$CVGW
CALAVO GROWERS INC

2022 Q1 Form 10-Q Financial Statement

#000155837022003566 Filed on March 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $274.1M $220.6M
YoY Change 24.26% -19.31%
Cost Of Revenue $260.9M $202.7M
YoY Change 28.67% -21.28%
Gross Profit $13.23M $17.84M
YoY Change -25.85% 12.85%
Gross Profit Margin 4.83% 8.09%
Selling, General & Admin $15.34M $14.17M
YoY Change 8.21% -13.03%
% of Gross Profit 115.94% 79.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.312M $4.294M
YoY Change 0.42% 20.38%
% of Gross Profit 32.6% 24.07%
Operating Expenses $15.34M $14.17M
YoY Change 8.21% -13.03%
Operating Profit -$2.987M $3.719M
YoY Change -180.32% -952.98%
Interest Expense $327.0K $174.0K
YoY Change 87.93% -6.95%
% of Operating Profit 4.68%
Other Income/Expense, Net $659.0K $201.0K
YoY Change 227.86% -79.78%
Pretax Income -$4.785M $7.335M
YoY Change -165.24% 432.68%
Income Tax -$1.160M $1.943M
% Of Pretax Income 26.49%
Net Earnings -$4.043M $5.277M
YoY Change -176.62% -662.58%
Net Earnings / Revenue -1.48% 2.39%
Basic Earnings Per Share -$0.23 $0.30
Diluted Earnings Per Share -$0.23 $0.30
COMMON SHARES
Basic Shares Outstanding 17.65M 17.60M
Diluted Shares Outstanding 17.65M 17.67M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.826M $8.200M
YoY Change -4.56% 67.35%
Cash & Equivalents $7.826M $8.168M
Short-Term Investments
Other Short-Term Assets $21.83M $16.90M
YoY Change 29.15% 14.97%
Inventory $52.40M $41.71M
Prepaid Expenses
Receivables $89.47M $71.60M
Other Receivables $8.016M $6.700M
Total Short-Term Assets $179.5M $145.1M
YoY Change 23.72% 0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $174.6M $191.5M
YoY Change -8.82% 45.95%
Goodwill $28.65M $28.57M
YoY Change 0.3% 56.43%
Intangibles $8.381M $9.925M
YoY Change -15.56% 2274.4%
Long-Term Investments $3.810M $5.909M
YoY Change -35.52% -23.2%
Other Assets $43.41M $36.21M
YoY Change 19.9% 8.91%
Total Long-Term Assets $289.1M $301.3M
YoY Change -4.06% -7.81%
TOTAL ASSETS
Total Short-Term Assets $179.5M $145.1M
Total Long-Term Assets $289.1M $301.3M
Total Assets $468.6M $446.5M
YoY Change 4.97% -5.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.85M $14.40M
YoY Change -17.72% -34.25%
Accrued Expenses $47.76M $46.96M
YoY Change 1.7% 30.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.593M $1.500M
YoY Change 6.2% 114.29%
Total Short-Term Liabilities $116.9M $81.14M
YoY Change 44.05% -28.28%
LONG-TERM LIABILITIES
Long-Term Debt $69.17M $43.00M
YoY Change 60.86% 681.82%
Other Long-Term Liabilities $3.026M $3.247M
YoY Change -6.81% -8.51%
Total Long-Term Liabilities $128.5M $103.6M
YoY Change 24.02% 45.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.9M $81.14M
Total Long-Term Liabilities $128.5M $103.6M
Total Liabilities $245.4M $184.7M
YoY Change 32.82% 0.18%
SHAREHOLDERS EQUITY
Retained Earnings $53.32M $94.79M
YoY Change -43.75% -22.8%
Common Stock $168.7M $165.5M
YoY Change 1.94% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $222.0M $260.3M
YoY Change
Total Liabilities & Shareholders Equity $468.6M $446.5M
YoY Change 4.97% -5.29%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.043M $5.277M
YoY Change -176.62% -662.58%
Depreciation, Depletion And Amortization $4.312M $4.294M
YoY Change 0.42% 20.38%
Cash From Operating Activities $2.388M $13.17M
YoY Change -81.86% -301.89%
INVESTING ACTIVITIES
Capital Expenditures $2.044M $4.768M
YoY Change -57.13% 43.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.044M -$4.768M
YoY Change -57.13% 43.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $376.0K $121.0K
YoY Change 210.74% -38.89%
Cash From Financing Activities 5.597M -4.284M
YoY Change -230.65% -162.85%
NET CHANGE
Cash From Operating Activities 2.388M 13.17M
Cash From Investing Activities -2.044M -4.768M
Cash From Financing Activities 5.597M -4.284M
Net Change In Cash 5.941M 4.113M
YoY Change 44.44% -235.47%
FREE CASH FLOW
Cash From Operating Activities $2.388M $13.17M
Capital Expenditures $2.044M $4.768M
Free Cash Flow $344.0K $8.397M
YoY Change -95.9% -185.23%

Facts In Submission

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ProceedsFromLongTermLinesOfCredit
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ProceedsFromLongTermLinesOfCredit
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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CY2021Q1 us-gaap Proceeds From Stock Options Exercised
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5941000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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907000
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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556000
CY2022Q1 cvgw Increase Decrease From Noncontrolling Interest Contribution
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-117000
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3
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 cvgw Revenue Less Sales Incentives
RevenueLessSalesIncentives
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CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2022Q1 us-gaap Gross Profit
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CY2021Q1 cvgw Revenue Less Sales Incentives
RevenueLessSalesIncentives
220578000
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2021Q1 us-gaap Gross Profit
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CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2022Q1 cvgw Fresh Fruit Inventory Net Of Reserves
FreshFruitInventoryNetOfReserves
29704000
CY2021Q4 cvgw Fresh Fruit Inventory Net Of Reserves
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CY2022Q1 us-gaap Inventory Supplies Net Of Reserves
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14642000
CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8056000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2022Q1 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
40757000
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
500000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
200000
CY2022Q1 us-gaap Inventory Adjustments
InventoryAdjustments
0
CY2021Q4 us-gaap Inventory Adjustments
InventoryAdjustments
0
CY2022Q1 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
38217000
CY2021Q4 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
37493000
CY2022Q1 us-gaap Accounts Receivable Related Parties Noncurrent
AccountsReceivableRelatedPartiesNoncurrent
1641000
CY2021Q4 us-gaap Accounts Receivable Related Parties Noncurrent
AccountsReceivableRelatedPartiesNoncurrent
1641000
CY2022Q1 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
2600000
CY2022Q1 us-gaap Other Assets Miscellaneous Noncurrent
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950000
CY2021Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1366000
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
43408000
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
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8381000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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1200000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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1500000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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1500000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1500000
CY2022Q1 cvgw Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
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CY2022Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
38200000
CY2021Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
37500000
CY2021Q4 us-gaap Value Added Tax Receivable
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CY2021Q4 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2021Q4 us-gaap Payments Of Dividends Common Stock
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20300000
CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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70000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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17653000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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17669000
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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-0.23
CY2021Q1 us-gaap Earnings Per Share Diluted
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0.30
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43000

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