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Information regarding our operations in different segments
 6 Months Ended
Apr. 30, 2023
Information regarding our operations in different segments  
Information regarding our operations in different segments

2. Information regarding our operations in different segments

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We report our operations in two different business segments: Grown and Prepared. The Grown segment consists of fresh avocados, tomatoes and papayas. The Prepared segment comprises all other products including fresh cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole, and salsa sold at retail and food service as well as avocado pulp sold to foodservice. These two business segments are presented based on how information is used by our Chief Executive Officer to measure performance and allocate resources. Selling, general and administrative expenses, as well as other non-operating income/expense items, are evaluated by our Chief Executive Officer in the aggregate. We do not allocate assets, or specifically identify them, to our operating segments. Prior year information has been recast to conform with the new segment disclosures which was effective as of the third quarter of fiscal year 2022. The sales data in the following tables is presented in thousands:

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Three months ended April 30, 2023

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Three months ended April 30, 2022

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Grown

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Prepared

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Total

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Grown

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Prepared

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Total

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Avocados

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$

122,907

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$

—

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$

122,907

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$

191,754

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$

—

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$

191,754

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Tomatoes

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16,376

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—

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16,376

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17,353

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—

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17,353

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Papayas

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2,528

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—

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2,528

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2,743

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—

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2,743

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Other fresh income

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50

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—

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50

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8

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—

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8

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Fresh-cut products

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—

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87,919

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87,919

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—

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102,986

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102,986

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Guacamole

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—

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18,688

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18,688

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—

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19,742

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19,742

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Salsa

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—

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261

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261

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—

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403

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403

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Total gross sales

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141,861

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106,868

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248,729

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211,858

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123,131

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334,989

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Less sales allowances

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(1,188)

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(2,480)

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(3,668)

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(861)

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(2,224)

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(3,085)

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Less inter-company eliminations

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(372)

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—

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(372)

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(486)

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—

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(486)

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Net sales

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$

140,301

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$

104,388

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$

244,689

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$

210,511

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$

120,907

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$

331,418

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Six months ended April 30, 2023

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Six months ended April 30, 2022

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Grown

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Prepared

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Total

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Grown

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Prepared

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Total

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Avocados

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$

225,530

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$

—

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$

225,530

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$

342,258

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$

—

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$

342,258

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Tomatoes

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30,007

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—

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30,007

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27,340

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—

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27,340

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Papayas

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5,855

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—

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5,855

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5,783

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—

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5,783

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Other fresh income

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65

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—

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65

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33

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—

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33

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Fresh-cut products

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—

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182,438

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182,438

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—

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199,263

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199,263

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Guacamole

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—

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34,552

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34,552

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—

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37,371

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37,371

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Salsa

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—

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707

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707

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—

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824

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824

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Total gross sales

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261,457

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217,697

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479,154

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375,414

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237,458

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612,872

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Less sales allowances

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(2,715)

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(4,854)

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(7,569)

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(1,832)

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(4,440)

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(6,272)

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Less inter-company eliminations

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(692)

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—

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(692)

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(1,090)

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—

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(1,090)

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Net sales

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$

258,050

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$

212,843

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$

470,893

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$

372,492

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$

233,018

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$

605,510

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Interco.

    

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Grown

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Prepared

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Elimins.

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Total

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(All amounts are presented in thousands)

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Three months ended April 30, 2023

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Net sales

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$

140,673

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$

104,388

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$

(372)

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$

244,689

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Cost of sales

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128,074

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101,950

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(372)

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​

229,652

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Gross profit

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$

12,599

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$

2,438

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$

—

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$

15,037

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Three months ended April 30, 2022

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Net sales

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$

210,997

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$

120,907

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$

(486)

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$

331,418

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Cost of sales

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192,841

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117,322

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(486)

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309,677

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Gross profit

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$

18,156

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$

3,585

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$

—

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$

21,741

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Interco.

    

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Grown

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Prepared

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Elimins.

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Total

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(All amounts are presented in thousands)

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Six months ended April 30, 2023

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Net sales

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$

258,742

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$

212,843

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$

(692)

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$

470,893

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Cost of sales

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236,662

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205,454

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(692)

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441,424

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Gross profit

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$

22,080

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$

7,389

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$

—

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$

29,469

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Six months ended April 30, 2022

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Net sales

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$

373,582

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$

233,018

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$

(1,090)

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$

605,510

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Cost of sales

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343,760

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227,871

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(1,090)

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570,541

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Gross profit

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$

29,822

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$

5,147

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$

—

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$

34,969

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For the three months ended April 30, 2023 and 2022, intercompany sales and cost of sales of $0.4 million and $0.5 million between Grown products and Prepared products were eliminated. For the six months ended April 30, 2023 and 2022, intercompany sales and cost of sales of $0.7 million and $1.1 million between Grown products and Prepared products were eliminated.

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Sales to customers outside the U.S. were approximately $7.9 million, and $8.3 million for the three months ended April 30, 2023 and 2022. Sales to customers outside the U.S. were approximately $15.5 million, and $15.4 million for the six months ended April 30, 2023 and 2022.

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Our foreign operations in Mexico are subject to exchange rate fluctuations and foreign currency transaction costs. The functional currency of our foreign subsidiaries in Mexico is the United States dollar (U.S. dollar). As a result, monetary assets and liabilities are translated into U.S. dollars at exchange rates as of the balance sheet date and non-monetary assets, liabilities and equity are translated at historical rates. Sales and expenses are translated using a weighted-average exchange rate for the period. Gains and losses resulting from those remeasurements and foreign currency transactions are recognized within cost of sales. We recognized foreign currency remeasurement gains in the current quarter. These gains were due primarily to certain long-term net peso receivables. Foreign currency remeasurement gains, net of losses, for the three and six months ended April 30, 2023 were $0.9 million and $2.2 million respectively. Foreign currency remeasurement losses, net of gains, for the three and six months ended April 30, 2022 were $0.3 million and $0.9 million respectively.

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The net carrying value of long-lived assets attributed to geographic areas as of April 30, 2023 and October 31, 2022, are as follows (in thousands):

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United States

    

Mexico

    

Consolidated

April 30, 2023

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$

78,732

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$

36,354

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$

115,086

October 31, 2022

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$

77,208

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$

36,102

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$

113,310

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