v3.26.3
Segment Information
 12 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
20.
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 President and Chief Executive Officer is the CODM of the Company. The Company’s measure of segment profitability is Adjusted EBITDA of each reportable segment and also uses net sales in order to analyze segment results, trends and allocate resources. On a monthly basis, the CODM reviews how actual results compare to forecasts and prior periods when making decisions regarding strategic initiatives and capital investments to segments.

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, warehouse and manufacturing consolidation and other costs, net, costs associated with acquisitions, divestitures and other transactions, (gain) loss on sale of assets, impairment of goodwill, long-lived asset and intangibles impairments 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 segment’s revenue, significant segment expenses and measure of segment profit or loss for the fiscal years ended June 30, 2026 and 2025. 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.

 

Fiscal Year Ended June 30,

 

 

2026

 

 

2025

 

Net Sales:

 

 

 

 

 

 

North America

 

$

685,053

 

 

$

888,626

 

International

 

 

668,376

 

 

 

671,154

 

 

 

1,353,429

 

 

 

1,559,780

 

Cost of sales, adjusted to exclude restructuring activities:

 

 

 

 

 

 

North America

 

 

(522,775

)

 

 

(693,951

)

International

 

 

(553,159

)

 

 

(530,006

)

 

 

 

(1,075,934

)

 

 

(1,223,957

)

Marketing expense:

 

 

 

 

 

 

North America

 

 

(34,150

)

 

 

(41,462

)

International

 

 

(14,850

)

 

 

(18,760

)

 

 

 

(49,000

)

 

 

(60,222

)

Other selling, general and administrative expenses, adjusted to exclude restructuring activities and depreciation and amortization:

 

 

 

 

 

 

North America

 

 

(81,142

)

 

 

(102,867

)

International

 

 

(67,420

)

 

 

(64,323

)

 

 

 

(148,562

)

 

 

(167,190

)

Depreciation and amortization and other adjustments:

 

 

 

 

 

 

North America

 

 

14,250

 

 

 

15,124

 

International

 

 

30,511

 

 

 

27,935

 

 

 

 

44,761

 

 

 

43,059

 

Segment Adjusted EBITDA:

 

 

 

 

 

 

North America

 

 

61,236

 

 

 

65,470

 

International

 

 

63,458

 

 

 

86,000

 

Total Reportable Segments Adjusted EBITDA

 

 

124,694

 

 

 

151,470

 

Corporate and Other

 

 

(35,686

)

 

 

(37,681

)

 

 

89,008

 

 

 

113,789

 

Depreciation and amortization

 

 

(52,552

)

 

 

(44,259

)

Equity in net loss of equity-method investees

 

 

(351

)

 

 

(1,813

)

Interest expense, net

 

 

(50,154

)

 

 

(47,773

)

Benefit (provision) for income taxes

 

 

2,208

 

 

 

(15,297

)

Stock-based compensation, net

 

 

(5,471

)

 

 

(8,149

)

Unrealized currency losses

 

 

(951

)

 

 

(3,823

)

Certain litigation expenses, net(a)

 

 

(4,867

)

 

 

(3,473

)

Proceeds from insurance claim(b)

 

 

25,900

 

 

 

—

 

Restructuring activities

 

 

 

 

 

 

Productivity and transformation costs

 

 

(22,039

)

 

 

(21,530

)

Plant closure related costs, net

 

 

(2,206

)

 

 

(1,215

)

Warehouse/manufacturing consolidation and other costs, net

 

 

—

 

 

 

(384

)

CEO succession

 

 

—

 

 

 

(4,774

)

Acquisitions, divestitures and other

 

 

 

 

 

 

(Loss) gain on sale of assets

 

 

(48,710

)

 

 

3,194

 

Transaction and integration costs, net(c)

 

 

(14,125

)

 

 

488

 

Impairment charges

 

 

 

 

 

 

Goodwill impairment

 

 

(193,219

)

 

 

(428,882

)

Long-lived asset and intangibles impairment

 

 

(27,394

)

 

 

(66,940

)

Net loss

 

$

(304,923

)

 

$

(530,841

)

(a) Expenses and items relating to securities class action, baby food litigation and SEC investigation.
(b) Represents receipt of proceeds under the Company’s R&W insurance related to one of its prior acquisitions, which was collected on January 2, 2026.

(c) Expenses and items relating to strategic review.

 

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

 

Fiscal Year Ended June 30,

 

 

2026

 

 

2025

 

Meal Preparation

 

$

620,121

 

 

$

639,506

 

Beverages

 

 

255,979

 

 

 

245,147

 

Baby & Kids

 

 

214,828

 

 

 

241,553

 

Snacks

 

 

213,208

 

 

 

371,012

 

Personal Care

 

 

49,293

 

 

 

62,562

 

 

 

$

1,353,429

 

 

$

1,559,780

 

 

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

 

Fiscal Year Ended June 30,

 

 

2026

 

 

2025

 

United States

 

$

611,402

 

 

$

777,605

 

United Kingdom

 

 

479,964

 

 

 

492,046

 

Western Europe

 

 

188,412

 

 

 

179,108

 

Canada

 

 

73,651

 

 

 

111,021

 

 

 

$

1,353,429

 

 

$

1,559,780

 

 

The Company’s long-lived assets, which primarily represent property, plant and equipment, net and operating lease right-of-use assets, net by geographic region are as follows:

 

Fiscal Year Ended June 30,

 

 

2026

 

 

2025

 

United States

 

$

56,956

 

 

$

129,558

 

United Kingdom

 

 

113,285

 

 

 

129,799

 

Western Europe

 

 

60,096

 

 

 

65,491

 

Canada

 

 

3,385

 

 

 

11,053

 

 

 

$

233,722

 

 

$

335,901