Mission Produce Inc
For the period ended Oct 31, 2024. Filed Dec 19, 2024.
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FY2024 · Filed Dec 19, 2024
AVO$11.85-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years EndedOctober 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Operating Activities | |||
| Net income (loss) | $41.8 | $(3.1) | $(34.9) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
| Provision for losses on accounts receivable | — | 0.1 | 0.1 |
| Depreciation and amortization | 37.7 | 32.8 | 24.8 |
| Amortization of debt issuance costs | 0.2 | 0.2 | 0.3 |
| Equity method income | (3.7) | (4.0) | (5.1) |
| Noncash lease expense | 6.1 | 5.9 | 5.3 |
| Stock-based compensation | 7.1 | 4.5 | 3.6 |
| Dividends received from equity method investees | 3.2 | 2.7 | 2.2 |
| Losses on asset impairment, disposals and sales, net of insurance recoveries | 3.9 | 1.3 | 0.4 |
| Deferred income taxes | (8.0) | (6.4) | (0.6) |
| Goodwill impairment | — | — | 49.5 |
| Remeasurement gain on business combination with Moruga | — | — | (2.0) |
| Unrealized (gains) losses on foreign currency transactions | (1.7) | 1.4 | — |
| Unrealized loss (gain) on derivative financial instruments | 0.1 | (0.1) | (4.7) |
| Other | (0.4) | 0.1 | 0.1 |
| Effect on cash of changes in operating assets and liabilities, net of acquisition: | |||
| Trade accounts receivable | (20.9) | (10.6) | 10.6 |
| Grower fruit advances | (0.8) | 0.9 | (1.2) |
| Other receivables | (3.2) | 5.0 | (2.4) |
| Inventory | (19.3) | 3.0 | (15.3) |
| Prepaid expenses and other current assets | (0.2) | 2.0 | (0.4) |
| Income taxes receivable | 2.9 | (1.6) | (1.1) |
| Other assets | 1.6 | 1.0 | 0.2 |
| Accounts payable and accrued expenses | 25.4 | (8.9) | 9.4 |
| Income taxes payable | 5.1 | (0.2) | (1.3) |
| Grower payables | 23.5 | 2.2 | 2.2 |
| Operating lease liabilities | (5.3) | (3.8) | (4.0) |
| Other long-term liabilities | (1.7) | 4.8 | (0.5) |
| Net cash provided by operating activities | $93.4 | $29.2 | $35.2 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (32.2) | (49.8) | (61.2) |
| Proceeds from sale of property, plant and equipment | 0.1 | 0.2 | 3.0 |
| Cash acquired in consolidation of Moruga | — | — | 4.3 |
| Investment in equity method investees | (1.6) | (2.1) | (0.4) |
| Purchase of other investment | — | (2.3) | — |
| Loan repayments from equity method investees | — | — | 3.0 |
| Other | 0.2 | (0.1) | (0.1) |
| Net cash used in investing activities | $(33.5) | $(54.1) | $(51.4) |
| Financing Activities | |||
| Borrowings on revolving credit facility | 40.0 | 145.0 | 80.0 |
| Payments on revolving credit facility | (75.0) | (130.0) | (40.0) |
| Proceeds from short-term borrowings | 3.0 | 2.8 | 2.5 |
| Repayment of short-term borrowings | (2.8) | (2.5) | — |
| Principal payments on long-term debt obligations | (3.4) | (3.5) | (63.3) |
| Years EndedOctober 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Principal payments on finance lease obligations | (1.8) | (2.6) | (1.2) |
| Proceeds from loan from noncontrolling interest holder | — | 2.0 | — |
| Principal payments on loans due to noncontrolling interest holder | (0.5) | — | — |
| Payments to noncontrolling interest holder for long-term supply financing | (2.0) | — | — |
| Payments for long-term supplier financing | (0.5) | (0.1) | — |
| Purchase and retirement of common stock | — | (0.6) | — |
| Taxes paid related to shares withheld from the settlement of equity awards | (0.8) | (0.5) | — |
| Exercise of stock options | — | 0.1 | 0.1 |
| Payment of debt issuance, restructuring or extinguishment fees | — | — | (0.8) |
| Equity contributions from noncontrolling interest holders | — | 4.2 | 0.9 |
| Net cash (used in) provided by financing activities | $(43.8) | $14.3 | $(21.8) |
| Effect of exchange rate changes on cash | — | (0.1) | (0.3) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 16.1 | (10.7) | (38.3) |
| Cash, cash equivalents and restricted cash, beginning of period | 43.2 | 53.9 | 92.2 |
| Cash, cash equivalents and restricted cash, end of period | $59.3 | $43.2 | $53.9 |
| Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets: | |||
| Cash and cash equivalents | $58.0 | $42.9 | $52.8 |
| Restricted cash | 1.3 | 0.3 | 1.1 |
| Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $59.3 | $43.2 | $53.9 |
| Cash paid during the year for: | |||
| Interest | $12.2 | $11.5 | $5.7 |
| Income taxes | 19.6 | 7.1 | 6.2 |
| Non-cash investing and financing activities: | |||
| Property, plant and equipment included in liabilities | 4.7 | 4.9 | 7.6 |
| Advances for property, plant and equipment included in assets | 1.9 | 0.7 | 2.1 |
| Finance leases of property, plant and equipment | 8.2 | 15.7 | 0.5 |
| Purchases from noncontrolling interest holder made with payment terms greater than 90 days | 0.3 | — | — |
| Purchases from suppliers with payment terms greater than 90 days | — | 1.4 | — |
| Elimination of loan receivable from Moruga upon consolidation (Note 3) | — | — | 1.9 |
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