BUSINESS SEGMENTS |
NOTE 16: BUSINESS SEGMENTS
The Company has two reportable segments: Branded CPG and Flavors & Ingredients. In addition, beginning with the first quarter of 2021, the Company’s corporate office functions are now reported and included under Corporate. Corporate is not a reportable or operating segment but is included for reconciliation purposes and includes the costs for the corporate office administrative activities as well as transaction-related and other costs. Certain prior year amounts have been reclassified to conform to the current presentation. The Company does not present assets by reportable segments as they are not reviewed by the Chief Operating Decision Maker for purposes of assessing segment performance and allocating resources.
The following table presents selected financial information relating to the Company’s business segments (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Successor) |
|
|
(Predecessor) |
|
Three Months Ended September 30, 2021 |
|
Three Months Ended September 30, 2020 |
|
Nine Months Ended September 30, 2021 |
|
From June 26, 2020 to September 30, 2020 |
|
|
From January 1, 2020 to June 25, 2020 |
Product revenues, net |
|
|
|
|
|
|
|
|
|
|
Branded CPG |
$ |
102,693 |
|
|
$ |
41,006 |
|
|
$ |
283,585 |
|
|
$ |
43,557 |
|
|
|
$ |
80,749 |
|
Flavors & Ingredients |
26,248 |
|
|
25,996 |
|
|
77,674 |
|
|
27,923 |
|
|
|
47,579 |
|
Total product revenues, net |
$ |
128,941 |
|
|
$ |
67,002 |
|
|
$ |
361,259 |
|
|
$ |
71,480 |
|
|
|
$ |
128,328 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
Branded CPG |
$ |
10,090 |
|
|
$ |
7,138 |
|
|
$ |
30,507 |
|
|
$ |
7,215 |
|
|
|
$ |
(5,055) |
|
Flavors & Ingredients |
9,520 |
|
|
(435) |
|
|
14,230 |
|
|
(646) |
|
|
|
(23,718) |
|
|
19,610 |
|
|
6,703 |
|
|
44,737 |
|
|
6,569 |
|
|
|
(28,773) |
|
Corporate |
(6,094) |
|
|
(5,639) |
|
|
(28,310) |
|
|
(5,822) |
|
|
|
(9,408) |
|
Total operating income (loss) |
$ |
13,516 |
|
|
$ |
1,064 |
|
|
$ |
16,427 |
|
|
$ |
747 |
|
|
|
$ |
(38,181) |
|
The following table presents geographic information based upon revenues of the Company’s major geographic markets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Successor) |
|
|
(Predecessor) |
|
Three Months Ended September 30, 2021 |
|
Three Months Ended September 30, 2020 |
|
Nine Months Ended September 30, 2021 |
|
From June 26, 2020 to September 30, 2020 |
|
|
From
January 1, 2020 to June 25, 2020
|
Branded CPG: |
|
|
|
|
|
|
|
|
|
|
North America |
$ |
72,285 |
|
|
$ |
14,642 |
|
|
$ |
190,699 |
|
|
$ |
15,514 |
|
|
|
$ |
29,927 |
|
Europe |
18,197 |
|
|
16,934 |
|
|
58,135 |
|
|
17,816 |
|
|
|
31,837 |
|
India, Middle East and Africa |
3,267 |
|
|
2,262 |
|
|
9,522 |
|
|
2,493 |
|
|
|
3,778 |
|
Asia-Pacific |
5,732 |
|
|
3,820 |
|
|
16,552 |
|
|
4,189 |
|
|
|
9,328 |
|
Latin America |
3,212 |
|
|
3,348 |
|
|
8,677 |
|
|
3,545 |
|
|
|
5,879 |
|
Flavors & Ingredients |
26,248 |
|
|
25,996 |
|
|
77,674 |
|
|
27,923 |
|
|
|
47,579 |
|
Total product revenues, net |
$ |
128,941 |
|
|
$ |
67,002 |
|
|
$ |
361,259 |
|
|
$ |
71,480 |
|
|
|
$ |
128,328 |
|
|