Calavo growers, inc (CVGW)
CashFlow / TTM
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)

31,104

36,586

30,048

31,766

29,504

32,012

43,746

40,174

39,092

37,324

36,649

40,562

37,304

38,459

33,548

29,480

28,276

27,199

21,364

14,214

6,998

-215

-12,850

-8,216

-7,279

-2,684

15,798

15,317

15,659

15,630

14,420

11,478

11,317

10,955

0

0

0

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

13,808

13,633

13,419

13,251

13,223

13,042

12,889

12,677

11,609

10,691

9,903

9,101

9,002

8,812

8,577

8,359

8,173

8,038

7,781

7,513

7,205

6,926

6,469

6,452

6,449

6,367

6,644

6,422

6,136

5,909

5,557

5,268

4,780

4,327

0

0

0

Non-cash operating lease expense

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for losses (gains) on accounts receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

68

100

66

66

64

0

0

0

Net loss from unconsolidated entities

-19,810

-14,082

-20,397

-21,564

-9,754

-11,851

-3,088

1,082

1,170

401

-612

-934

-882

-570

0

0

0

-

-

-

-

-15

0

0

0

-

-

-

-

501

450

500

566

557

0

0

0

Unrealized and realized net gain (loss) on Limoneira shares

-4,211

-9,722

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest income on notes to FreshRealm

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest on contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37

41

80

120

146

167

150

132

128

142

128

114

101

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

53,611

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Revalue adjustment on contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

Stock-based compensation expense

3,558

3,593

3,627

3,685

3,767

4,633

4,547

4,436

4,325

4,320

4,046

3,773

3,499

2,134

1,664

2,408

2,359

2,108

2,231

1,143

845

727

605

488

353

376

381

398

467

417

380

332

238

188

0

0

0

Distribution from unconsolidated entity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

288

270

258

338

281

0

0

0

Gain on sale of Temecula packinghouse

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

4,866

0

0

0

-

-

-

-

1,603

0

0

0

-

-

-

-

-15,076

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

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

5,365

-2,685

14,648

6,548

659

-3,617

-7,805

-18,247

-2,493

879

-4,091

20,553

2,303

11,542

20,466

-4,560

3,887

2,063

2,519

16,584

10,404

1,712

3,356

4,745

11,694

16,191

16,224

7,900

8,737

2,837

-19,052

1,785

-5,637

-4,270

0

0

0

Inventories, net

3,774

1,845

10,483

10,458

7,279

4,186

3,143

524

6,775

-991

-3,696

8,785

-2,681

5,498

4,795

-1,285

-61

-4,713

-1,509

-1,216

-597

2,302

1,445

6,827

5,328

5,725

10,589

402

1,546

5,161

-851

2,393

4,245

2,137

0

0

0

Prepaid expenses and other current assets

3,889

2,508

1,178

872

227

729

710

1,314

2,737

1,447

2,599

1,603

3,284

5,097

7,286

4,250

423

1,780

266

4,224

7,206

5,614

5,253

4,989

4,797

3,567

2,879

1,411

318

639

111

1,636

-1,177

-1,936

0

0

0

Advances to suppliers

-1,260

983

-981

1,217

2,240

1,009

2,602

1,228

-4,283

-79

519

1,491

6,175

1,605

-746

-76

-460

-438

1,361

37

-2,959

45

-578

8

2,095

844

168

-1,311

-2,293

-980

568

671

3,249

1,751

0

0

0

Income taxes receivable/payable

1,708

-656

1,337

1,463

3,664

2,144

-1,228

2,466

-4,043

1,043

4,591

-3,328

-781

-6,224

-5,660

-3,492

-1,278

3,465

4,003

2,061

3,754

648

-3,017

-2,930

-2,159

-781

-2,631

2,844

1,035

-475

1,529

-1,317

-245

1,933

0

0

0

Other assets

4,180

4,991

3,626

4,512

4,388

3,118

2,135

3,304

4,215

2,362

3,268

669

-699

-683

-1,215

-447

-705

-441

383

5

-259

-48

-208

-70

-19

-135

32

-51

-16

-14

0

0

0

-

-

-

-

Payable to growers

10,804

-538

12,572

-1,742

-7,057

-2,524

-5,762

-9,906

1,021

-4,239

-10,957

18,914

6,367

18,084

24,955

-4,622

4,186

-1,889

-5,039

6,806

3,946

-6,985

-6,285

1,817

426

7,705

15,608

6,457

1,597

3,394

-14,689

-1,533

1,601

-4,902

0

0

0

Deferred rent

-

1,004

850

519

176

-54

273

420

421

425

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

1,882

4,246

12,050

6,014

2,963

-7,942

-4,519

-133

10,476

14,652

9,046

11,361

2,623

7,596

10,161

3,596

2,785

14

-2,324

2,224

6,182

8,624

10,177

5,742

2,605

5,007

5,798

6,468

6,582

3,236

3,261

756

-2,739

-4,194

0

0

0

Net cash provided by (used in) operating activities

55,207

72,099

68,940

53,841

50,900

48,426

60,923

60,047

68,348

62,140

48,112

58,904

54,617

61,968

59,796

48,868

47,954

37,283

29,590

26,044

29,536

24,547

25,573

23,492

5,724

13,712

19,387

25,626

22,961

22,011

28,644

13,076

16,004

7,866

0

0

0

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

16,185

16,721

15,154

13,633

13,477

15,004

14,983

19,255

18,681

44,510

47,165

46,754

48,671

21,859

20,016

20,634

18,821

18,099

18,383

12,812

13,628

11,613

8,888

9,118

6,872

6,746

6,555

7,347

7,774

7,749

7,595

5,514

5,235

4,826

0

0

0

Proceeds received for repayment of San Rafael note

-

417

426

429

436

436

461

425

413

409

297

216

108

28

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from Limoneira stock sales

-

1,154

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes receivables advanced to FreshRealm

-

23,800

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received for repayment of loan to FreshRealm

-

-

-

-

-

-

-

-

-

-

-

-

-

4,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in Agricola Don Memo

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

125

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-22,079

-31,850

-38,710

-35,286

-38,024

-30,204

-19,880

-23,772

-26,235

-53,668

-57,177

-55,063

-54,063

-21,731

-17,177

-19,561

-17,748

-21,054

-22,921

-22,827

-23,643

-21,753

-18,556

-10,243

-7,997

-7,746

-6,488

-7,188

-7,565

-7,449

-9,325

-21,618

-21,259

-20,907

0

0

0

Cash Flows from Financing Activities:
Payment of dividend to shareholders

19,354

17,568

17,568

17,568

17,568

16,657

16,657

16,657

16,657

15,696

15,696

15,696

15,696

13,907

13,908

13,908

13,908

12,971

12,970

12,970

12,970

11,005

11,005

11,005

11,005

9,646

9,645

9,645

9,645

8,123

8,125

8,125

8,125

8,100

0

0

0

Proceeds from revolving credit facility

176,500

212,500

288,500

300,000

310,000

278,500

224,500

199,000

157,000

163,500

163,000

194,350

220,340

217,230

234,540

220,260

238,150

255,350

0

0

0

-

-

0

0

-

-

157,840

159,910

158,200

-4,200

8,830

4,020

9,710

0

0

0

Payments on revolving credit facility

188,000

227,500

296,500

294,500

302,500

283,500

254,500

225,500

185,000

162,500

143,500

178,840

204,840

235,140

252,120

233,420

247,760

254,340

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

1,179

1,008

1,437

1,437

1,437

1,587

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on long-term obligations and finance leases

454

305

171

151

149

136

123

104

60

58

74

600

1,420

2,209

3,008

4,642

4,874

5,098

5,230

5,319

5,243

5,160

5,662

5,722

5,316

5,405

4,923

4,818

5,132

5,237

27,340

11,867

11,012

9,871

0

0

0

Proceeds from stock option exercises

85

85

85

85

47

53

0

0

0

-

-

-

-

-

-

-

-

249

232

248

127

127

181

165

533

751

1,274

1,274

807

791

217

217

232

213

0

0

0

Net cash used in financing activities

-32,402

-33,796

-27,091

-13,571

-11,607

-23,327

-47,885

-44,366

-46,757

-15,689

3,286

-1,261

-1,156

-33,566

-33,505

-30,688

-27,150

-15,802

-10,569

-3,862

-7,107

-4,069

-3,508

-10,454

-448

-5,050

-12,096

-16,001

-9,924

-10,233

-16,649

11,854

7,914

14,751

0

0

0

Net increase (decrease) in cash and cash equivalents

726

6,453

3,139

4,984

1,269

-5,105

-6,842

-8,091

-4,644

-7,217

-5,779

2,580

-602

6,671

9,114

-1,381

3,056

427

-3,900

-645

-1,214

-1,275

3,509

2,795

-2,721

916

803

2,437

5,472

4,329

2,670

3,312

2,659

1,710

0

0

0

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

2,421

2,059

3,063

819

456

946

1,617

1,695

847

1,833

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right of use assets obtained in exchange for new financing

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash transfer of noncontrolling interest

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Construction in progress included in trade accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

Unrealized investment gain

-

-

-

-

-

2,247

7,777

4,494

7,865

6,326

8,764

11,841

-3,699

6,621

-22,540

-25,151

-19,671

-16,940

2,523

11,702

19,204

1,175

778

-5,877

-15,074

-6,690

7,847

3,145

6,517

8,850

-4,892

-8,989

-7,814

-4,996

0

0

0

Tax benefit related to stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

79

26

0

0

0