Mission Produce Files Q3 2024 10-Q
Ticker: AVO · Form: 10-Q · Filed: Sep 9, 2024 · CIK: 1802974
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Mission Produce's Q3 2024 10-Q is in. Check financials.
AI Summary
Mission Produce, Inc. filed its 10-Q for the period ending July 31, 2024. The filing covers the third quarter of fiscal year 2024. Key financial data and operational details for this period are presented. The company is based in Oxnard, California.
Why It Matters
This filing provides investors with an update on Mission Produce's financial performance and operational status during the third quarter of fiscal year 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This filing is a standard quarterly report and does not contain immediate, significant risk-altering information.
Key Numbers
- 2024 Q3 — Fiscal Quarter (Reporting period for the 10-Q filing)
- 10/31 — Fiscal Year End (Company's fiscal year end date)
Key Players & Entities
- Mission Produce, Inc. (company) — Filer of the 10-Q
- Oxnard, California (location) — Company's business and mailing address
- 20240731 (date) — End of the reporting period
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the fiscal quarter ending July 31, 2024.
What is the company's fiscal year end?
The company's fiscal year ends on October 31st.
Where is Mission Produce, Inc. located?
Mission Produce, Inc. is located at 2710 Camino Del Sol, Oxnard, CA 93030.
What is the SEC file number for Mission Produce, Inc.?
The SEC file number for Mission Produce, Inc. is 001-39561.
What is the SIC code for Mission Produce, Inc.?
The Standard Industrial Classification (SIC) code for Mission Produce, Inc. is 0700 (Agriculture Services).
Filing Stats: 4,742 words · 19 min read · ~16 pages · Grade level 7.8 · Accepted 2024-09-09 16:22:56
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share AVO NASDAQ Global Select Mark
Filing Documents
- avo-20240731.htm (10-Q) — 1317KB
- exhibit311_2024-q3.htm (EX-31.1) — 9KB
- exhibit312_2024-q3.htm (EX-31.2) — 9KB
- exhibit321_2024-q3.htm (EX-32.1) — 4KB
- exhibit322_2024-q3.htm (EX-32.2) — 4KB
- 0001802974-24-000039.txt ( ) — 6479KB
- avo-20240731.xsd (EX-101.SCH) — 37KB
- avo-20240731_cal.xml (EX-101.CAL) — 94KB
- avo-20240731_def.xml (EX-101.DEF) — 139KB
- avo-20240731_lab.xml (EX-101.LAB) — 503KB
- avo-20240731_pre.xml (EX-101.PRE) — 350KB
- avo-20240731_htm.xml (XML) — 1003KB
- FINANCIAL INFORMATION
PART I- FINANCIAL INFORMATION 5 Item 1.
Financial Statements
Financial Statements 5 Condensed Consolidated Balance Sheets (Unaudited) 5 Condensed Consolidated Statements of Income (Loss) (Unaudited) 6 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 7 Condensed Consolidated Statements of Changes in Equity (Unaudited) 8 Condensed Consolidated Statements of Cash Flows (Unaudited) 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.
Controls and Procedures
Controls and Procedures 30
- OTHER INFORMATION
PART II- OTHER INFORMATION 30 Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32
FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may", "will", "should", "expects", "plans", "anticipates", "could", "intends", "target", "projects", "contemplates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors include, but are not limited to, the following: Risks related to our business, including: limitations regarding the supply of fruit, either through purchasing or growing; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with informa
- FINANCIAL INFORMATION
PART I- FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements MISSION PRODUCE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions, except for shares) July 31, 2024 October 31, 2023 Assets Current Assets: Cash and cash equivalents $ 49.5 $ 42.9 Restricted cash 0.4 0.3 Accounts receivable Trade, net of allowances of $ 0.7 and $ 0.9 , respectively 101.5 74.1 Grower and fruit advances 1.6 0.9 Other 13.8 12.4 Inventory 83.8 70.8 Prepaid expenses and other current assets 8.3 9.1 Income taxes receivable 12.2 9.6 Total current assets 271.1 220.1 Property, plant and equipment, net 520.5 523.2 Operating lease right-of-use assets 69.1 72.4 Equity method investees 31.0 31.0 Deferred income tax assets, net 9.0 8.5 Goodwill 39.4 39.4 Intangible asset, net — 0.5 Other assets 19.8 19.7 Total assets $ 959.9 $ 914.8 Liabilities and Equity Liabilities Accounts payable $ 29.7 $ 27.2 Accrued expenses 28.9 26.4 Income taxes payable 5.1 1.6 Grower payables 55.3 26.4 Short-term borrowings 3.0 2.8 Notes payable 0.5 — Loans from noncontrolling interest holders—current portion 0.2 0.5 Long-term debt—current portion 3.0 3.4 Operating leases—current portion 5.8 6.6 Finance leases—current portion 2.4 2.6 Total current liabilities 133.9 97.5 Long-term debt, net of current portion 131.4 148.6 Loans from noncontrolling interest holders, net of current portion 1.8 2.5 Operating leases, net of current portion 68.4 71.0 Finance leases, net of current portion 21.4 14.7 Income taxes payable 1.3 2.3 Deferred income tax liabilities, net 22.7 23.5 Other long-term liabilities 25.3 26.4 Total liabilities 406.2 386.5 Commitments and contingencies (Note 7) Shareholders' Equity Common stock ($ 0.001 par value, 1,000,000,000 shares authorized; 70,909,730 and 70,728,404 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively) 0.1 0.1 Additional paid-in capital 237.1 233.4 Accumulated other comprehensive loss ( 0.3 ) ( 0.9 ) Retained earnings 290
Business
Business Mission Produce, Inc. together with its consolidated subsidiaries ("Mission," "the Company," "we," "us" or "our"), is a global leader in the avocado industry. The Company's expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados and a small amount of other fruits for distribution to domestic and international markets. We report our results of operations in three operating segments: Marketing and Distribution, International Farming and Blueberries (see Note 12). Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and include the Company's consolidated domestic and international subsidiaries and variable interest entity ("VIE") for which we are the primary beneficiary and have a controlling interest. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company's Annual Report for the year ended October 31, 2023. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2024. Recently issued accounting and disclosure standards In March 2024, the Secu