872		21,668		54,205		56,723
Total Animal Health	$	134,380	$	138,974	$	398,987	$	404,513
Mineral Nutrition		58,153		56,200		163,750		164,534
Performance Products		19,196		15,565		50,335		45,424
Total	$	211,729	$	210,739	$	613,072	$	614,471

Net Sales by Region


	Three Months				Nine Months
For the Periods Ended March 31	2021		2020		2021		2020
United States	$	129,370	$	126,826	$	370,446	$	368,230
Latin America and Canada		37,386		40,284		115,808		119,730
Europe, Middle East and Africa		27,802		31,958		84,959		83,311
Asia Pacific		17,171		11,670		41,859		43,200
Total	$	211,729	$	210,739	$	613,072	$	614,471

Net sales by region are based on country of destination.

Deferred revenue was $3,815 and $4,570 as of March 31, 2021, and June 30, 2020, respectively. Accrued expenses and other current liabilities included $1,325 and $1,109 of the total deferred revenue as of March 31, 2021, and June 30, 2020, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand-alone sales prices of the individual products or services.

Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 days after the revenue is recognized.

Interest Expense and Depreciation and Amortization


	Three Months				Nine Months
For the Periods Ended March 31	2021		2020		2021		2020
Interest expense, net
Term loan	$	1,857	$	1,888	$	5,796	$	5,967
Revolving credit facility		938		1,400		3,017		4,361
Amortization of debt issuance costs		221		220		662		662
Other		65		153		191		441
Interest expense		3,081		3,661		9,666		11,431
Interest income		(148)		(398)		(709)		(1,382)
	$	2,933	$	3,263	$	8,957	$	10,049

	Three Months				Nine Months
For the Periods Ended March 31	2021		2020		2021		2020
Depreciation and amortization
Depreciation of property, plant and equipment	$	5,763	$	5,824	$	17,479	$	17,395
Amortization of intangible assets		2,155		2,325		6,563		6,659
Amortization of other assets		—		99		—		123
	$	7,918	$	8,248	$	24,042	$	24,177