0001558370-24-009042 | 10-Q | XBRL Viewer

Information regarding our operations in different segments - Gross Profit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Segment reporting information
Net sales	$ 184,383	$ 158,279	$ 311,989	$ 291,042
Cost of sales	164,026	142,608	279,164	262,286
Gross profit	20,357	15,671	32,825	28,756
Grown
Segment reporting information
Net sales	166,755	140,301	279,781	258,050
Cost of sales	150,706	127,702	255,594	235,970
Gross profit	16,049	12,599	24,187	22,080
Prepared
Segment reporting information
Net sales	17,628	17,978	32,208	32,992
Cost of sales	13,320	14,906	23,570	26,316
Gross profit	4,308	3,072	8,638	6,676
Elimination between Grown products and Prepared products
Segment reporting information
Sales and cost of sales eliminated	$ 200	$ 400	$ 600	$ 700

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Related-Party Transactions

6 Months Ended

Apr. 30, 2024

Related-Party Transactions

Related-Party Transactions

4.	Related party transactions

Board of Directors

Certain members of our Board of Directors market California avocados through Calavo pursuant to marketing agreements substantially similar to the marketing agreements that we enter into with other growers. For the three and six months ended April 30, 2024, the aggregate amount of avocados procured from entities owned or controlled by members of our Board of Directors was $0.3 million. For the three and six months ended April 30, 2023, the aggregate amount of avocados procured from entities owned or controlled by members of our Board of Directors was $0.2 million. We had $0.1 million of amounts payable to these Board members as of April 30, 2024. We did not have any amounts payable to these Board members as of October 31, 2023. For the three and six months ended April 30, 2024, we have procured $1.4 million of avocados from entities affiliated with our Chief Executive Officer. We did not procure any avocados from entities affiliated with our Chief Executive Officer for the three and six months ended April 30, 2023.

Agricola Don Memo, S.A. de C.V. (“Don Memo”)

Calavo and Agricola Belher (“Belher”) each have an equal one-half ownership interest in Don Memo. Pursuant to a management service agreement, Belher, through its officers and employees, has day-to-day power and authority to manage the operations of Don Memo.

As of April 30, 2024, and October 31, 2023, we had an investment of $3.1 million and $2.9 million, respectively, representing Calavo’s 50% ownership in Don Memo, which was included as an investment in unconsolidated entities on our balance sheet. We make advances to Don Memo for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Don Memo, net of our commission and aforementioned advances. For the three months ended April 30, 2024 and 2023, we advanced $3.5 million and $3.0 million of preseason advances to Don Memo. For the six months ended April 30, 2024 and 2023, we advanced $4.5 million and $3.9 million of preseason advances to Don Memo. As of April 30, 2024 and October 31, 2023, we had outstanding advances of $8.5 million and $7.3 million to Don Memo. In October 2020, we entered into an infrastructure loan agreement with Don Memo for up to $2.4 million secured by certain property and equipment of Don Memo. This infrastructure loan accrues interest at 7.25%. The total outstanding infrastructure loan balance at April 30, 2024 and at October 31, 2023, was $1.6 million, respectively. During the three months ended April 30, 2024 and 2023, we incurred $3.1 million and $0.2 million of cost of sales to Don Memo pursuant to our purchase consignment agreement. During the six months ended April 30, 2024 and 2023, we incurred $7.3 million and $5.2 million of cost of sales to Don Memo pursuant to our purchase consignment agreement.

Belher

We make advances to Belher for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Belher, net of our commission and

aforementioned advances. We had grower advances due from Belher totaling $5.4 million as of October 31, 2023, which are netted against the grower payable. We had grower payables due to Belher totaling $4.3 million as of April 30, 2024, which are netted against the grower advances. In July 2021, we made a bridge loan of $3.5 million to Belher. This loan is secured by certain farmland in Mexico and accrues interest at 10%. As part of this loan agreement, we can withhold payments on both the infrastructure advances and the bridge loan through the netting against the grower payable due to Belher. The total outstanding bridge loan balance at April 30, 2024 and October 31, 2023, was $1.1 million and $1.7 million, respectively, which is included in prepaid expenses and other current assets. During the three months ended April 30, 2024 and 2023, we incurred $22.0 million and $10.3 million of cost of sales to Belher pursuant to our purchase consignment agreement. During the six months ended April 30, 2024 and 2023, we incurred $25.0 million and $14.2 million of cost of sales to Belher pursuant to our purchase consignment agreement.

Avocados de Jalisco, S.A.P.I. de C.V. (“Avocados de Jalisco”)

In August 2015, we entered into a Shareholder’s Agreement with various Mexican partners and created Avocados de Jalisco. Avocados de Jalisco is a Mexican corporation created to engage in procuring, packing and selling avocados. As of April 30, 2024, this entity was approximately 83% owned by Calavo and was consolidated in our financial statements. Avocados de Jalisco built a packinghouse located in Jalisco, Mexico, which began operations in June of 2017. During the three months ended April 30, 2024 and 2023 we purchased approximately $1.1 million and $0.6 million of avocados from the partners of Avocados de Jalisco. During the six months ended April 30, 2024 and 2023 we purchased approximately $3.6 million and $4.3 million of avocados from the partners of Avocados de Jalisco.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2024	May 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	000-33385
Entity Registrant Name	CALAVO GROWERS, INC
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	33-0945304
Entity Address, Address Line One	1141-A Cummings Road
Entity Address, City or Town	Santa Paula
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93060
City Area Code	805
Local Phone Number	525-1245
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CVGW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,800,095
Entity Central Index Key	0001133470
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,062	$ (3,995)	$ (205)	$ (7,063)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock-Based Compensation

6 Months Ended

Apr. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

6.	Stock-Based Compensation

In April 2011, our shareholders approved the Calavo Growers, Inc. 2011 Management Incentive Plan (the “2011 Plan”). All directors, officers, employees and consultants (including prospective directors, officers, employees and consultants) of Calavo and its subsidiaries are eligible to receive awards under the 2011 Plan. Shares were issuable under the 2011 Plan through December 2020. On April 21, 2021, the shareholders of Calavo approved the Calavo Growers, Inc. 2020 Equity Incentive Plan (the “2020 Plan”). This is a five-year plan with up to 1,500,000 shares that are issuable pursuant to awards that may be made through December 9, 2025.

Restricted Stock Awards (RSAs)

The total recognized stock-based compensation expense for restricted stock awards was $1.2 million for the three months ended April 30, 2023. The total recognized stock-based compensation expense for restricted stock awards was less than $0.1 million and $1.7 million for the six months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was no unrecognized stock-based compensation costs related to non-vested RSAs.

A combined summary of restricted stock award activity, related to our 2011 and 2020 Plans, is as follows (in thousands, except for per share amounts):


		Weighted-Average		Aggregate
	Number of Shares	Grant Price		Intrinsic Value
Outstanding at January 31, 2024	1	$	41.39
Vested	(1)	$	41.39
Outstanding at April 30, 2024	—	$	—	$	—


		Weighted-Average		Aggregate
	Number of Shares	Grant Price		Intrinsic Value
Outstanding at October 31, 2023	29	$	35.24
Vested	(29)	$	35.24
Outstanding at April 30, 2024	—	$	—	$	—

Restricted Stock Units (RSUs) and Performance Restricted Stock Units (PRSUs)

On November 1, 2023, each of our eight directors were granted 4,929 RSUs (for a total of 39,432 RSUs) at a price of $24.35 that will vest November 1, 2024.

The total recognized stock-based compensation expense for RSUs was $0.3 million and $0.5 million for the three months ended April 30, 2024 and 2023, respectively. The total recognized stock-based compensation expense for RSUs was $0.8 million and $0.9 million for the six months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was $1.2 million of unrecognized stock-based compensation costs related to non-vested RSUs, which the Company expects to recognize over a weighted-average period of 1.0 years.

A summary of RSU activity, related to our 2020 Plan, is as follows (in thousands, except for per share amounts):


	Number of Shares	Weighted-Average		Aggregate
	Represented	Grant Price		Intrinsic Value
Outstanding at January 31, 2024	72	$	29.35
Forfeited	(4)	$	35.18
Outstanding at April 30, 2024	68	$	28.98	$	1,815


	Number of Shares	Weighted-Average		Aggregate
	Represented	Grant Price		Intrinsic Value
Outstanding at October 31, 2023	51	$	35.36
Granted	39	$	24.35
Vested	(17)	$	34.24
Forfeited	(5)	$	35.08
Outstanding at April 30, 2024	68	$	28.98	$	1,815

At the end of each reporting period, the Company will adjust compensation expense for the PRSUs based on its best estimate of attainment of the specified performance targets. The cumulative effect on current and prior periods of a change in the estimated number of PRSUs that are expected to be earned will be recognized as an adjustment in the period of the adjustment. As of April 30, 2024, the Company still believes that it is not probable that any of the PRSUs for the 2023 and 2022 three-year cumulative performance grant will vest.

Stock Options

Stock options are granted with exercise prices of not less than the fair market value at grant date, generally vest over one to five years and generally expire two to five years after the vest date. We settle stock option exercises with newly issued shares of common stock. We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense in our consolidated statements of operations over the service period that the awards are expected to vest. We measure the fair value of our stock-based compensation awards on the date of grant.

There was no stock option activity for the three and six months ended April 30, 2024. A summary of stock option activity, related to our 2011 and 2020 Plans, is as follows (in thousands, except for weighted-average exercise price):


		Weighted-Average		Aggregate
		Exercise		Intrinsic
	Number of Shares	Price		Value
Outstanding at January 31, 2024	525	$	25.44
Outstanding at April 30, 2024	525	$	25.44	$	512
Vested and Exercisable at April 30, 2024	219	$	26.48	$	512


		Weighted-Average		Aggregate
		Exercise		Intrinsic
	Number of Shares	Price		Value
Outstanding at October 31, 2023	525	$	25.44
Outstanding at April 30, 2024	525	$	25.44	$	512
Vested and Exercisable at April 30, 2024	219	$	26.48	$	512

The total stock-based compensation expense for options was $0.2 million and $0.1 million for the three months ended April 30, 2024 and 2023, respectively. The total stock-based compensation expense for options was $0.6 million and $0.1 million for the six months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was less than $0.1 million of unrecognized stock-based compensation costs related to non-vested options, which the Company expects to recognize over a weighted-average remaining period of 2.6 years.

Earnings per share

6 Months Ended

Apr. 30, 2024

Earnings per share

Earnings per share

9.	Earnings per share

Basic and diluted net income (loss) per share is calculated as follows (data in thousands, except per share data):


	Three months ended April 30,
	2024		2023
Numerator:
Net income from continuing operations	$	6,507	$	1,447
Add: Net income attributable to noncontrolling interest		(37)		(35)
Net income from continuing operations attributable to Calavo Growers, Inc.		6,470		1,412
Net loss from discontinued operations (refer to Note 11)		(408)		(5,407)
Net income (loss) attributable to Calavo Growers, Inc.	$	6,062	$	(3,995)

Denominator:
Weighted average shares - Basic		17,800		17,721
Effect on dilutive securities – Restricted stock/units/options		72		162
Weighted average shares - Diluted		17,872		17,883

Net income from continuing operations
Basic	$	0.36	$	0.08
Diluted	$	0.36	$	0.08

Net loss from discontinued operations (refer to Note 11)
Basic	$	(0.02)	$	(0.31)
Diluted	$	(0.02)	$	(0.31)

Net loss per share attributable to Calavo Growers, Inc:
Basic	$	0.34	$	(0.23)
Diluted	$	0.34	$	(0.23)


	Six months ended April 30,
	2024		2023
Numerator:
Net income from continuing operations	$	3,933	$	1,002
Add: Net income attributable to noncontrolling interest		(47)		(308)
Net income (loss) from continuing operations attributable to Calavo Growers, Inc.		3,886		694
Net loss from discontinued operations (refer to Note 11)		(4,091)		(7,757)
Net income (loss) attributable to Calavo Growers, Inc.	$	(205)	$	(7,063)

Denominator:
Weighted average shares - Basic		17,800		17,697
Effect on dilutive securities – Restricted stock/units/options		66		160
Weighted average shares - Diluted		17,866		17,857

Net income from continuing operations
Basic	$	0.22	$	0.04
Diluted	$	0.22	$	0.04

Net loss from discontinued operations (refer to Note 11)
Basic	$	(0.23)	$	(0.44)
Diluted	$	(0.23)	$	(0.44)

Net loss per share attributable to Calavo Growers, Inc:
Basic	$	(0.01)	$	(0.40)
Diluted	$	(0.01)	$	(0.40)

Inventories

6 Months Ended

Apr. 30, 2024

Inventories

Inventories

3.	Inventories

Inventories consist of the following (in thousands):


	April 30,		October 31,
	2024		2023

Fresh fruit	$	21,611	$	14,815
Packing supplies and ingredients		7,680		7,908
Finished prepared foods		12,263		8,848
Total	$	41,554	$	31,571

Inventories are stated at the lower of cost or net realizable value. We periodically review the value of items in inventory and record any necessary write downs of inventory based on our assessment of market conditions. Inventory includes reserves of $0.5 million and $0.4 million in slow moving inventories as of April 30, 2024 and October 31, 2023.

Stock-Based Compensation (Tables)

6 Months Ended

Apr. 30, 2024

Stock-Based Compensation

Summary of restricted stock award activity

A combined summary of restricted stock award activity, related to our 2011 and 2020 Plans, is as follows (in thousands, except for per share amounts):


		Weighted-Average		Aggregate
	Number of Shares	Grant Price		Intrinsic Value
Outstanding at January 31, 2024	1	$	41.39
Vested	(1)	$	41.39
Outstanding at April 30, 2024	—	$	—	$	—


		Weighted-Average		Aggregate
	Number of Shares	Grant Price		Intrinsic Value
Outstanding at October 31, 2023	29	$	35.24
Vested	(29)	$	35.24
Outstanding at April 30, 2024	—	$	—	$	—

Summary of RSU activity

A summary of RSU activity, related to our 2020 Plan, is as follows (in thousands, except for per share amounts):


	Number of Shares	Weighted-Average		Aggregate
	Represented	Grant Price		Intrinsic Value
Outstanding at January 31, 2024	72	$	29.35
Forfeited	(4)	$	35.18
Outstanding at April 30, 2024	68	$	28.98	$	1,815


	Number of Shares	Weighted-Average		Aggregate
	Represented	Grant Price		Intrinsic Value
Outstanding at October 31, 2023	51	$	35.36
Granted	39	$	24.35
Vested	(17)	$	34.24
Forfeited	(5)	$	35.08
Outstanding at April 30, 2024	68	$	28.98	$	1,815

Summary of stock option activity


		Weighted-Average		Aggregate
		Exercise		Intrinsic
	Number of Shares	Price		Value
Outstanding at January 31, 2024	525	$	25.44
Outstanding at April 30, 2024	525	$	25.44	$	512
Vested and Exercisable at April 30, 2024	219	$	26.48	$	512


		Weighted-Average		Aggregate
		Exercise		Intrinsic
	Number of Shares	Price		Value
Outstanding at October 31, 2023	525	$	25.44
Outstanding at April 30, 2024	525	$	25.44	$	512
Vested and Exercisable at April 30, 2024	219	$	26.48	$	512

Mexican IVA taxes receivable (Details) - Mexican Tax Authority $ in Millions, $ in Millions	Apr. 30, 2024 USD ($)	Apr. 30, 2024 MXN ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 MXN ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 MXN ($)
IVA receivables
IVA receivables balance	$ 55.6	$ 952.8	$ 49.9	$ 913.6
Unrecoverable value added tax					$ 0.4	$ 6.9

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (158)	$ (6,755)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,633	8,453
Non-cash operating lease expense	(720)	45
Net income from unconsolidated entities	(205)	(100)
Divesture of Calavo Salsa Lisa		624
Provision for uncollectible Mexican IVA taxes receivable	165	1,404
Stock-based compensation expense	1,446	3,403
Gain on sale of Temecula packinghouse	(108)	(108)
Loss on disposal of property, plant, and equipment	56	40
Effect on cash of changes in operating assets and liabilities:
Accounts receivable, net	(21,298)	(9,811)
Inventories	(9,609)	(4,377)
Prepaid expenses and other current assets	2,617	(1,656)
Advances to suppliers	4,088	87
Income taxes receivable/payable	(970)	(934)
Other assets	(5,746)	(7,430)
Payable to growers	22,703	6,611
Trade accounts payable, accrued expenses and other liabilities	3,256	6,726
Net cash provided by (used in) operating activities	2,150	(3,778)
Cash Flows from Investing Activities:
Purchases of property, plant, and equipment	(2,377)	(8,461)
Net cash used in investing activities	(2,377)	(8,461)
Cash Flows from Financing Activities:
Payment of dividend to shareholders	(3,561)	(6,876)
Proceeds from revolving credit facility	83,176	130,800
Payments on revolving credit facility	(76,175)	(109,800)
Payments of minimum withholding taxes on net share settlement of equity awards	(625)
Payments on term loan	(241)
Payments on long-term obligations and finance leases	(926)	(869)
Proceeds from stock option exercises		48
Net cash provided by financing activities	1,648	13,303
Net increase in cash, cash equivalents and restricted cash	1,421	1,064
Cash, cash equivalents and restricted cash, beginning of period	2,852	3,134
Cash, cash equivalents and restricted cash, end of period	4,273	4,198
Noncash Investing and Financing Activities:
Right of use assets obtained in exchange for new financing lease obligations	640	1,097
Settlement of Agricola Belher infrastructure advance offset against payable to growers	600
Property, plant, and equipment included in trade accounts payable and accrued expenses	$ 29	$ 310

Other assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Other assets.
Mexican IVA (i.e. value-added) taxes receivable, net	$ 55,555	$ 49,888
Infrastructure advances	1,641	1,641
Other	766	852
Total	$ 57,962	$ 52,381

Assets Held for Sale and Discontinued Operations (Details) - Fresh-cut products - Discontinued operations, Held for sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Major classes of assets and liabilities
Accounts receivable, net	$ 26,532		$ 26,532		$ 27,479
Inventories, net	7,485		7,485		7,859
Prepaid expenses and other current assets	2,529		2,529		2,195
Property, plant, and equipment, net	49,872		49,872		51,805
Operating lease right-of-use assets	28,942		28,942		29,676
Goodwill	18,442		18,442		18,442
Intangibles	5,047		5,047		5,423
Other assets	78		78		78
Total assets held for sale	138,927		138,927		142,957
Trade accounts payable	9,901		9,901		10,440
Accrued expenses	11,901		11,901		15,299
Current portion of operating leases	3,360		3,360		3,399
Current portion of long-term obligations and finance leases	467		467		773
Long-term operating leases, less current portion	26,520		26,520		28,065
Long-term obligations and finance leases, less current portion	908		908		1,002
Other long-term liabilities	204		204		228
Total liabilities held for sale	53,261		53,261		$ 59,206
Results of operations
Net sales	83,959	$ 86,410	170,372	$ 179,851
Cost of sales	80,149	87,044	165,731	179,138
Gross profit	3,810	(634)	4,641	713
Selling, general and administrative	4,207	4,715	8,703	9,426
Operating loss	(397)	(5,349)	(4,062)	(8,713)
Interest expense	(26)	(29)	(54)	(68)
Other income (expense), net		(29)
Other income	15		25
Other expense				(15)
Loss from discontinued operations before income taxes	(408)	(5,407)	(4,091)	(8,796)
Income tax benefit				1,039
Net loss from discontinued operations	$ (408)	$ (5,407)	(4,091)	(7,757)
Select cash flow information
Net cash used in operating activities			(1,970)	(3,770)
Net cash used in investing activities			$ (353)	$ (4,651)

Description of the business

6 Months Ended

Apr. 30, 2024

Description of the business

Description of the business

1. Description of the business

Business

Calavo Growers, Inc. (referred to in this report as “Calavo”, the “Company”, “we”, “us” or “our”), is a global leader in the avocado industry and a provider of value-added fresh food. Our expertise in marketing and distributing avocados, prepared avocados, and other perishable foods allows us to deliver a wide array of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. We procure avocados from California, Mexico and other growing regions around the world. Through our various operating facilities, we (i) sort, pack, and/or ripen avocados, tomatoes and/or Hawaiian grown papayas, (ii) create, process and package a portfolio of healthy fresh foods including fresh-cut fruit and vegetables, and prepared foods and (iii) process and package guacamole and salsa. We distribute our products both domestically and internationally and we report our operations in two different business segments: Grown and Prepared.

We and certain of our subsidiaries have entered into non-binding negotiations regarding the potential sale of all of the assets used in our Fresh Cut business and certain related real property (the “Proposed Transaction”). The terms, including price and structure, remain under negotiation, and we are targeting completion of the Proposed Transaction during the third quarter of fiscal 2024. The Fresh Cut business represents substantially all of the business of the Prepared segment other than the guacamole business, which would be retained following the Proposed Transaction.

During the six-months period ended April 30, 2024, management has concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the planned divestiture, as described in Note 2. For more information, see Note 11.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Fresh Cut business unit as discontinued operations (see Note 11, “Assets Held for Sale and Discontinued Operations”).

Recently Issued Accounting Standards

In November 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods

within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Assets Held for Sale and Discontinued Operations

6 Months Ended

Apr. 30, 2024

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

11.Assets Held for Sale and Discontinued Operations

We and certain of our subsidiaries have entered into non-binding negotiations regarding the potential sale of all of the assets used in our Fresh Cut business and certain related real property. The terms, including price and structure, remain under negotiation, and we are targeting completion of the Proposed Transaction during the third quarter of fiscal 2024. The Fresh Cut business represents substantially all of the business of the Prepared segment other than the guacamole business, which would be retained following the Proposed Transaction.

During the six-month period ended April 30, 2024, management has concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the planned divestiture, as described in Note 2.

The following table presents the major classes of assets and liabilities of the Fresh Cut business that are classified as held for sale in the accompanying balance sheets (in thousands).


	April 30,		October 31,
	2024		2023

Accounts receivable, net	$	26,532	$	27,479
Inventories, net		7,485		7,859
Prepaid expenses and other current assets		2,529		2,195
Property, plant, and equipment, net		49,872		51,805
Operating lease right-of-use assets		28,942		29,676
Goodwill		18,442		18,442
Intangibles		5,047		5,423
Other assets		78		78
Total assets held for sale	$	138,927	$	142,957


Trade accounts payable	$	9,901	$	10,440
Accrued expenses		11,901		15,299
Current portion of operating leases		3,360		3,399
Current portion of long-term obligations and finance leases		467		773
Long-term operating leases, less current portion		26,520		28,065
Long-term obligations and finance leases, less current portion		908		1,002
Other long-term liabilities		204		228
Total liabilities held for sale	$	53,261	$	59,206

Goodwill related to our Prepared segment was allocated between our Fresh Cut and guacamole businesses based on the relative fair value of the disposal group and the portion of the reporting unit to be retained.

The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands):


	Three months ended				Six months ended
	April 30,				April 30,
	2024		2023		2024		2023

Net sales	$	83,959	$	86,410	$	170,372	$	179,851
Cost of sales		80,149		87,044		165,731		179,138
Gross profit (loss)		3,810		(634)		4,641		713
Selling, general and administrative		4,207		4,715		8,703		9,426
Operating loss		(397)		(5,349)		(4,062)		(8,713)
Interest expense		(26)		(29)		(54)		(68)
Other income (expense), net		15		(29)		25		(15)
Loss from discontinued operations before income taxes		(408)		(5,407)		(4,091)		(8,796)
Income tax benefit		—		—		—		1,039
Net loss from discontinued operations	$	(408)	$	(5,407)	$	(4,091)	$	(7,757)

Select cash flow information related to the Fresh Cut business follows (in thousands):


	Six months ended
	April 30,
	2024		2023

Net cash used in operating activities	$	(1,970)	$	(3,770)
Net cash used in investing activities	$	(353)	$	(4,651)

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 184,383	$ 158,279	$ 311,989	$ 291,042
Cost of sales	164,026	142,608	279,164	262,286
Gross profit	20,357	15,671	32,825	28,756
Selling, general and administrative	13,020	13,361	26,483	25,003
Expenses related to Mexican tax matters	202	386	585	2,434
Operating income	7,135	1,924	5,757	1,319
Interest expense	(962)	(244)	(1,786)	(621)
Other income, net	520	307	720	647
Income before income taxes and loss from unconsolidated entities	6,693	1,987	4,691	1,345
Income tax expense	(390)	(484)	(963)	(443)
Net income (loss) from unconsolidated entities	204	(56)	205	100
Net income from continuing operations	6,507	1,447	3,933	1,002
Net loss from discontinued operations (refer to Note 11)	(408)	(5,407)	(4,091)	(7,757)
Net income (loss)	6,099	(3,960)	(158)	(6,755)
Add: Net income attributable to noncontrolling interest	(37)	(35)	(47)	(308)
Net income (loss) attributable to Calavo Growers, Inc.	$ 6,062	$ (3,995)	$ (205)	$ (7,063)
Earnings Per Share, Basic
Basic, Continuing Operations (in dollars per shares)	$ 0.36	$ 0.08	$ 0.22	$ 0.04
Basic, Discontinued Operations (in dollars per shares)	(0.02)	(0.31)	(0.23)	(0.44)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	0.34	(0.23)	(0.01)	(0.40)
Earnings Per Share, Diluted
Diluted, Continuing Operations (in dollars per shares)	0.36	0.08	0.22	0.04
Diluted, Discontinued Operations (in dollars per shares)	(0.02)	(0.31)	(0.23)	(0.44)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	$ 0.34	$ (0.23)	$ (0.01)	$ (0.40)
Number of shares used in per share computation:
Basic	17,800	17,721	17,800	17,697
Diluted	17,872	17,883	17,866	17,857

Stock-Based Compensation - Stock Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Share-based Compensation
Outstanding, Number of Shares, Beginning Balance	525		525
Outstanding, Number of Shares, Ending Balance	525		525
Vested and Exercisable, Number of Shares	219		219
Outstanding, Weighted-Average Exercise Price	$ 25.44		$ 25.44
Outstanding, Weighted-Average Exercise Price, ending balance	25.44		25.44
Vested and Exercisable, Weighted-Average Exercise Price	$ 26.48		$ 26.48
Outstanding, Aggregate Intrinsic Value	$ 512		$ 512
Vested and Exercisable, Aggregate Intrinsic Value	512		$ 512
Exercisable stock options, weighted-average remaining contractual term			2 years 7 months 6 days
Employee Stock Option [Member]
Share-based Compensation
Stock-based compensation expense	200	$ 100	$ 600	$ 100
Unrecognized stock based compensation expenses	$ 100		$ 100
Employee Stock Option [Member] \| Minimum
Share-based Compensation
Vesting period			1 year
Award expiration period			2 years
Employee Stock Option [Member] \| Maximum
Share-based Compensation
Vesting period			5 years
Award expiration period			5 years

Other events

6 Months Ended

Apr. 30, 2024

Other events

Other events

7.	Other events

Dividend payments

On January 31, 2024, we paid a dividend of $0.10 per share, or an aggregate of $1.8 million, to shareholders of record on January 26, 2024. On April 29, 2024, we paid a dividend of $0.10 per share, or an aggregate of $1.8 million, to shareholders of record on April 1, 2024.

Restricted cash

In the prior year, in connection with the the refinancing of our credit facility, we temporarily posted $0.8 million of cash collateral to satisfy certain collateral requirements as we transitioned banks providing letters of credit related to our workers compensation insurance policies. In the first quarter 2024, this restriction was released.

Litigation

From time to time, we are involved in litigation arising in the ordinary course of our business that we do not believe will have a material adverse impact on our financial statements.

Compliance matters

On January 16, 2024, the Company announced that its internal audit process had identified to the Audit Committee of the Board of Directors certain matters that the Board of Directors determined after fiscal year end merited enhanced evaluation. A Special Committee of the Board of Directors (the “Special Committee”) was established to commence an investigation, with the assistance of external legal counsel and external forensic accountants. The Special Committee determined that certain of those matters related to the Company’s operations in Mexico raised potential issues under the Foreign Corrupt Practices Act (“FCPA”). The Company has voluntarily disclosed this ongoing internal investigation to the SEC and the Department of Justice ("DOJ"), and the Company intends to fully cooperate with the SEC and the DOJ in connection with these matters. Any determination that the Company’s operations or activities were not in compliance with laws, including the FCPA, could result in the imposition of material fines and penalties and the imposition of equitable remedies. The Company cannot currently predict the timing of completion or the outcome of its internal investigation or of any actions that may be taken by the SEC, the DOJ or Mexican authorities in connection with the

matters under investigation, and the Company cannot currently estimate the amount or range of loss or potential impact on its consolidated financial statements associated with these matters.

Mexico tax audits

We conduct business both domestically and internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities, primarily in Mexico and the United States.

2013 Assessment

In January 2017, Calavo de Mexico (“CDM”) received preliminary observations from the Servicio de Administracion Tributaria in Mexico (the “SAT”) related to an audit for fiscal year 2013 outlining certain proposed adjustments primarily related to intercompany funding, deductions for services from certain vendors/suppliers and IVA. We provided a written rebuttal to these preliminary observations during our second fiscal quarter of 2017.

In July 2018, the SAT’s local office in Uruapan issued to CDM a final tax assessment (the “2013 Assessment”) totaling approximately $2.6 billion Mexican pesos (which includes annual adjustments for inflation, and equals approximately $152.9 million USD at April 30, 2024) related to income tax, flat rate business tax, and value added tax, related to this fiscal 2013 tax audit. This amount has been adjusted for inflation as of April 30, 2024 to the amount of $3.08 billion Mexican pesos (approx. $181.1 million USD). Additionally, the tax authorities have determined that we owe our employees profit-sharing liability, totaling approximately $118 million Mexican pesos (approx. $6.9 million USD at April 30, 2024). In August 2018, we filed an Administrative Appeal on the 2013 Assessment, appealing our case to the SAT’s central legal department in Michoacan.

On June 25, 2021, we became aware that the Administrative Appeal had been resolved by the SAT against CDM on March 12, 2021, and that we had allegedly failed to timely respond to and challenge the SAT’s notification of such resolution, therefore rendering the 2013 Assessment as definitive. Based on legal counsel from our tax advisory firm, we and our tax advisory firm have concluded that the March notification was not legally communicated.

On August 18, 2021, we filed an Administrative Reconsideration (the “Reconsideration”) before the Central Legal Department of the SAT located in Mexico City, asserting that the resolution in March of the Administrative Appeal was wrongly concluded, in particular with respect to the following matters:

o

Failure to recognize CDM as a “maquiladora”

o

Considering the Company to have a permanent establishment in Mexico,

o

Including fruit purchase deposits transferred by the Company to CDM as taxable,

o

Application of 16% IVA tax to fruit purchase deposits; and

o

Imposing double-taxation on the fruit purchase transactions

SAT formally rejected our request for Reconsideration on January 3, 2022. CDM has filed an Amparo on April 22, 2024 and an Appeal on April 30, 2024 before the Circuit Court challenging the last resolution from March 25, 2024 where the tax authority considered that the filing of the administrative reconsideration was not legally viable because there was a legal remedy already filed that coexists with the administrative reconsideration, that is, the Annulment Suit.

On August 20, 2021 CDM filed an Annulment Suit (the “Annulment Suit”) with the Federal Tax Court, which among other things, strongly contends that the notifications made by the SAT to CDM and its designated advisors of the resolution of the Administrative Appeal in March 2021 were not legally communicated. In addition, the Annulment Suit asserts the same matters central to the Reconsideration, as described above, as wrongly concluded in the resolution of the Administrative Appeal.

On October 13, 2023, the Company filed an extension of the Annulment Suit filed on August 20, 2021, as a result of the response to the lawsuit filed by the Tax Authority, pointing out that the Tax Authority’s resolution is unlawful due to improper substantiation and motivation, because of the following:

●

The QR Code does not allow the company to verify the veracity of the document,

●

The notification of the tax assessment was not sent to the phone number indicated by the company, when the Tax Authority was obliged to do so, among others.

On November 14, 2023, the Tax Court notified the admission of the extension of the lawsuit was filed.

While we continue to believe that the 2013 Assessment is completely without merit, and that we will prevail on the Annulment Suit in the Tax Court, we also believe that it is in the best interest of CDM and the Company to settle the 2013 Assessment as quickly as possible. In accordance with our cumulative probability analysis on uncertain tax positions, settlements made by the SAT in other cases, the 2011 Assessment settlement reached by CDM with the Ministry of Finance and Administration of the government of the State of Michoacan, Mexico, and the value of CDM assets, we recorded a provision of $11 million, in the third quarter of fiscal 2021, as a discrete item in Income Tax Provision. The provision includes estimated penalties, interest and inflationary adjustments. We believe that this provision remains appropriate as of April 30, 2024 based on our cumulative probability analysis. We incurred $0.2 million and $0.6 million of related professional fees for the three and six months ended April 30, 2024, respectively, which have been recorded in Expenses related to Mexican Tax matters on the consolidated statements of operations.

Mexican IVA taxes receivable

6 Months Ended

Apr. 30, 2024

Mexican IVA taxes receivable

Mexican IVA taxes receivable

10.

Mexican IVA taxes receivable

Included in other assets are tax receivables due from the Mexican government for value-added taxes (“IVA”) paid in advance. CDM is charged IVA by vendors on certain expenditures in Mexico, which, insofar as they relate to the exportation of goods, translate into IVA amounts recoverable from the Mexican government.

As of April 30, 2024, and October 31, 2023, CDM IVA receivables totaled $55.6 million (952.8 million Mexican pesos) and $49.9 million (913.6 million Mexican pesos). Historically, CDM received IVA refund payments from the Mexican tax authorities on a timely basis. Beginning in fiscal 2014 and continuing into fiscal 2024, the tax authorities began objecting to refund requests and supporting documentation that had previously been deemed acceptable to process a refund. Additionally, they are also contesting the refunds requested attributable to IVA paid to certain suppliers that allegedly did not fulfill their own tax obligations. We believe these factors and others have contributed to delays in the processing of IVA claims by the Mexican tax authorities. Currently, we are in the process of collecting such balances primarily through regular administrative processes, but these amounts may ultimately need to be recovered through Administrative Appeals and/or other legal means.

During the first quarter of fiscal 2017, the tax authorities informed us that their internal opinion, based on the information provided by the local SAT office, considers that CDM was not properly documented relative to its declared tax structure and therefore CDM could not claim the refundable IVA balance. CDM has strong arguments and supporting documentation to sustain its declared tax structure for IVA and income tax purposes. CDM started an Administrative Appeal for the IVA related to the request of the months of July, August and September of 2015 (the “2015 Appeal”) in order to assert its argument that CDM is properly documented and to therefore change the SAT’s internal assessment. In August 2018, we received a favorable ruling from the SAT’s Legal Administration in Michoacan on the 2015 Appeal indicating that they believe CDM’s legal interpretation of its declared tax structure is indeed accurate. While favorable on this central matter of CDM’s declared tax structure, the ruling, however, still does not recognize the taxpayer’s right to a full refund for the IVA related to the months of July, August and September 2015. Therefore, in October 2018,

CDM filed a substance-over-form Annulment Suit in the Federal Tax Court to recover its full refund for IVA over the subject period.

In April 2022, the Tax Court issued the ruling for the months of July, August and September 2015 through which it was declared that the following resolutions were resolved:

●

It is recognized that CDM operates as a maquila under the authorization of the Ministry of Finance.

●

It is recognized that all bank deposits corresponding to the purchase of avocados on behalf of Calavo Growers Inc. (CGI), are subject to the maquila program and it is not accruable income for purposes of Income Tax nor activities subject to VAT.

●

It is recognized that VAT is recoverable, since CDM demonstrated the existence of operations carried under the maquila services.

●

Resolved that certain VAT amounts attributed to the purchase of certain packing materials are not recoverable as CDM was not the buyer on record and therefore did not pay for the materials, which approximated $6.9 million pesos (approximately $0.4 million USD).

We believe that our operations in Mexico are properly documented, and our internationally recognized tax advisors believe that there are legal grounds to prevail in collecting the corresponding IVA amounts. With assistance from our internationally recognized tax advisory firm, as of April 30, 2024, CDM has filed Administrative Appeals for months for which IVA refunds have been denied by the SAT, and will continue filing such appeals for any months for which refunds are denied in the future. Therefore, it is probable that the Mexican tax authorities will ultimately authorize the refund of the remaining IVA amounts.

Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Inventories
Fresh fruit	$ 21,611	$ 14,815
Packing supplies and ingredients	7,680	7,908
Finished prepared foods	12,263	8,848
Total inventories	41,554	31,571
Inventory valuation reserves	$ 500	$ 400

Assets Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Apr. 30, 2024

Assets Held for Sale and Discontinued Operations

Schedule of information being reported as discontinued operations


	April 30,		October 31,
	2024		2023

Accounts receivable, net	$	26,532	$	27,479
Inventories, net		7,485		7,859
Prepaid expenses and other current assets		2,529		2,195
Property, plant, and equipment, net		49,872		51,805
Operating lease right-of-use assets		28,942		29,676
Goodwill		18,442		18,442
Intangibles		5,047		5,423
Other assets		78		78
Total assets held for sale	$	138,927	$	142,957


Trade accounts payable	$	9,901	$	10,440
Accrued expenses		11,901		15,299
Current portion of operating leases		3,360		3,399
Current portion of long-term obligations and finance leases		467		773
Long-term operating leases, less current portion		26,520		28,065
Long-term obligations and finance leases, less current portion		908		1,002
Other long-term liabilities		204		228
Total liabilities held for sale	$	53,261	$	59,206


	Three months ended				Six months ended
	April 30,				April 30,
	2024		2023		2024		2023

Net sales	$	83,959	$	86,410	$	170,372	$	179,851
Cost of sales		80,149		87,044		165,731		179,138
Gross profit (loss)		3,810		(634)		4,641		713
Selling, general and administrative		4,207		4,715		8,703		9,426
Operating loss		(397)		(5,349)		(4,062)		(8,713)
Interest expense		(26)		(29)		(54)		(68)
Other income (expense), net		15		(29)		25		(15)
Loss from discontinued operations before income taxes		(408)		(5,407)		(4,091)		(8,796)
Income tax benefit		—		—		—		1,039
Net loss from discontinued operations	$	(408)	$	(5,407)	$	(4,091)	$	(7,757)


	Six months ended
	April 30,
	2024		2023

Net cash used in operating activities	$	(1,970)	$	(3,770)
Net cash used in investing activities	$	(353)	$	(4,651)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Noncontrolling interest.
Noncontrolling interest, beginning	$ 1,402	$ 1,288	$ 1,392	$ 1,015
Net income attributable to noncontrolling interest of Avocados de Jalisco	37	35	47	308
Noncontrolling interest, ending	$ 1,439	$ 1,323	$ 1,439	$ 1,323

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Description of the business (Details)	6 Months Ended
Description of the business (Details)	Apr. 30, 2024 segment
Description of the business
Number of reportable segments	2

Information regarding our operations in different segments - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Segment reporting information
Net sales	$ 184,383	$ 158,279	$ 311,989	$ 291,042
Long-lived assets	57,796		57,796		$ 60,924
Foreign currency gains (losses)	(300)	1,000	1,400	2,200
Outside United States
Segment reporting information
Net sales	12,900	$ 7,900	23,800	$ 15,500
United States
Segment reporting information
Long-lived assets	23,109		23,109		25,986
Mexico
Segment reporting information
Long-lived assets	$ 34,687		$ 34,687		$ 34,938

- Definition

+ References

+ Details

Stock-Based Compensation - General (Details) - 2020 Management Incentive Plan	Apr. 21, 2021 shares
Share-based Compensation
Award expiration period	5 years
Common stock shares authorized (in shares)	1,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Information regarding our operations in different segments - Product (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($) segment	Apr. 30, 2023 USD ($)
Segment reporting information
Number of reportable segments \| segment			2
Total gross sales	$ 187,080	$ 161,098	$ 316,737	$ 297,172
Less sales allowances	(2,697)	(2,819)	(4,748)	(6,130)
Net sales	184,383	158,279	311,989	291,042
Avocados
Segment reporting information
Total gross sales	136,055	122,907	235,686	225,530
Tomatoes
Segment reporting information
Total gross sales	28,513	16,004	39,352	29,315
Papayas
Segment reporting information
Total gross sales	2,850	2,528	5,932	5,855
Other fresh income
Segment reporting information
Total gross sales	22	50	48	65
Guacamole
Segment reporting information
Total gross sales	19,640	19,348	35,719	35,700
Salsa
Segment reporting information
Total gross sales		261		707
Grown
Segment reporting information
Total gross sales	167,440	141,489	281,018	260,765
Less sales allowances	(685)	(1,188)	(1,237)	(2,715)
Net sales	166,755	140,301	279,781	258,050
Grown \| Avocados
Segment reporting information
Total gross sales	136,055	122,907	235,686	225,530
Grown \| Tomatoes
Segment reporting information
Total gross sales	28,513	16,004	39,352	29,315
Grown \| Papayas
Segment reporting information
Total gross sales	2,850	2,528	5,932	5,855
Grown \| Other fresh income
Segment reporting information
Total gross sales	22	50	48	65
Prepared
Segment reporting information
Total gross sales	19,640	19,609	35,719	36,407
Less sales allowances	(2,012)	(1,631)	(3,511)	(3,415)
Net sales	17,628	17,978	32,208	32,992
Prepared \| Guacamole
Segment reporting information
Total gross sales	$ 19,640	19,348	$ 35,719	35,700
Prepared \| Salsa
Segment reporting information
Total gross sales		$ 261		$ 707

Other assets (Tables)

6 Months Ended

Apr. 30, 2024

Other assets

Schedule of Other Assets

Other assets consist of the following (in thousands):


	April 30,		October 31,
	2024		2023
Mexican IVA (i.e. value-added) taxes receivable, net (see Note 10)	$	55,555	$	49,888
Infrastructure advances		1,641		1,641
Other		766		852
Total	$	57,962	$	52,381

Noncontrolling interest (Tables)

6 Months Ended

Apr. 30, 2024

Noncontrolling interest.

Schedule of reconciliation of shareholders' equity attributable to noncontrolling interest

The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands).




	Three months ended April 30,
Avocados de Jalisco noncontrolling interest	2024		2023

Noncontrolling interest, beginning	$	1,402	$	1,288
Net income attributable to noncontrolling interest of Avocados de Jalisco		37		35
Noncontrolling interest, ending	$	1,439	$	1,323

	Six months ended April 30,
Avocados de Jalisco noncontrolling interest	2024		2023

Noncontrolling interest, beginning	$	1,392	$	1,015
Net income attributable to noncontrolling interest of Avocados de Jalisco		47		308
Noncontrolling interest, ending	$	1,439	$	1,323

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest	Total
Beginning balance at Oct. 31, 2022	$ 18	$ 171,223	$ 51,115	$ 1,015	$ 223,371
Beginning balance, shares at Oct. 31, 2022	17,732
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		48			48
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	52
Stock-based compensation expense		3,403			3,403
Dividends declared to shareholders			(6,876)		(6,876)
Avocados de Jalisco noncontrolling interest				308	308
Net loss attributable to Calavo Growers, Inc.			(7,063)		(7,063)
Ending balance at Apr. 30, 2023	$ 18	174,674	37,176	1,323	213,191
Ending balance, shares at Apr. 30, 2023	17,784
Beginning balance at Jan. 31, 2023	$ 18	172,524	42,945	1,288	216,775
Beginning balance, shares at Jan. 31, 2023	17,743
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	41
Stock-based compensation expense		2,150			2,150
Dividends declared to shareholders			(1,774)		(1,774)
Avocados de Jalisco noncontrolling interest				35	35
Net loss attributable to Calavo Growers, Inc.			(3,995)		(3,995)
Ending balance at Apr. 30, 2023	$ 18	174,674	37,176	1,323	213,191
Ending balance, shares at Apr. 30, 2023	17,784
Beginning balance at Oct. 31, 2023	$ 18	176,481	32,338	1,392	210,229
Beginning balance, shares at Oct. 31, 2023	17,761
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(625)			(625)
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	39
Stock-based compensation expense		1,446			1,446
Dividends declared to shareholders			(3,561)		(3,561)
Avocados de Jalisco noncontrolling interest				47	47
Net loss attributable to Calavo Growers, Inc.			(205)		(205)
Ending balance at Apr. 30, 2024	$ 18	177,302	28,572	1,439	207,331
Ending balance, shares at Apr. 30, 2024	17,800
Beginning balance at Jan. 31, 2024	$ 18	176,823	24,290	1,402	202,533
Beginning balance, shares at Jan. 31, 2024	17,800
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(26)			(26)
Stock-based compensation expense		505			505
Dividends declared to shareholders			(1,780)		(1,780)
Avocados de Jalisco noncontrolling interest				37	37
Net loss attributable to Calavo Growers, Inc.			6,062		6,062
Ending balance at Apr. 30, 2024	$ 18	$ 177,302	$ 28,572	$ 1,439	$ 207,331
Ending balance, shares at Apr. 30, 2024	17,800

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowances of accounts receivable	$ 4,127	$ 3,364
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	17,800	17,761
Common stock, shares outstanding	17,800	17,761

Description of the business (Policies)	6 Months Ended
Description of the business (Policies)	Apr. 30, 2024
Description of the business
Business	Business Calavo Growers, Inc. (referred to in this report as “Calavo”, the “Company”, “we”, “us” or “our”), is a global leader in the avocado industry and a provider of value-added fresh food. Our expertise in marketing and distributing avocados, prepared avocados, and other perishable foods allows us to deliver a wide array of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. We procure avocados from California, Mexico and other growing regions around the world. Through our various operating facilities, we (i) sort, pack, and/or ripen avocados, tomatoes and/or Hawaiian grown papayas, (ii) create, process and package a portfolio of healthy fresh foods including fresh-cut fruit and vegetables, and prepared foods and (iii) process and package guacamole and salsa. We distribute our products both domestically and internationally and we report our operations in two different business segments: Grown and Prepared. We and certain of our subsidiaries have entered into non-binding negotiations regarding the potential sale of all of the assets used in our Fresh Cut business and certain related real property (the “Proposed Transaction”). The terms, including price and structure, remain under negotiation, and we are targeting completion of the Proposed Transaction during the third quarter of fiscal 2024. The Fresh Cut business represents substantially all of the business of the Prepared segment other than the guacamole business, which would be retained following the Proposed Transaction. During the six-months period ended April 30, 2024, management has concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the planned divestiture, as described in Note 2. For more information, see Note 11.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023. Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Fresh Cut business unit as discontinued operations (see Note 11, “Assets Held for Sale and Discontinued Operations”).
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Standards In November 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Noncontrolling interest

6 Months Ended

Apr. 30, 2024

Noncontrolling interest.

Noncontrolling interest

8.	Noncontrolling interest

The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands).




	Three months ended April 30,
Avocados de Jalisco noncontrolling interest	2024		2023

Noncontrolling interest, beginning	$	1,402	$	1,288
Net income attributable to noncontrolling interest of Avocados de Jalisco		37		35
Noncontrolling interest, ending	$	1,439	$	1,323

	Six months ended April 30,
Avocados de Jalisco noncontrolling interest	2024		2023

Noncontrolling interest, beginning	$	1,392	$	1,015
Net income attributable to noncontrolling interest of Avocados de Jalisco		47		308
Noncontrolling interest, ending	$	1,439	$	1,323

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,273	$ 2,091
Restricted cash		761
Accounts receivable, net of allowances of $4,127 (2024) and $3,364 (2023)	56,142	33,897
Inventories	41,554	31,571
Prepaid expenses and other current assets	8,188	11,739
Advances to suppliers	11,196	14,684
Current assets held for sale	138,927	37,533
Income taxes receivable	2,064	1,094
Total current assets	262,344	133,370
Property, plant, and equipment, net	57,796	60,924
Operating lease right-of-use assets	16,664	18,357
Investments in unconsolidated entities	3,107	2,902
Deferred income tax assets	3,010	3,010
Goodwill	10,211	10,211
Non-current assets held for sale		105,424
Intangibles, net	275	275
Other assets	57,962	52,381
Total assets	411,369	386,854
Current liabilities:
Payable to growers	37,491	14,788
Trade accounts payable	6,505	5,097
Accrued expenses	19,829	15,809
Current liabilities held for sale	53,261	29,911
Other current liabilities	11,000	11,000
Current portion of term loan	813	647
Current portion of operating leases	3,401	3,663
Current portion of long-term obligations and finance leases	882	831
Total current liabilities	133,182	81,746
Long-term liabilities:
Borrowings pursuant to line of credit, long-term	42,025	35,024
Long-term liabilities held for sale		29,295
Long-term portion of term loan	3,009	3,416
Long-term portion of operating leases	15,759	17,328
Long-term portion of obligations and finance leases	4,708	4,645
Deferred income tax liabilities	746	746
Other long-term liabilities	4,609	4,425
Total long-term liabilities	70,856	94,879
Commitments and contingencies
Shareholders' equity:
Common stock ($0.001 par value, 100,000 shares authorized; 17,800 (2024) and 17,761 (2023) shares issued and outstanding)	18	18
Additional paid-in capital	177,302	176,481
Noncontrolling interest	1,439	1,392
Retained earnings	28,572	32,338
Total shareholders' equity	207,331	210,229
Total liabilities and shareholders' equity	$ 411,369	$ 386,854

Other assets

6 Months Ended

Apr. 30, 2024

Other assets

Other assets

5.	Other assets

Other assets consist of the following (in thousands):


	April 30,		October 31,
	2024		2023
Mexican IVA (i.e. value-added) taxes receivable, net (see Note 10)	$	55,555	$	49,888
Infrastructure advances		1,641		1,641
Other		766		852
Total	$	57,962	$	52,381

Information regarding our operations in different segments

6 Months Ended

Apr. 30, 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:


	Three months ended April 30, 2024						Three months ended April 30, 2023
	Grown		Prepared		Total		Grown		Prepared		Total

Avocados	$	136,055	$	—	$	136,055	$	122,907	$	—	$	122,907
Tomatoes		28,513		—		28,513		16,004		—		16,004
Papayas		2,850		—		2,850		2,528		—		2,528
Other fresh income		22		—		22		50		—		50
Guacamole		—		19,640		19,640		—		19,348		19,348
Salsa		—		—		—		—		261		261
Total gross sales		167,440		19,640		187,080		141,489		19,609		161,098
Less sales allowances		(685)		(2,012)		(2,697)		(1,188)		(1,631)		(2,819)
Net sales	$	166,755	$	17,628	$	184,383	$	140,301	$	17,978	$	158,279


	Six months ended April 30, 2024						Six months ended April 30, 2023
	Grown		Prepared		Total		Grown		Prepared		Total

Avocados	$	235,686	$	—	$	235,686	$	225,530	$	—	$	225,530
Tomatoes		39,352		—		39,352		29,315		—		29,315
Papayas		5,932		—		5,932		5,855		—		5,855
Other fresh income		48		—		48		65		—		65
Guacamole		—		35,719		35,719		—		35,700		35,700
Salsa		—		—		—		—		707		707
Total gross sales		281,018		35,719		316,737		260,765		36,407		297,172
Less sales allowances		(1,237)		(3,511)		(4,748)		(2,715)		(3,415)		(6,130)
Net sales	$	279,781	$	32,208	$	311,989	$	258,050	$	32,992	$	291,042



	Grown		Prepared		Total

	(All amounts are presented in thousands)
Three months ended April 30, 2024
Net sales	$	166,755	$	17,628	$	184,383
Cost of sales		150,706		13,320		164,026
Gross profit	$	16,049	$	4,308	$	20,357

Three months ended April 30, 2023
Net sales	$	140,301	$	17,978	$	158,279
Cost of sales		127,702		14,906		142,608
Gross profit	$	12,599	$	3,072	$	15,671



	Grown		Prepared		Total

	(All amounts are presented in thousands)
Six months ended April 30, 2024
Net sales	$	279,781	$	32,208	$	311,989
Cost of sales		255,594		23,570		279,164
Gross profit	$	24,187	$	8,638	$	32,825

Six months ended April 30, 2023
Net sales	$	258,050	$	32,992	$	291,042
Cost of sales		235,970		26,316		262,286
Gross profit	$	22,080	$	6,676	$	28,756

For the three months ended April 30, 2024 and 2023, intercompany sales and cost of sales of $0.2 million and $0.4 million between Grown products and Prepared products were eliminated, respectively. For the six months ended April 30, 2024 and 2023, intercompany sales and cost of sales of $0.6 million and $0.7 million between Grown products and Prepared products were eliminated, respectively.

Sales to customers outside the U.S. were approximately $12.9 million and $7.9 million for the three months ended April 30, 2024 and 2023. Sales to customers outside the U.S. were approximately $23.8 million and $15.5 million for the six months ended April 30, 2024 and 2023.

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 and losses in the current quarter. These gains were due primarily to certain long-term net peso receivables. Foreign currency remeasurement losses, net of gains, for the three months ended April 30, 2024 were $0.3 million. Foreign currency remeasurement gains, net of losses, for the three months ended April 30, 2023 were $1.0 million. Foreign currency remeasurement gains, net of losses, for the six months ended April 30, 2024 and 2023 were $1.4 million and $2.2 million, respectively.

The net carrying value of long-lived assets attributed to geographic areas as of April 30, 2024 and October 31, 2023, are as follows (in thousands):


	United States		Mexico		Consolidated
April 30, 2024	$	23,109	$	34,687	$	57,796
October 31, 2023	$	25,986	$	34,938	$	60,924

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Inventories (Tables)

6 Months Ended

Apr. 30, 2024

Inventories

Schedule of Inventories

Inventories consist of the following (in thousands):


	April 30,		October 31,
	2024		2023

Fresh fruit	$	21,611	$	14,815
Packing supplies and ingredients		7,680		7,908
Finished prepared foods		12,263		8,848
Total	$	41,554	$	31,571

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (PARENTHETICAL) - $ / shares		3 Months Ended			6 Months Ended
	Apr. 29, 2024	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.4875

Related-Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023	Oct. 31, 2020
Related-Party Transactions
Investments in unconsolidated entities		$ 3,107		$ 3,107		$ 2,902
Advances to suppliers				(4,088)	$ (87)
Advances to suppliers		11,196		11,196		14,684
Payable to growers		$ 37,491		37,491		14,788
Non-cash settlement of advance				$ 600
Don Memo \| Agricola Belher \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50.00%		50.00%
Directors
Related-Party Transactions
Purchases from related parties		$ 300	$ 200	$ 300	200
Accounts payable to related parties		100		100		0
Chief Executive Officer
Related-Party Transactions
Purchases from related parties		1,400	0	1,400	0
Equity method investment-Don Memo
Related-Party Transactions
Purchases from related parties		3,100	200	7,300	5,200
Investments in unconsolidated entities		3,100		3,100		2,900
Advances to suppliers		3,500	3,000	4,500	3,900
Advances to suppliers		8,500		8,500		7,300
Loan receivable fixed interest rate (as a percent)							7.25%
Commitment amount							$ 2,400
Loan to related parties		$ 1,600		$ 1,600		$ 1,600
Equity method investment-Don Memo \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50.00%		50.00%		50.00%
Other related party \| Agricola Belher
Related-Party Transactions
Purchases from related parties		$ 22,000	10,300	$ 25,000	14,200
Amount loaned	$ 3,500
Advances to suppliers						$ 5,400
Payable to growers		4,300		4,300
Loan receivable fixed interest rate (as a percent)	10.00%
Loan to related parties		1,100		1,100		$ 1,700
Subsidiary-Avocados de Jalisco
Related-Party Transactions
Purchases from related parties		$ 1,100	$ 600	$ 3,600	$ 4,300
Subsidiary-Avocados de Jalisco \| Avocados de Jalisco
Related-Party Transactions
Subsidiary ownership (as a percent)		83.00%		83.00%

Information regarding our operations in different segments (Tables)

6 Months Ended

Apr. 30, 2024

Information regarding our operations in different segments

Schedule of sales by product and segment

The sales data in the following tables is presented in thousands:


	Three months ended April 30, 2024						Three months ended April 30, 2023
	Grown		Prepared		Total		Grown		Prepared		Total

Avocados	$	136,055	$	—	$	136,055	$	122,907	$	—	$	122,907
Tomatoes		28,513		—		28,513		16,004		—		16,004
Papayas		2,850		—		2,850		2,528		—		2,528
Other fresh income		22		—		22		50		—		50
Guacamole		—		19,640		19,640		—		19,348		19,348
Salsa		—		—		—		—		261		261
Total gross sales		167,440		19,640		187,080		141,489		19,609		161,098
Less sales allowances		(685)		(2,012)		(2,697)		(1,188)		(1,631)		(2,819)
Net sales	$	166,755	$	17,628	$	184,383	$	140,301	$	17,978	$	158,279


	Six months ended April 30, 2024						Six months ended April 30, 2023
	Grown		Prepared		Total		Grown		Prepared		Total

Avocados	$	235,686	$	—	$	235,686	$	225,530	$	—	$	225,530
Tomatoes		39,352		—		39,352		29,315		—		29,315
Papayas		5,932		—		5,932		5,855		—		5,855
Other fresh income		48		—		48		65		—		65
Guacamole		—		35,719		35,719		—		35,700		35,700
Salsa		—		—		—		—		707		707
Total gross sales		281,018		35,719		316,737		260,765		36,407		297,172
Less sales allowances		(1,237)		(3,511)		(4,748)		(2,715)		(3,415)		(6,130)
Net sales	$	279,781	$	32,208	$	311,989	$	258,050	$	32,992	$	291,042

Schedule of segment gross margin



	Grown		Prepared		Total

	(All amounts are presented in thousands)
Three months ended April 30, 2024
Net sales	$	166,755	$	17,628	$	184,383
Cost of sales		150,706		13,320		164,026
Gross profit	$	16,049	$	4,308	$	20,357

Three months ended April 30, 2023
Net sales	$	140,301	$	17,978	$	158,279
Cost of sales		127,702		14,906		142,608
Gross profit	$	12,599	$	3,072	$	15,671



	Grown		Prepared		Total

	(All amounts are presented in thousands)
Six months ended April 30, 2024
Net sales	$	279,781	$	32,208	$	311,989
Cost of sales		255,594		23,570		279,164
Gross profit	$	24,187	$	8,638	$	32,825

Six months ended April 30, 2023
Net sales	$	258,050	$	32,992	$	291,042
Cost of sales		235,970		26,316		262,286
Gross profit	$	22,080	$	6,676	$	28,756

Schedule of long-lived assets by geographic areas

The net carrying value of long-lived assets attributed to geographic areas as of April 30, 2024 and October 31, 2023, are as follows (in thousands):


	United States		Mexico		Consolidated
April 30, 2024	$	23,109	$	34,687	$	57,796
October 31, 2023	$	25,986	$	34,938	$	60,924

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Earnings per share
Net income from continuing operations	$ 6,507	$ 1,447	$ 3,933	$ 1,002
Add: Net income attributable to noncontrolling interest	(37)	(35)	(47)	(308)
Net loss from continuing operations attributable to Calavo Growers, Inc.	6,470	1,412	3,886	694
Net loss from discontinued operations (refer to Note 11)	(408)	(5,407)	(4,091)	(7,757)
Net income (loss) attributable to Calavo Growers, Inc.	$ 6,062	$ (3,995)	$ (205)	$ (7,063)
Weighted average shares - Basic (in shares)	17,800	17,721	17,800	17,697
Effect on dilutive securities - Restricted stock/units/options (in shares)	72	162	66	160
Weighted average shares - Diluted (in shares)	17,872	17,883	17,866	17,857
Net income from continuing operations
Basic, Continuing Operations (in dollars per shares)	$ 0.36	$ 0.08	$ 0.22	$ 0.04
Diluted, Continuing Operations (in dollars per shares)	0.36	0.08	0.22	0.04
Net loss from discontinued operations (refer to Note 11)
Basic, Discontinued Operations (in dollars per shares)	(0.02)	(0.31)	(0.23)	(0.44)
Diluted, Discontinued Operations (in dollars per shares)	(0.02)	(0.31)	(0.23)	(0.44)
Net loss per share attributable to Calavo Growers, Inc:
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	0.34	(0.23)	(0.01)	(0.40)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	$ 0.34	$ (0.23)	$ (0.01)	$ (0.40)

Other events (Details) $ / shares in Units, $ in Thousands, $ in Millions			1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 29, 2024 USD ($) $ / shares	Aug. 18, 2021	Jul. 31, 2018 MXN ($)	Apr. 30, 2024 USD ($) $ / shares	Jan. 31, 2024 USD ($) $ / shares	Apr. 30, 2023 USD ($) $ / shares	Apr. 30, 2024 USD ($) $ / shares	Apr. 30, 2023 USD ($) $ / shares	Apr. 30, 2024 MXN ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2021 USD ($)
Dividend paid (in dollars per share) \| $ / shares	$ 0.10			$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.4875
Dividend amount paid to shareholders	$ 1,800				$ 1,800		$ 3,561	$ 6,876
Restricted cash										$ 761
Expenses related to Mexican tax matters				$ 202		$ 386	585	$ 2,434
Mexican Tax Authority \| Tax Assessment 2013
Amount disputed			$ 2,600				152,900
Estimate of loss				181,100			181,100		$ 3,080
Percentage of tax on fruit purchase deposits		16.00%
Tax dispute liability accrued											$ 11,000
Expenses related to Mexican tax matters				200			600
Mexican Tax Authority \| Tax Assessment 2013 \| Employee Profit Sharing Liability
Estimate of loss				$ 6,900			$ 6,900		$ 118

Stock-Based Compensation - Non-options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 01, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Restricted stock
Share-based Compensation
Stock-based compensation expense			$ 1,200	$ 100	$ 1,700
Outstanding (in shares), Beginning Balance	29,000	1,000		29,000
Vested (in shares)		(1,000)		(29,000)
Outstanding, Weighted-Average Exercise Price, beginning balance	$ 35.24	$ 41.39		$ 35.24
Vested, Weighted-Average Grant Price		$ 41.39		$ 35.24
Unrecognized stock based compensation expenses		$ 0		$ 0
RSU
Share-based Compensation
Stock closing price awarded (in dollars per share)	$ 24.35			$ 24.35
Stock-based compensation expense		$ 300	$ 500	$ 800	$ 900
Outstanding (in shares), Beginning Balance	51,000	72,000		51,000
Granted (in shares)	4,929			39,000
Vested (in shares)				(17,000)
Forfeited (in shares)		(4,000)		(5,000)
Outstanding (in shares), Ending Balance		68,000		68,000
Outstanding, Weighted-Average Exercise Price, beginning balance	$ 35.36	$ 29.35		$ 35.36
Granted, Weighted-Average Grant Price	$ 24.35			24.35
Vested, Weighted-Average Grant Price				34.24
Forfeited, Weighted-Average Grant Price		35.18		35.08
Outstanding, Weighted-Average Exercise Price, ending balance		$ 28.98		$ 28.98
Aggregate Intrinsic Value		$ 1,815		$ 1,815
Unrecognized stock based compensation expenses		$ 1,200		$ 1,200
Unrecognized compensation cost period				1 year
RSU \| Aggregate
Share-based Compensation
Granted (in shares)	39,432