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Information regarding our operations in different segments

9 Months Ended

Jul. 31, 2024

Information regarding our operations in different segments

Information regarding our operations in different segments

2. Information regarding our operations in different segments

​

Prior to the decision to divest our Fresh Cut business (formerly RFG), the Company’s Prepared reporting segment included the Fresh Cut business unit and our Guacamole business. As a result of the planned divestiture, the Fresh Cut business unit is no longer included in our Prepared business segment, and is not included in the tables below. All segment information included herein reflects these changes. See Note 11 for further information.

​

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 our guacamole products 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. The sales data in the following tables is presented in thousands:

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Three months ended July 31, 2024

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Three months ended July 31, 2023

​

​

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Grown

​

Prepared

​

Total

​

Grown

​

Prepared

​

Total

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​

​

​

​

​

​

​

​

​

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Avocados

​

$

151,814

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$

—

​

$

151,814

​

$

127,328

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$

—

​

$

127,328

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Tomatoes

​

9,874

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—

​

9,874

​

15,188

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—

​

15,188

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Papayas

​

2,268

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—

​

2,268

​

2,338

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—

​

2,338

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Other fresh income

​

24

​

—

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24

​

10

​

—

​

10

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Guacamole

​

​

—

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18,388

​

18,388

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—

​

18,721

​

18,721

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Salsa

​

—

​

—

​

—

​

—

​

49

​

49

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Total gross sales

​

163,980

​

18,388

​

182,368

​

144,864

​

18,770

​

163,634

​

Less sales allowances

​

(762)

​

(2,010)

​

(2,772)

​

(795)

​

(1,983)

​

(2,778)

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Net sales

​

$

163,218

​

$

16,378

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$

179,596

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$

144,069

​

$

16,787

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$

160,856

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​

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Nine months ended July 31, 2024

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Nine months ended July 31, 2023

​

​

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Grown

​

Prepared

​

Total

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Grown

​

Prepared

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Total

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​

​

​

​

​

​

​

​

​

​

Avocados

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$

387,500

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$

—

​

$

387,500

​

$

352,858

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$

—

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$

352,858

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Tomatoes

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49,226

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—

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49,226

​

44,503

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—

​

44,503

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Papayas

​

8,200

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—

​

8,200

​

8,193

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—

​

8,193

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Other fresh income

​

72

​

—

​

72

​

75

​

—

​

75

​

Guacamole

​

​

—

​

​

54,107

​

​

54,107

​

​

—

​

​

54,421

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​

54,421

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Salsa

​

—

​

—

​

—

​

—

​

756

​

756

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Total gross sales

​

444,998

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54,107

​

499,105

​

405,629

​

55,177

​

460,806

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Less sales allowances

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(1,999)

​

(5,521)

​

(7,520)

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(3,510)

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(5,398)

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(8,908)

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Net sales

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$

442,999

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$

48,586

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$

491,585

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$

402,119

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$

49,779

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$

451,898

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​

​	​	​	​	​	​	​	​	​	​	​
​		​			​			​	​	​
​	​	Grown		​	Prepared		​	Total		​
​	​	(All amounts are presented in thousands)								​
Three months ended July 31, 2024	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	163,218	​	$	16,378	​	$	179,596	​
Cost of sales	​	​	145,043	​	​	14,460	​	​	159,503	​
Gross profit	​	$	18,175	​	$	1,918	​	$	20,093	​
​	​	​	​	​	​	​	​	​	​	​
Three months ended July 31, 2023	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	144,069	​	$	16,787	​	$	160,856	​
Cost of sales	​	​	124,734	​	​	14,118	​	​	138,852	​
Gross profit	​	$	19,335	​	$	2,669	​	$	22,004	​
​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​			​			​	​	​
​	​	Grown		​	Prepared		​	Total		​
​	​	(All amounts are presented in thousands)								​
Nine months ended July 31, 2024	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	442,999	​	$	48,586	​	$	491,585	​
Cost of sales	​	​	402,041	​	​	38,030	​		440,071	​
Gross profit	​	$	40,958	​	$	10,556	​	$	51,514	​
​	​	​	​	​	​	​	​	​	​	​
Nine months ended July 31, 2023	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	402,119	​	$	49,779	​	$	451,898	​
Cost of sales	​	​	363,120	​	​	40,434	​	​	403,554	​
Gross profit	​	$	38,999	​	$	9,345	​	$	48,344	​
​	​	​	​	​	​	​	​	​	​	​

​

For the three months ended July 31, 2023, intercompany sales and cost of sales of $0.5 million between Grown products and Prepared products were eliminated. For the nine months ended July 31 2024 and 2023, intercompany sales and cost of sales of $0.6 million and $1.2 million between Grown products and Prepared products were eliminated, respectively.

​

Sales to customers outside the U.S. were approximately $11.9 million and $8.6 million for the three months ended July 31, 2024 and 2023. Sales to customers outside the U.S. were approximately $35.7 million and $24.1 million for the nine months ended July 31, 2024 and 2023.

​

The net carrying value of long-lived assets attributed to geographic areas as of July 31, 2024 and October 31, 2023, are as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		United States			Mexico			Consolidated
July 31, 2024	​	$	21,357	​	$	34,537	​	$	55,894
October 31, 2023	​	$	25,986	​	$	34,938	​	$	60,924

​

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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