Segment Data

The following tables reflects our segment and Corporate information and reconciles Adjusted EBITDA for reportable segments to consolidated Net loss attributable to Covetrus:



	At and For the Three Months Ended March 31, 2020
	North America		Europe		APAC & Emerging Markets		Corporate			Eliminations			Total
Net sales	$	550	$	422	$	95	$	—		$	(2	)	$	1,065
Adjusted EBITDA	$	41	$	18	$	7	$	(18	)	$	—		$	48
Total assets	$	3,063	$	725	$	128	$	787		$	(1,216	)	$	3,487

Reconciliation of Net Loss Attributable to Covetrus to Adjusted EBITDA:
Net loss attributable to Covetrus													$	(33	)
Plus: Depreciation and amortization													40
Plus: Interest expense, net													14
Less: Income tax benefit													(2		)
Earnings before interest, taxes, depreciation, and amortization													19
Plus: Share-based compensation													9
Plus: Strategic consulting													4
Plus: Transaction costs ⁽¹⁾													7
Plus: Separation programs and executive severance													1
Plus: IT infrastructure													1
Plus: Formation of Covetrus ⁽²⁾													6
Plus: Capital structure													1
Adjusted EBITDA													$	48

(1) Includes legal, accounting, tax, and other professional fees incurred in connection with acquisitions and divestitures.
(2) Includes professional and consulting fees, duplicative costs associated with transition service agreements, and other costs incurred in connection with the separation from Former Parent and establishing Covetrus as an independent public company.



	At and For the Three Months Ended March 31, 2019
	North America		Europe		APAC & Emerging Markets		Corporate			Eliminations			Total
Net sales	$	497	$	361	$	86	$	—		$	(3	)	$	941
Adjusted EBITDA	$	35	$	16	$	5	$	(4	)	$	—		$	52
Total assets	$	3,364	$	803	$	194	$	742		$	(834	)	$	4,269

Reconciliation of Net Loss Attributable to Covetrus to Adjusted EBITDA:
Net loss attributable to Covetrus													$	(13	)
Plus: Depreciation and amortization													30
Plus: Interest expense, net													10
Less: Income tax benefit													(4		)
Earnings before interest, taxes, depreciation, and amortization													23
Plus: Share-based compensation													15
Plus: Formation of Covetrus ⁽¹⁾													9
Plus: Carve-out operating expenses													5
Adjusted EBITDA													$	52

(1) Includes professional and consulting fees, duplicative costs associated with transition service agreements, and other costs incurred in connection with the separation from Former Parent and establishing Covetrus as an independent public company.

See Note 4 - Revenue from Contracts with Customers for our revenue disaggregated by major product category and reportable segment.