Segment and Geographical Information
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Three Months Ended June 30, |
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Nine Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Net revenue |
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Process Equipment Group |
$ |
316.7 |
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$ |
258.9 |
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$ |
880.8 |
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$ |
724.6 |
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Batesville |
129.3 |
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137.0 |
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414.6 |
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422.7 |
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Total |
$ |
446.0 |
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$ |
395.9 |
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$ |
1,295.4 |
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$ |
1,147.3 |
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Adjusted EBITDA |
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Process Equipment Group |
$ |
58.2 |
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$ |
50.3 |
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$ |
153.7 |
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$ |
120.3 |
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Batesville |
25.6 |
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33.5 |
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92.1 |
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107.2 |
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Corporate |
(12.4 |
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(11.5 |
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(32.9 |
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(28.5 |
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Net revenue (1)(2)
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United States |
$ |
226.7 |
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$ |
224.5 |
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$ |
691.7 |
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$ |
653.1 |
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Germany |
130.7 |
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103.9 |
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370.9 |
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304.7 |
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All other foreign business units |
88.6 |
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67.5 |
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232.8 |
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189.5 |
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Total |
$ |
446.0 |
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$ |
395.9 |
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$ |
1,295.4 |
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$ |
1,147.3 |
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(1) We attribute revenue to a geography based upon the location of the business unit that consummates the external sale.
(2) In 2017, the Company corrected its disclosure of net revenue by geography. The effect of this adjustment for the three months ended June 30, 2017 was to decrease Germany net revenue by $10.1, from $114.0 as previously disclosed, to $103.9, and to increase the All other foreign business units net revenue by the same amount, from $57.4 as previously disclosed, to $67.5. The effect of this adjustment for the nine months ended June 30, 2017 was to decrease Germany net revenue by $29.5, from $334.2 as previously disclosed, to $304.7, and to increase the All other foreign business units net revenue by the same amount, from $160.0 as previously disclosed, to $189.5. Management performed an assessment of the materiality of this correction and concluded that the net revenue by geography as originally disclosed was not material to previously issued financial statements.
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June 30,
2018 |
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September 30,
2017 |
Total assets assigned |
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Process Equipment Group |
$ |
1,705.9 |
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$ |
1,722.2 |
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Batesville |
191.3 |
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203.4 |
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Corporate |
36.4 |
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30.9 |
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Total |
$ |
1,933.6 |
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$ |
1,956.5 |
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Tangible long-lived assets, net |
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United States |
$ |
79.0 |
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$ |
84.4 |
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Germany |
38.2 |
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39.0 |
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All other foreign business units |
24.6 |
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27.0 |
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Total |
$ |
141.8 |
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$ |
150.4 |
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The following schedule reconciles segment adjusted EBITDA to consolidated net income.
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Three Months Ended
June 30, |
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Nine Months Ended
June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Adjusted EBITDA: |
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Process Equipment Group |
$ |
58.2 |
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$ |
50.3 |
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$ |
153.7 |
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$ |
120.3 |
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Batesville |
25.6 |
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33.5 |
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92.1 |
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107.2 |
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Corporate |
(12.4 |
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(11.5 |
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(32.9 |
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(28.5 |
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Less: |
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Interest income |
(0.3 |
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(0.2 |
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(1.1 |
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(0.5 |
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Interest expense |
5.5 |
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6.5 |
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17.8 |
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18.9 |
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Income tax expense |
15.2 |
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16.6 |
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52.5 |
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38.2 |
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Depreciation and amortization |
14.2 |
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13.5 |
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42.0 |
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42.1 |
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Impairment charge |
— |
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— |
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63.4 |
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— |
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Business acquisition, development, and integration |
0.1 |
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0.4 |
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2.6 |
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1.0 |
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Restructuring and restructuring related |
0.5 |
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0.9 |
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1.7 |
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8.8 |
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Consolidated net income |
$ |
36.2 |
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$ |
34.6 |
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$ |
34.0 |
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$ |
90.5 |
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