v3.25.0.1
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.