Mission Produce Files 2024 10-K

TL;DR

Mission Produce dropped its 2024 10-K. Full financials for FY24 are out.

AI Summary

Mission Produce, Inc. filed its 2024 10-K report, detailing its fiscal year ending October 31, 2024. The company, headquartered in Oxnard, California, operates in the agriculture services sector. The filing covers financial data and business operations for the period, including comparative data from previous fiscal years.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Mission Produce's financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024 — Fiscal Year (The primary year covered by the 10-K filing.)
• 2023 — Previous Fiscal Year (Comparative financial data is typically included.)
• 2022 — Prior Fiscal Year (Further comparative financial data.)

Key Players & Entities

• Mission Produce, Inc. (company) — Filer of the 10-K
• 2024-10-31 (date) — Fiscal year end
• 2024-12-19 (date) — Filing date
• Oxnard, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share AVO NASDAQ Global Select Mark
• $11.35 — obal Select Market on April 30, 2024 of $11.35 per share. As of December 2, 2024, the

Filing Documents

• avo-20241031.htm (10-K) — 2165KB
• exhibit211subsidiariesofre.htm (EX-21.1) — 14KB
• exhibit231_fy2024.htm (EX-23.1) — 2KB
• exhibit311_fy2024.htm (EX-31.1) — 9KB
• exhibit312_fy2024.htm (EX-31.2) — 9KB
• exhibit321_2024-fy2024.htm (EX-32.1) — 4KB
• exhibit322_fy2024.htm (EX-32.2) — 4KB
• avo-20241031_g1.jpg (GRAPHIC) — 914KB
• avo-20241031_g2.jpg (GRAPHIC) — 42KB
• 0001802974-24-000053.txt ( ) — 14705KB
• avo-20241031.xsd (EX-101.SCH) — 71KB
• avo-20241031_cal.xml (EX-101.CAL) — 148KB
• avo-20241031_def.xml (EX-101.DEF) — 350KB
• avo-20241031_lab.xml (EX-101.LAB) — 957KB
• avo-20241031_pre.xml (EX-101.PRE) — 691KB
• avo-20241031_htm.xml (XML) — 2194KB

Risk Factors

Item 1A. Risk Factors 4

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16

Cybersecurity and Information Technology

Item 1C. Cybersecurity and Information Technology 17

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 32

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32

Controls and Procedures

Item 9A. Controls and Procedures 32

Other Information

Item 9B. Other Information 33

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 34

Executive Compensation

Item 11. Executive Compensation 34

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 34

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 34 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 35

Form 10-K Summary

Item 16. Form 10-K Summary 36

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This annual report on Form 10-K 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: reliance on primarily one main product; 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 resu

Business

Item 1. Business Overview Mission Produce, Inc. together with its consolidated subsidiaries ("Mission Produce" or the "Company," "Registrant," or "Issuer," and generally referred to as "we" or "us"), 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 which are also reportable segments: Marketing & Distribution sources fruit from growers and then distributes fruit through our global distribution network; International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segment's farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America. Blueberries is a farming operation that cultivates blueberry plants in Peru. The entity farms high-quality varieties of blueberries, and has plants in various stages of development, from seedling to mature. Products and services We primarily source, produce, pack and distribute avocados. The avocados we sell are primarily of the Hass variety. We sort and pack avocados and match their specifications to respective customer requirements. We sell both pre-ripe and ripened avocados, and with our network of ripening facilities, we can adjust the level of ripeness to the needs of our customers. Ou

Risk Factors

Item 1A. Risk Factors You should carefully consider the following risk factors, together with the other information contained in this annual report on Form 10-K, including our financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations," before making a decision to purchase or sell shares of our common stock. We cannot assure you that any of the events discussed in the risk factors below will not occur. These risks could have a material and adverse impact on our business, results of operations, financial condition and growth prospects. If that were to happen, the trading price of our common stock could decline. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations or financial condition. Risks Related to Our Business Reliance on primarily one main product subjects us to a concentrated set of risks for which there is limited ability to mitigate. The impact of certain of the risks related to our business described herein may be exacerbated by the fact that we grow, market, and distribute, as applicable, one main product—avocados. Risks relating to the supply of fruit, pricing of fruit, competition, sales channel development, customer concentration, regulatory and governmental policy decisions and/or changes, including tariffs and other trade-related actions, and other of the risks related to our business may be further concentrated if it materially impacts our ability to farm, market, and distribute our main product effectively and could negatively impact our business, operations, and financial condition. Our ability to generate revenues is limited by the supply of fruit and our ability to purchase or grow additional fruit. Our ability to distribute fruit is limited by our ability to acquire supply from third-party growers and to produce fruit on our own farms. With a limited number of trees on our farms an

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View this 10-K filing on SEC EDGAR