Segment Information

6 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

17.SEGMENT INFORMATION

The Company’s organizational structure consists of two geographic based reportable segments: North America and International, which are also the operating segments. This structure is in line with how the Company’s Chief Operating Decision Maker (“CODM”) assesses the Company’s performance and allocates resources. The Company uses segment net sales and segment Adjusted EBITDA in order to analyze segment results and trends.

Segment Adjusted EBITDA excludes net interest expense, income taxes, depreciation and amortization, equity in net loss of equity-method investees, stock-based compensation, net, unrealized currency losses, certain litigation and related costs, plant closure related costs, net, productivity and transformation costs, costs associated with acquisitions, divestitures and other transactions, loss on sale of assets, impairment of goodwill, intangibles and long-lived assets and other adjustments. In addition, Segment Adjusted EBITDA does not include Corporate and Other expenses related to the Company’s centralized administrative functions, which do not specifically relate to a reportable segment. Such Corporate and Other expenses are comprised mainly of compensation and related expenses of certain of the Company’s senior executive officers and other employees who perform duties related to the entire enterprise, litigation expense and expenses for certain professional fees, facilities, and other items which benefit the Company as a whole.

The following tables set forth financial information about each of the Company’s reportable segments. Information about total assets by segment is not disclosed because such information is not reported to or used by the Company’s CODM for purposes of assessing segment performance or allocating resources. Transactions between reportable segments were insignificant for all periods presented.

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Net Sales:
North America	$	229,289		$	267,671		$	460,429		$	527,725
International		182,196			186,429			345,652			351,404
	$	411,485		$	454,100		$	806,081		$	879,129
Adjusted EBITDA:
North America	$	25,307		$	31,218		$	37,766		$	49,945
International		22,526			25,969			42,896			43,407
Total Reportable Segments Adjusted EBITDA		47,833			57,187			80,662			93,352
Corporate and Other		(9,940	)		(10,061	)		(20,394	)		(22,136	)
		37,893			47,126			60,268			71,216
Depreciation and amortization		(11,020	)		(11,197	)		(22,447	)		(23,502	)
Equity in net loss of equity-method investees		(588	)		(907	)		(743	)		(1,405	)
Interest expense, net		(11,993	)		(15,333	)		(24,988	)		(27,956	)
(Provision) benefit for income taxes		(2,728	)		4,249			(6,251	)		9,628
Stock-based compensation, net		(3,573	)		(3,376	)		(6,449	)		(7,118	)
Unrealized currency gains		1,624			194			430			159
Certain litigation expenses, net(a)		(1,020	)		(2,091	)		(1,847	)		(3,615	)
Restructuring activities
Productivity and transformation costs		(4,190	)		(6,869	)		(9,208	)		(13,272	)
Plant closure related costs, net		(858	)		(2,302	)		(1,234	)		(4,143	)
Warehouse/manufacturing consolidation and other costs, net		—			(811	)		—			(811	)
Acquisitions, divestitures and other
Gain (loss) on sale of assets		1,626			—			(2,308	)		(62	)
Transaction and integration costs, net		105			(109	)		423			(227	)
Impairment charges
Goodwill impairment		(91,267	)		—			(91,267	)		—
Intangibles and long-lived asset impairment		(17,986	)		(20,666	)		(18,017	)		(21,360	)
Other		—			(1,443	)		—			(1,443	)
Net loss	$	(103,975	)	$	(13,535	)	$	(123,638	)	$	(23,911	)

(a)Expenses and items relating to securities class action, baby food litigation and SEC investigation.

The Company’s net sales by product category are as follows:

	Three Months Ended December 31,				Six Months Ended December 31,
	2024		2023		2024		2023
Snacks	$	89,707	$	113,873	$	189,182	$	230,961
Baby & Kids		61,561		61,613		122,329		124,141
Beverages		69,814		72,584		126,490		128,732
Meal preparation		177,653		182,133		337,045		347,329
Personal care		12,750		23,897		31,035		47,966
	$	411,485	$	454,100	$	806,081	$	879,129

The Company’s net sales by geographic region, which are generally based on the location of the Company’s subsidiaries, are as follows:

	Three Months Ended December 31,				Six Months Ended December 31,
	2024		2023		2024		2023
United States	$	203,325	$	239,324	$	406,098	$	469,983
United Kingdom		134,953		138,628		257,359		259,679
Western Europe		47,243		47,801		88,293		91,725
Canada		25,964		28,347		54,331		57,742
	$	411,485	$	454,100	$	806,081	$	879,129

There has been no material change to Company’s total assets by segment from the amount disclosed in the Form 10-K for the fiscal year ended June 30, 2024.