Business Segments

3 Months Ended

Sep. 30, 2022

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 includes 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) losses, net 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	2022		2021
Net sales
Animal Health	$	154,859	$	141,004
Mineral Nutrition		59,646		54,432
Performance Products		18,016		19,229
Total segments	$	232,521	$	214,665
Depreciation and amortization
Animal Health	$	6,911	$	6,420
Mineral Nutrition		655		639
Performance Products		442		419
Total segments	$	8,008	$	7,478
Adjusted EBITDA
Animal Health	$	26,964	$	27,637
Mineral Nutrition		5,297		4,533
Performance Products		2,364		2,138
Total segments	$	34,625	$	34,308
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	$	5,417	$	9,595
Interest expense, net		3,067		2,889
Depreciation and amortization – Total segments		8,008		7,478
Depreciation and amortization – Corporate		442		376
Corporate costs		12,491		11,842
Foreign currency losses, net		5,200		2,128
Adjusted EBITDA – Total segments	$	34,625	$	34,308

	September 30,		June 30,
As of	2022		2022
Identifiable assets
Animal Health	$	650,436	$	654,862
Mineral Nutrition		93,988		87,379
Performance Products		50,926		39,490
Total segments		795,350		781,731
Corporate		153,028		149,968
Total	$	948,378	$	931,699

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.