Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographical Information

v3.23.1
Segment and Geographical Information
 6 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
As previously described, on February 1, 2023, the Company completed the divestiture of its Batesville reportable operating segment. The operating results and cash flows for the Batesville reportable operating segment have been classified as discontinued operations within the Consolidated Financial Statements for all periods presented.

Hillenbrand is now composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. The Company’s reportable operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs.  Corporate provides management and administrative services to each reportable operating segment.  These services include treasury management, human resources, legal, business development, information technology, tax compliance, global supply management, sustainability, and other public company support functions such as internal audit, investor relations, and financial reporting.  With limited exception for certain professional services and back-office and technology costs, the Company does not allocate these types of corporate expenses to the reportable operating segments.
The following tables present financial information for the Company’s reportable operating segments and significant geographical locations:
  Three Months Ended March 31, Six Months Ended March 31,
  2023 2022 2023 2022
Net revenue    
Advanced Process Solutions $ 430.5  $ 314.6  $ 843.3  $ 631.7 
Molding Technology Solutions 260.4  251.1  503.3  499.9 
Total $ 690.9  $ 565.7  $ 1,346.6  $ 1,131.6 
Adjusted EBITDA (1)
   
Advanced Process Solutions $ 73.2  $ 65.4  $ 144.5  $ 120.0 
Molding Technology Solutions 47.5  50.4  90.6  102.2 
Corporate (12.1) (15.5) (25.2) (32.4)
Net revenue (2)
   
United States $ 273.0  $ 180.0  $ 505.9  $ 342.9 
China 111.7  139.3  231.9  288.0 
India 55.3  51.1  107.7  102.0 
Germany 52.8  37.3  97.3  71.5 
All other countries 198.1  158.0  403.8  327.2 
Total $ 690.9  $ 565.7  $ 1,346.6  $ 1,131.6 
 
(1)Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP measure used by management to measure segment performance and make operating decisions.
(2)The Company attributes net revenue to a geography based upon the location of the end customer.

  March 31,
2023		 September 30,
2022
Total assets    
Advanced Process Solutions $ 2,737.5  $ 1,494.2 
Molding Technology Solutions 1,973.1  2,052.6 
Corporate 119.9  99.3 
Held for sale assets —  221.4 
Total $ 4,830.5  $ 3,867.5 
Tangible long-lived assets, net    
United States $ 103.2  $ 79.3 
Germany 132.4  104.1 
China 42.9  42.2 
India 39.4  40.7 
All other countries 85.3  53.5 
Total $ 403.2  $ 319.8 
The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income:
  Three Months Ended
March 31,		 Six Months Ended
March 31,
2023 2022 2023 2022
Adjusted EBITDA:
   Advanced Process Solutions $ 73.2  $ 65.4  $ 144.5  $ 120.0 
   Molding Technology Solutions 47.5  50.4  90.6  102.2 
   Corporate (12.1) (15.5) (25.2) (32.4)
Add:
Total income from discontinued operations 439.4  26.4  460.4  54.3 
Less:    
Interest income (2.5) (1.8) (4.3) (2.7)
Interest expense 21.1  17.3  44.4  35.2 
Income tax expense 24.1  21.2  26.4  34.5 
Depreciation and amortization 31.0  24.6  62.0  50.2 
Business acquisition, disposition, and integration costs 7.2  3.9  17.9  11.5 
Inventory step-up charges 3.1  —  11.1  — 
Restructuring and restructuring-related charges 0.5  2.6  1.5  3.3 
Loss on divestiture —  —  —  3.1 
Other —  3.1  —  3.1 
Consolidated net income $ 463.5  $ 55.8  $ 511.3  $ 105.9