Business Segments

3 Months Ended

Sep. 30, 2021

Business Segments

Business Segments

10.  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 these segments and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, business technology, legal, finance, human resources and business development.

We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as income before income taxes plus (a) interest expense, net, (b) depreciation and amortization, (c) (income) loss from, and disposal of, discontinued operations, and (d) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and certain items that we consider to be unusual, non-operational or non-recurring.

The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein.

	Three Months
For the Periods Ended September 30	2021		2020
Net sales
Animal Health	$	141,004	$	128,369
Mineral Nutrition		54,432		51,440
Performance Products		19,229		15,385
Total segments	$	214,665	$	195,194
Depreciation and amortization
Animal Health	$	6,420	$	6,521
Mineral Nutrition		639		649
Performance Products		419		445
Total segments	$	7,478	$	7,615
Adjusted EBITDA
Animal Health	$	27,637	$	30,101
Mineral Nutrition		4,533		3,047
Performance Products		2,138		1,972
Total segments	$	34,308	$	35,120
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	$	9,595	$	16,509
Interest expense, net		2,889		2,810
Depreciation and amortization – Total segments		7,478		7,615
Depreciation and amortization – Corporate		376		421
Corporate costs		11,842		10,831
Stock-based compensation		—		565
Foreign currency (gains) losses, net		2,128		(3,631)
Adjusted EBITDA – Total segments	$	34,308	$	35,120

	September 30,		June 30,
As of	2021		2021
Identifiable assets
Animal Health	$	579,432	$	595,315
Mineral Nutrition		74,218		67,338
Performance Products		37,111		36,847
Total segments		690,761		699,500
Corporate		145,283		141,825
Total	$	836,044	$	841,325

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.