Calavo growers, inc (CVGW)
CashFlow / Quarterly
Jan'20Oct'19Jul'19Apr'19Jan'19Oct'18Jul'18Apr'18Jan'18Oct'17Jul'17Apr'17Jan'17Oct'16Jul'16Apr'16Jan'16Oct'15Jul'15Apr'15Jan'15Oct'14Jul'14Apr'14Jan'14Oct'13Jul'13Apr'13Jan'13Oct'12Jul'12Apr'12Jan'12Oct'11Jul'11Apr'11Jan'11
Cash Flows from Operating Activities:
Net income (loss)

-1,001

5,177

10,650

16,278

4,481

-1,361

12,368

14,016

6,989

10,373

8,796

12,934

5,221

9,698

12,709

9,676

6,376

4,787

8,641

8,472

5,299

-1,048

1,491

1,256

-1,914

-13,683

6,125

2,193

2,681

4,799

5,644

2,535

2,652

3,589

2,702

2,374

2,290

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

3,567

3,460

3,403

3,378

3,392

3,246

3,235

3,350

3,211

3,093

3,023

2,282

2,293

2,305

2,221

2,183

2,103

2,070

2,003

1,997

1,968

1,813

1,735

1,689

1,689

1,356

1,718

1,686

1,607

1,633

1,496

1,400

1,380

1,281

1,207

912

927

Non-cash operating lease expense

65

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for losses (gains) on accounts receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

63

0

0

5

95

-34

0

3

Net loss from unconsolidated entities

-3,028

-2,137

-2,510

-12,135

2,700

-8,452

-3,677

-325

603

311

493

-237

-166

-702

171

-185

146

-

-

-

-

-2

-1

-11

-1

-

-

-

-

94

60

219

128

43

110

285

119

Unrealized and realized net gain (loss) on Limoneira shares

1,006

-1,460

-5,116

1,359

-4,505

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest income on notes to FreshRealm

871

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest on contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

10

9

9

13

49

49

35

34

32

31

31

48

18

17

18

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,844

24,325

7,155

9,287

-

-

-

-

-

-

-

-

-

-

-

-

Revalue adjustment on contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

357

199

1,245

-

245

53

118

-

-

-

-

Stock-based compensation expense

931

883

884

860

966

917

942

942

1,832

831

831

831

1,827

557

558

557

462

87

1,302

508

211

210

214

210

93

88

97

75

116

93

114

144

66

56

66

50

16

Distribution from unconsolidated entity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

55

92

50

91

37

80

130

34

Gain on sale of Temecula packinghouse

54

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

1,339

2,074

0

1,453

-

-

-

-

1,005

1

-1

598

-

-

-

-

-92

-8,466

-1,055

-5,463

-

-

-

-

-

-

-

-

-

-

-

-

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

15,231

-24,602

4,585

10,151

7,181

-7,269

-3,515

4,262

2,905

-11,457

-13,957

20,016

6,277

-16,427

10,687

1,766

15,516

-7,503

-14,339

10,213

13,692

-7,047

-274

4,033

5,000

-5,403

1,115

10,982

9,497

-5,370

-7,209

11,819

3,597

-27,259

13,628

4,397

4,964

Inventories, net

5,348

-9,451

-3,276

11,153

3,419

-813

-3,301

7,974

326

-1,856

-5,920

14,225

-7,440

-4,561

6,561

2,759

739

-5,264

481

3,983

-3,913

-2,060

774

4,602

-1,014

-2,917

6,156

3,103

-617

1,947

-4,031

4,247

2,998

-4,065

-787

6,099

890

Prepaid expenses and other current assets

1,799

1,856

285

-51

418

526

-21

-696

920

507

583

727

-370

1,659

-413

2,408

1,443

3,848

-3,449

-1,419

2,800

2,334

509

1,563

1,208

1,973

245

1,371

-22

1,285

-1,223

278

299

757

302

-2,535

-460

Advances to suppliers

-3,466

2,198

204

-196

-1,223

234

2,402

827

-2,454

1,827

1,028

-4,684

1,750

2,425

2,000

0

-2,820

74

2,670

-384

-2,798

1,873

1,346

-3,380

206

1,250

1,932

-1,293

-1,045

574

453

-2,275

268

2,122

556

303

-1,230

Income taxes receivable/payable

1,139

2,504

782

-2,717

-1,225

4,497

908

-516

-2,745

1,125

4,602

-7,025

2,341

4,673

-3,317

-4,478

-3,102

5,237

-1,149

-2,264

1,641

5,775

-3,091

-571

-1,465

2,110

-3,004

200

-87

260

2,471

-1,609

-1,597

2,264

-375

-537

581

Other assets

1,924

1,237

97

922

2,735

-128

983

798

1,465

-1,111

2,152

1,709

-388

-205

-447

341

-372

-737

321

83

-108

87

-57

-181

103

-73

81

-130

-13

94

-2

-95

-11

-

-

-

-

Payable to growers

7,589

-21,134

8,965

15,384

-3,753

-8,024

-5,349

10,069

780

-11,262

-9,493

20,996

-4,480

-17,980

20,378

8,449

7,237

-11,109

-9,199

17,257

1,162

-14,259

2,646

14,397

-9,769

-13,559

10,748

13,006

-2,490

-5,656

1,597

8,146

-693

-23,739

14,753

11,280

-7,196

Deferred rent

-

50

407

330

217

-104

76

-13

-13

223

223

-12

-9

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

3,206

-6,993

5,359

310

5,570

811

-677

-2,741

-5,335

4,234

3,709

7,868

-1,159

-1,372

6,024

-870

3,814

1,193

-541

-1,681

1,043

-1,145

4,007

2,277

3,485

408

-428

-860

5,887

1,199

242

-746

2,541

1,224

-2,263

-4,241

1,086

Net cash provided by (used in) operating activities

-6,521

11,617

33,879

16,232

10,371

8,458

18,780

13,291

7,897

20,955

17,904

21,592

1,689

6,927

28,696

17,305

9,040

4,755

17,768

16,391

-1,631

-2,938

14,222

19,883

-6,620

-1,912

12,141

2,115

1,368

3,763

18,380

-550

418

10,396

2,812

2,378

-7,720

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

3,331

5,020

4,234

3,600

3,867

3,453

2,713

3,444

5,394

3,432

6,985

2,870

31,223

6,087

6,574

4,787

4,411

4,244

7,192

2,974

3,689

4,528

1,621

3,790

1,674

1,803

1,851

1,544

1,548

1,612

2,643

1,971

1,523

1,458

562

1,692

1,114

Proceeds received for repayment of San Rafael note

-

78

114

113

112

87

117

120

112

112

81

108

108

0

0

0

28

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from Limoneira stock sales

-

0

0

1

1,153

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes receivables advanced to FreshRealm

-

3,700

5,400

4,200

10,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received for repayment of loan to FreshRealm

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in Agricola Don Memo

-

-

-

-

-

-

-

-

-

-

-

3,025

1,600

-

-

-

-

-

-

-

-

0

0

0

125

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-3,331

-8,642

-9,520

-586

-13,102

-15,502

-6,096

-3,324

-5,282

-5,178

-9,988

-5,787

-32,715

-8,687

-7,874

-4,787

-383

-4,133

-10,258

-2,974

-3,689

-6,000

-10,164

-3,790

-1,799

-2,803

-1,851

-1,544

-1,548

-1,545

-2,551

-1,921

-1,432

-3,421

-14,844

-1,562

-1,080

Cash Flows from Financing Activities:
Payment of dividend to shareholders

19,354

0

0

0

17,568

0

0

0

16,657

0

0

0

15,696

0

0

0

13,907

1

0

0

12,970

0

0

0

11,005

0

0

0

9,646

-1

0

0

8,124

1

0

0

8,099

Proceeds from revolving credit facility

53,500

17,000

55,000

51,000

89,500

93,000

66,500

61,000

58,000

39,000

41,000

19,000

64,500

38,500

72,350

44,990

61,390

55,810

58,070

62,880

78,590

-

-

-11,660

18,700

-

-

2,360

12,610

156,040

-13,170

4,430

10,900

-6,360

-140

-380

16,590

Payments on revolving credit facility

26,000

17,000

81,500

63,500

65,500

86,000

79,500

71,500

46,500

57,000

50,500

31,000

24,000

38,000

85,840

57,000

54,300

54,980

67,140

71,340

60,880

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

1,179

0

0

0

1,008

429

0

0

1,158

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on long-term obligations and finance leases

198

170

52

34

49

36

32

32

36

23

13

-12

34

39

539

808

823

838

2,173

1,040

1,047

970

2,262

964

964

1,472

2,322

558

1,053

990

2,217

872

1,158

23,093

-13,256

17

17

Proceeds from stock option exercises

47

0

0

38

47

0

0

0

53

-

-

-

-

-

-

-

-

14

0

220

15

-3

16

99

15

51

0

467

233

574

0

0

217

0

0

15

198

Net cash used in financing activities

6,816

-170

-26,552

-12,496

5,422

6,535

-13,032

-10,532

-6,298

-18,023

-9,513

-12,923

24,770

952

-14,060

-12,818

-7,640

1,013

-11,243

-9,280

3,708

6,246

-4,536

-12,525

6,746

6,807

-11,482

-2,519

2,144

-239

-15,387

3,558

1,835

-6,655

13,116

-382

8,672

Net increase (decrease) in cash and cash equivalents

-3,036

2,805

-2,193

3,150

2,691

-509

-348

-565

-3,683

-2,246

-1,597

2,882

-6,256

-808

6,762

-300

1,017

1,635

-3,733

4,137

-1,612

-2,692

-478

3,568

-1,673

2,092

-1,192

-1,948

1,964

1,979

442

1,087

821

320

1,084

434

-128

Noncash Investing and Financing Activities:
Property, plant, and equipment included in trade accounts payable and accrued expenses

935

-425

1,886

25

573

579

-358

-338

1,063

1,250

-280

-1,186

2,049

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right of use assets obtained in exchange for new financing

390

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash transfer of noncontrolling interest

-

-

-

-

-

-

0

0

1,001

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Construction in progress included in trade accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

-

-

-

-

-

-

-

-

-

-

-

28

-

-

-

27

-

-

-

-

Unrealized investment gain

-

-

-

-

-

-4,511

6,879

2,990

-3,111

1,019

3,596

6,361

-4,650

3,457

6,673

-9,179

5,670

-25,704

4,062

-3,699

8,401

-6,241

13,241

3,803

-9,628

-6,638

6,586

-5,394

-1,244

7,899

1,884

-2,022

1,089

-5,843

-2,213

-847

3,907

Tax benefit related to stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

53

122

-

0

76

132

-

-

-

95

-16

0

0

42