Calavo growers, inc (CVGW)
CashFlow / Yearly
Oct'19Oct'18Oct'17Oct'16Oct'15Oct'14Oct'13Oct'12Oct'11Oct'10Oct'09
Cash Flows from Operating Activities:
Net income (loss)

36,586

32,012

37,324

38,459

27,199

-215

-2,684

15,630

10,955

17,640

13,611

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization

13,633

13,042

10,691

8,812

8,038

6,926

6,367

5,909

4,327

3,368

3,054

Provision for losses (gains) on accounts receivable

35

-10

1,230

47

75

154

1

68

64

38

106

Net loss from unconsolidated entities

-14,082

-11,851

401

-570

-109

-15

-100

501

557

749

610

Unrealized and realized net gain (loss) on Limoneira shares

-9,722

-

-

-

-

-

-

-

-

-

-

Interest income on notes to FreshRealm

2,435

-

-

-

-

-

-

-

-

-

-

Interest on contingent consideration

-

-

-

-

-

37

146

128

101

62

152

Contingent consideration and non-cash compensation expense related to the acquisition of RFG

-

-

-

-

-

53,611

33,811

2,574

-

-

-

Contingent consideration related to acquisition of Salsa Lisa

-

-

-

-

-15

491

230

-5

-

-

-

Revalue adjustment on contingent consideration

-

-

-

-

-

-

-

-

-535

-

-

Stock-based compensation expense

3,593

4,633

4,320

2,134

2,108

727

376

417

188

52

44

Gain on deconsolidation of FreshRealm

-

-

-

-

-

12,622

-

-

-

-

-

Excess tax benefit from stock-based compensation

-

-

-

447

-

-

-

-

-

-

-

Loan to Agricola Belher

-

-

-

-

-

-

-

-

3,000

-

-

Distribution from unconsolidated entity

-

-

-

-

-

-

-

288

281

116

-

Gain on sale of Temecula packinghouse

2,077

-

-

-

-

-

-

519

-

-

-

Loss on disposal of property, plant, and equipment

-304

-121

-74

-248

-147

-115

30

-136

-139

-

-

Intangible assets impairment on Calavo Salsa Lisa

-

-

-

-

-

-

615

87

-

-

-

Deferred income taxes

930

4,866

2,725

1,603

3,183

-15,076

-12,121

-1,673

1,907

1,332

-215

Effect on cash of changes in operating assets and liabilities:
Accounts receivable, net

-2,685

-3,617

879

11,542

2,063

1,712

16,191

2,837

-4,270

9,353

-5,297

Inventories, net

1,845

4,186

-991

5,498

-4,713

2,302

5,725

5,161

2,137

3,006

-3,158

Prepaid expenses and other current assets

2,508

729

1,447

5,097

1,780

5,614

3,567

639

-1,936

2,544

963

Advances to suppliers

983

1,009

-79

1,605

-438

45

844

-980

1,751

-1,025

-219

Income taxes receivable/payable

-656

2,144

1,043

-6,224

3,465

648

-781

-475

1,933

-765

1,072

Other assets

4,991

3,118

2,362

-683

-441

-48

-135

-14

12

25

113

Payable to growers

-538

-2,524

-4,239

18,084

-1,889

-6,985

7,705

3,394

-4,902

8,645

-95

Deferred rent

1,004

-54

425

1,697

-

-

-

-

-

-

-

Trade accounts payable, accrued expenses and other long-term liabilities

4,246

-7,942

14,652

7,596

14

8,624

5,007

3,236

-4,194

2,729

-69

Net cash provided by (used in) operating activities

72,099

48,426

62,140

61,968

37,283

24,547

13,712

22,011

7,866

19,979

22,504

Cash Flows from Investing Activities:
Acquisitions of and deposits on property, plant, and equipment

16,721

15,004

44,510

21,859

18,099

11,613

6,746

7,749

4,826

4,767

4,149

Investment in unconsolidated entities

-

3,500

9,067

-

-

-

1,000

-

-

-

-

Proceeds received for repayment of San Rafael note

417

436

409

28

386

-

-

-

-

-

-

Proceeds received from Limoneira stock sales

1,154

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of Temecula packinghouse

7,100

-

-

-

-

-

-

-

-

-

-

Proceeds from liquidation of Calavo Chile

-

-

-

-

-

-

-

300

-

-

-

Decrease in cash due to deconsolidation of FreshRealm

-

-

-

-

-

6,813

-

-

-

-

-

Infrastructure advance to Agricola Belher

-

3,000

-

-

1,000

-

-

-

-

-

-

Notes receivables advanced to FreshRealm

23,800

11,500

-

-

803

3,202

-

-

-

-

-

Proceeds received for repayment of loan to FreshRealm

-

2,500

-

4,000

-

-

-

-

-

-

-

Investment in Agricola Don Memo

-

136

500

3,900

1,800

125

-

-

-

-

-

Acquisition of Renaissance Food Group, net of cash acquired

-

-

-

-

-

-

-

-

13,362

-

-

Acquisition of Hawaiian Sweet and Pride, net of cash acquired

-

-

-

-

-

-

-

-

-

4,500

2,348

Acquisition of Calavo Salsa Lisa, net of cash acquired

-

-

-

-

-

-

-

-

-

351

-

Net cash used in investing activities

-31,850

-30,204

-53,668

-21,731

-21,054

-21,753

-7,746

-7,449

-20,907

-9,502

-6,497

Cash Flows from Financing Activities:
Payment of dividend to shareholders

17,568

16,657

15,696

13,907

12,971

11,005

9,646

8,123

8,100

7,252

5,047

Proceeds from revolving credit facility

212,500

278,500

163,500

217,230

255,350

242,340

200,670

158,200

9,710

1,580

-11,160

Payments on revolving credit facility

227,500

283,500

162,500

235,140

254,340

240,430

186,850

155,890

-

-

-

Payments of minimum withholding taxes on net share settlement of equity awards

1,008

1,587

-

-

-

-

-

-

-

-

-

Purchase of noncontrolling interest of Salsa Lisa

-

-

1,000

91

-262

-

-

-

-

-

-

Proceeds from issuance of long-term obligations

-

-

-

-

-

-

-

0

22,135

-

-

Payments on long-term obligations and finance leases

305

136

58

2,209

5,098

5,160

5,405

5,237

9,871

6,766

1,364

Retirement of stock purchased from Limoneira

-

-

-

-

-

-

4,788

-

-

-

-

Proceeds from stock option exercises

85

53

65

104

249

127

751

791

213

1,889

783

Proceeds from issuance of noncontrolling interest stock

-

-

-

-

817

-

-

-

-

-

-

Proceeds from issuance of stock

-

-

-

-

-

-

-

0

-

-

-

Excess tax benefit from stock-based compensation

-

-

-

447

191

59

139

26

664

261

147

Net cash used in financing activities

-33,796

-23,327

-15,689

-33,566

-15,802

-4,069

-5,050

-10,233

14,751

-10,288

-16,641

Net increase (decrease) in cash and cash equivalents

6,453

-5,105

-7,217

6,671

427

-1,275

916

4,329

1,710

189

-634

Supplemental Information:
Interest

1,108

874

1,094

741

843

986

1,087

1,146

985

850

1,195

Income taxes

10,224

9,262

17,011

14,425

15,495

11,355

5,532

9,274

6,313

8,845

8,803

Noncash Investing and Financing Activities:
Acquisitions of property, plant, and equipment with capital lease

2,827

-

8,368

-

-

-

-

-

-

-

-

Capital lease related to Temecula packinghouse

3,306

-

-

-

-

-

-

-

-

-

-

Issuance of stock related to RFG contingent consideration

-

-

-

-

-

66,988

28,973

0

-

-

-

Declared dividends payable

-

-

-

-

-

12,971

11,004

9,612

8,123

8,092

7,252

Investment in FreshRealm included in accrued expenses

-

-

-

1,600

-

-

-

-

-

-

-

Property, plant, and equipment included in trade accounts payable and accrued expenses

2,059

946

1,833

4,574

529

-

-

-

-

-

-

Notes receivable issued for sale of Maui Fresh International

-

-

-

-

-

-

-

2,204

-

-

-

Construction in progress included in trade accounts payable and accrued expenses

-

-

-

-

-

-

-

28

36

32

245

Noncash assets received for issuance of noncontrolling interest

-

-

-

-

194

-

-

-

-

-

-

Collection for Agricola Belher Infrastructure Advance

800

200

200

1,045

845

845

1,690

0

1,225

1,781

507

Unrealized investment gain

-

2,247

6,326

6,621

-16,940

1,175

-6,690

8,850

-4,996

10,786

-5,704

Tax benefit related to stock based compensation

-

-

-

-

-

-

-

139

26

664

261

Minimum earnout adjustment related to the acquisition of Hawaiian Sweet and Pride

-

-

-

-

-

-

-

-

-

-

902