0001802974-22-000024 | 10-Q | XBRL Viewer

Cover - shares	6 Months Ended
Cover - shares	Apr. 30, 2022	May 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-39561
Entity Registrant Name	MISSION PRODUCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3847744
Entity Address, Address Line One	2710 Camino Del Sol
Entity Address, City or Town	Oxnard
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93030
City Area Code	805
Local Phone Number	981-3650
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,655,841
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001802974
Current Fiscal Year End Date	--10-31

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Current Assets:
Cash and cash equivalents	$ 21.4	$ 84.5
Restricted cash	2.6	6.1
Trade, net of allowances of $0.2 and $0.2, respectively	102.9	73.8
Grower and fruit advances	4.4	0.6
Miscellaneous receivables	10.7	12.3
Inventory	90.6	48.2
Prepaid expenses and other current assets	7.8	11.6
Loans to equity method investees	2.1	3.3
Income taxes receivable	12.6	6.7
Total current assets	255.1	247.1
Property, plant and equipment, net	438.2	424.2
Operating lease right-of-use assets	49.2	43.9
Equity method investees	52.8	52.7
Loans to equity method investees	1.9	1.8
Deferred income tax assets, net	7.7	7.6
Goodwill	76.4	76.4
Other assets	19.5	19.8
Total assets	900.8	873.5
Liabilities
Accounts payable	26.3	22.8
Accrued expenses	28.9	28.8
Income taxes payable	1.8	1.9
Grower payables	58.0	22.2
Long-term debt—current portion	8.8	8.8
Operating leases—current portion	3.9	3.6
Finance leases—current portion	1.1	1.1
Total current liabilities	128.8	89.2
Long-term debt, net of current portion	150.7	155.1
Operating leases, net of current portion	47.8	42.5
Finance leases, net of current portion	1.7	2.2
Income taxes payable	3.1	3.5
Deferred income tax liabilities, net	26.8	26.8
Other long-term liabilities	17.1	20.0
Total liabilities	376.0	339.3
Commitments and contingencies
Shareholders' Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,654,041 and 70,631,525 shares issued and outstanding as of April 30, 2022 and October 31, 2021, respectively)	0.1	0.1
Additional paid-in capital	227.3	225.6
Accumulated other comprehensive loss	(0.6)	(0.5)
Retained earnings	298.0	309.0
Total shareholders' equity	524.8	534.2
Total liabilities and shareholders' equity	$ 900.8	$ 873.5

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.2	$ 0.2
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	70,654,041	70,631,525
Common stock, shares outstanding (in shares)	70,654,041	70,631,525

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Income Statement [Abstract]
Net sales	$ 278.1	$ 234.7	$ 494.7	$ 407.9
Cost of sales	258.3	207.6	474.4	358.1
Gross profit	19.8	27.1	20.3	49.8
Selling, general and administrative expenses	18.7	16.3	37.4	30.9
Operating income (loss)	1.1	10.8	(17.1)	18.9
Interest expense	(1.1)	(0.8)	(2.0)	(1.7)
Equity method income (loss)	0.3	(0.2)	1.9	2.1
Other income (expense)	2.9	(0.3)	4.5	(0.3)
Income (loss) before income taxes	3.2	9.5	(12.7)	19.0
Provision (benefit) for income taxes	0.8	2.1	(1.7)	9.4
Net income (loss)	$ 2.4	$ 7.4	$ (11.0)	$ 9.6
Net income (loss) per share:
Basic (in dollars per share)	$ 0.03	$ 0.10	$ (0.16)	$ 0.14
Diluted (in dollars per share)	$ 0.03	$ 0.10	$ (0.16)	$ 0.14
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	$ 0.2	$ (0.2)	$ (0.1)	$ 0.3
Comprehensive income (loss)	$ 2.6	$ 7.2	$ (11.1)	$ 9.9

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Notes receivable from shareholders	Accumulated other comprehensive loss	Retained earnings
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	$ 473.5	$ 0.1	$ 222.8	$ (0.1)	$ (0.5)	$ 251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Repayment of stock option notes receivable	0.1			0.1
Net income	2.2					2.2
Other comprehensive income (loss)	0.5				0.5
Ending Balance (in shares) at Jan. 31, 2021		70,550,922
Ending Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0.0	0.0	253.4
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	473.5	$ 0.1	222.8	(0.1)	(0.5)	251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9.6
Ending Balance (in shares) at Apr. 30, 2021		70,600,922
Ending Balance at Apr. 30, 2021	485.0	$ 0.1	224.3	0.0	(0.2)	260.8
Beginning Balance (in shares) at Jan. 31, 2021		70,550,922
Beginning Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0.0	0.0	253.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		50,000
Issuance of common stock for equity awards	0.0
Stock-based compensation	0.7		0.7
Net income	7.4					7.4
Other comprehensive income (loss)	(0.2)				(0.2)
Ending Balance (in shares) at Apr. 30, 2021		70,600,922
Ending Balance at Apr. 30, 2021	485.0	$ 0.1	224.3	0.0	(0.2)	260.8
Beginning Balance (in shares) at Oct. 31, 2021		70,631,525
Beginning Balance at Oct. 31, 2021	534.2	$ 0.1	225.6	0.0	(0.5)	309.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Net income	(13.4)					(13.4)
Other comprehensive income (loss)	(0.3)				(0.3)
Ending Balance (in shares) at Jan. 31, 2022		70,631,525
Ending Balance at Jan. 31, 2022	521.3	$ 0.1	226.4	0.0	(0.8)	295.6
Beginning Balance (in shares) at Oct. 31, 2021		70,631,525
Beginning Balance at Oct. 31, 2021	534.2	$ 0.1	225.6	0.0	(0.5)	309.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(11.0)
Ending Balance (in shares) at Apr. 30, 2022		70,654,041
Ending Balance at Apr. 30, 2022	524.8	$ 0.1	227.3	0.0	(0.6)	298.0
Beginning Balance (in shares) at Jan. 31, 2022		70,631,525
Beginning Balance at Jan. 31, 2022	521.3	$ 0.1	226.4	0.0	(0.8)	295.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		22,516
Issuance of common stock for equity awards	0.0
Stock-based compensation	0.9		0.9
Net income	2.4					2.4
Other comprehensive income (loss)	0.2				0.2
Ending Balance (in shares) at Apr. 30, 2022		70,654,041
Ending Balance at Apr. 30, 2022	$ 524.8	$ 0.1	$ 227.3	$ 0.0	$ (0.6)	$ 298.0

- Definition

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

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
$ in Millions

6 Months Ended

Apr. 30, 2022

Apr. 30, 2021

Operating Activities

Net (loss) income

$ (11.0)

$ 9.6

Adjustments to reconcile net (loss) income to net cash used in operating activities

Provision for losses on accounts receivable

0.1

Depreciation and amortization

10.1

7.6

Amortization of debt issuance costs

0.2

Noncash lease expense

2.5

2.0

^[1]

Equity method income

(1.9)

(2.1)

Stock-based compensation

1.7

1.5

Dividends received from equity method investees

2.2

0.0

Losses (gains) on asset impairment, disposals and sales, net of insurance recoveries

0.0

0.3

Deferred income taxes

(0.1)

5.0

Other

0.0

0.3

Unrealized gains on derivative financial instruments

(3.0)

(0.3)

Effect on cash of changes in operating assets and liabilities:

Trade accounts receivable

(29.6)

(28.2)

Grower fruit advances

(3.7)

(1.7)

Miscellaneous receivables

1.6

1.1

Inventory

(40.7)

(27.5)

Prepaid expenses and other current assets

0.9

(0.1)

^[1]

Income taxes receivable

(5.8)

(3.5)

Other assets

(0.1)

(4.7)

Accounts payable and accrued expenses

7.3

10.5

Income taxes payable

(0.5)

(0.9)

Grower payables

36.4

12.5

Operating lease liabilities

(2.1)

(1.2)

^[1]

Other long-term liabilities

(1.5)

(0.7)

^[1]

Net cash used in operating activities

(37.0)

(20.2)

Investing Activities

Purchases of property and equipment

(29.1)

(46.8)

Proceeds from sale of property, plant and equipment

2.9

2.3

Investment in equity method investees

(0.3)

(0.2)

Loans to equity method investees

0.0

(1.5)

Loan repayments from equity method investees

1.0

1.5

Other

(0.3)

Net cash used in investing activities

(25.8)

(45.0)

Financing Activities

Borrowings on revolving credit facility

20.0

0.0

Payments on revolving credit facility

(20.0)

0.0

Principal payments on long-term debt obligations

(4.4)

(3.9)

Principal payments on finance lease obligations

(0.6)

Net cash used in financing activities

(5.0)

(4.5)

Effect of exchange rate changes on cash

(0.4)

0.2

Net decrease in cash, cash equivalents and restricted cash

(68.2)

(69.5)

Cash, cash equivalents and restricted cash, beginning of period

92.2

127.0

Cash, cash equivalents and restricted cash, end of period

24.0

57.5

Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:

Cash and cash equivalents

21.4

54.2

Restricted cash

2.6

1.7

Restricted cash included in other assets

0.0

1.6

Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows

$ 24.0

$ 57.5

[1]	Prior period amounts differ from those previously reported due to the adoption of ASC 842, Leases, effective November 1, 2020, which was first presented in our annual report on Form-10K for the year ended October 31, 2021.

General	6 Months Ended
General	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Business Mission Produce, Inc. together with its consolidated subsidiaries (“Mission,” “the Company,” “we,” “us” or “our”), is a global leader in the avocado industry. The Company’s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados for distribution to domestic and international markets. We report our results of operations in two operating segments: Marketing and Distribution and International Farming (see Note 10). Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2021. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2022. Recently issued accounting standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows.

Inventory

6 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Major classes of inventory were as follows:


(In millions)	April 30, 2022		October 31, 2021
Finished goods	$	43.7	$	22.5
Crop growing costs	30.8		11.9
Packaging and supplies	16.1		13.8
Inventory	$	90.6	$	48.2

Details of Certain Account Balances

6 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Account Balances

Accrued expenses


(In millions)	April 30, 2022		October 31, 2021
Employee-related	$	12.1	$	14.6
Freight	6.7		3.9
Interest rate swaps	—		2.1
Construction-in-progress	0.4		0.2
Outside fruit purchase	2.9		2.2
VAT and local taxes payable	0.5		1.0
Legal settlement	0.8		0.8
Other	5.5		4.0
Accrued expenses	$	28.9	$	28.8

Other income (expense)


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2022		2021		2022		2021
Gains on derivative financial instruments	$	2.2	$	0.3	$	3.0	$	0.3
Foreign currency transaction (loss) gain	(0.4)		(1.2)		0.1		(1.8)
Interest income	1.1		0.9		1.2		1.1
Other	—		(0.3)		0.2		0.1
Other income (expense)	$	2.9	$	(0.3)	$	4.5	$	(0.3)

Debt

6 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Debt

Credit facility

Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:


(In millions)	April 30, 2022		October 31, 2021
Revolving line of credit. The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 2.45% and 1.84%, respectively. Interest is payable monthly and principal is due in full in October 2023.	$	—	$	—
Senior term loan (A-1). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 2.76% and 1.84%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023.	86.3		90.0
Senior term loan (A-2). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 3.26% and 2.34% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025.	72.4		72.8
Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both April 30, 2022 and October 31, 2021. Principal is due July 2024.	1.2		1.5
Total long-term debt	159.9		164.3
Less debt issuance costs	(0.4)		(0.4)
Long-term debt, net of debt issuance costs	159.5		163.9
Less current portion of long-term debt	(8.8)		(8.8)
Long-term debt, net of current portion	$	150.7	$	155.1

The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of April 30, 2022, the Company was in compliance with all covenants of the credit facility.

Interest rate swaps

The Company has four separate interest rate swaps with a total notional amount of $100 million to hedge changes in the variable interest rate on $100 million of principal value of the Company’s term loans. We account for the interest rate swaps in accordance with ASC 815, Derivatives

and Hedging, as amended, which requires the recognition of all derivative instruments as either assets or liabilities in the consolidated balance sheets and measurement of those instruments at fair value. The Company has not designated the interest rate swaps as cash flow hedges, and as a result under the accounting guidance, changes in the fair value of the interest rate swaps have been recorded in other income (expense) in the condensed consolidated statements of comprehensive income (loss) and changes in the liability are presented in net cash used in operating activities in the condensed consolidated statements of cash flow. Refer to Note 7 for more details.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is involved from time to time in claims, proceedings, and litigation, including the following: On April 23, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Los Angeles against us alleging violation of certain wage and labor laws in California, including failure to pay all overtime wages, minimum wage violations, and meal and rest period violations, among others. Additionally, on June 10, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Ventura against us alleging similar violations of certain wage and labor laws. The plaintiffs in both cases seek damages primarily consisting of class certification and payment of wages earned and owed, plus other consequential and special damages. While the Company believes that it did not violate any wage or labor laws, it nevertheless decided to settle these class action lawsuits. In May 2021, the plaintiffs in both class action lawsuits and the Company agreed preliminarily to a comprehensive settlement to resolve both class action cases for a total of $0.8 million, which the Company recorded as a loss contingency in selling, general and administrative expenses in the condensed consolidated statements of comprehensive income during the three months ended April 30, 2021. This preliminary settlement is subject to approval by the applicable courts. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and if one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that period could be materially adversely affected.

Income Taxes	6 Months Ended
Income Taxes	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense recorded for the three and six months ended April 30, 2022 and 2021, differs from the income taxes expected at the U.S. federal statutory tax rate of 21.0%, primarily due to income attributable to foreign jurisdictions which is taxed at different rates, changes in foreign exchange rates taxable in foreign jurisdictions, state taxes, nondeductible tax items, changes in uncertain tax positions (“UTP”), and changes in tax law affecting the rate in future years. As of April 30, 2022, the Company had $14.0 million in UTP accrued, of which $7.8 million relates to interest and penalties, inclusive of inflationary adjustments. The period for assessing interest and penalties has expired. However, the Company continues to record certain statutory adjustments related to inflation. Changes in the UTP related to changes in foreign exchange rates during the period are included in other income (expense) in the condensed consolidated statements of comprehensive income (loss). Additionally, the Company recorded a discrete tax expense of $5.1 million during the three months ended January 31, 2021, related to the remeasurement of our deferred tax liabilities in Peru due to the enactment of tax rate changes for future years. On December 30, 2020, Peru enacted certain tax law changes effective January 1, 2021 that repealed existing tax laws which provided benefits to agribusiness entities. The new law will subject the Company to higher Peruvian tax rates than the current rate of 15% as follows: 20% for calendar years 2023 to 2024, 25% for calendar years 2025 to 2027, and 29.5% thereafter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Fair Value Measurements

6 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial assets and liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows:


	April 30, 2022								October 31, 2021
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mutual funds	$	1.2	$	1.2	$	—	$	—	$	1.2	$	1.2	$	—	$	—
Interest rate swap	0.6		—		0.6		—		—		—		—		—
Liabilities
Interest rate swap	—		—		—		—		3.5		—		3.5		—

Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust. The funds are measured at quoted prices in active markets, which is equivalent to their fair value.

The fair value of interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of April 30, 2022 and October 31, 2021, that the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. The assets or liabilities associated with the interest rate swaps have been included in prepaid and other current assets and other assets or accrued expenses and other long-term liabilities, respectively, in the condensed consolidated balance sheets and gains and losses for the interest rate swaps have been included in other income (expense) in the condensed consolidated statements of comprehensive income (loss).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share

6 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended April 30,				Six Months Ended April 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) available to shareholders (in millions)	$	2.4	$	7.4	$	(11.0)	$	9.6
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,636,331		70,560,287		70,633,888		70,555,528
Effect of dilutive stock options	27,174		605,469		—		335,095
Effect of dilutive RSUs	29,918		41,703		—		36,961
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,693,423		71,207,459		70,633,888		70,927,584
Earnings per share
Basic	$	0.03	$	0.10	$	(0.16)	$	0.14
Diluted	$	0.03	$	0.10	$	(0.16)	$	0.14

Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows:


	Three Months Ended April 30,		Six Months Ended April 30,
	2022	2021	2022	2021
Anti-dilutive stock options	2,033,888	141,392	2,184,694	510,000
Anti-dilutive RSUs	213,287	3,480	236,890	5,782

Related Party Transactions

6 Months Ended

Apr. 30, 2022

Related Party Transactions

Transactions with related parties included in the condensed consolidated financial statements were as follows:


	Condensed Consolidated Balance Sheets
	April 30, 2022						October 31, 2021
(In millions)	Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses		Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses
Equity method investees:
Henry Avocado	$	—	$	—	$	0.2	$	—	$	—	$	—
Mr. Avocado	0.2		—		—		1.3		—		—
Moruga(1)	—		1.9		—		3.9		3.0		—
Copaltas(2)	—		2.1		—		—		2.1		—
Other:
Directors/Officers(3)	0.1		—		0.8		0.1		—		—
Employees(4)	—		—		0.4		—		—		0.2


	Condensed Consolidated Statements of Comprehensive Income (Loss)
	Three Months Ended April 30, 2022								Six Months Ended April 30, 2022
(In millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other income (expense)		Net sales		Cost of sales		Selling, general and administrative expenses		Other income
Equity method investees:
Henry Avocado	$	—	$	0.3	$	—	$	—	$	—	$	0.5	$	—	$	—
Mr. Avocado	0.1		—		—		—		0.5		—		—		—
Moruga(1)	0.7		—		—		—		4.1		—		—		0.4
Copaltas(2)	—		—		—		0.1				—		—		0.1
Other:
Directors/Officers(3)	0.3		2.2		—		—		0.7		2.3		—		—
Employees(4)	—		2.4		—		—		—		4.1		—		—
	Three Months Ended April 30, 2021								Six Months Ended April 30, 2021
Equity method investees:

Mr. Avocado	$	0.8	$	—	$	—	$	—	$	1.9	$	—	$	—	$	—
Moruga(1)	0.1		—		—		0.1		2.6		—		—		0.1
Other:
Directors/Officers(3)	1.0		1.4		0.1		—		1.6		1.4		0.1		—
Employees(4)	—		3.0		—		—		—		6.0		—		—

(1)The Company has provided loans to Moruga Inc. S.A.C. to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2023. The Company also provides packing and cooling services for blueberries and leases owned land to Blueberries Peru S.A.C., a wholly owned subsidiary of Moruga, in Peru.

(2)The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%. The notes outstanding as of April 30, 2022 have an amended due date of August 31, 2022.

(3)The Company purchases from and sells avocados to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. The Company had a consulting agreement with a director to advise on business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, that was terminated in June 2021.

(4)The Company utilizes a small number of transportation vendors in Mexico having full or partial ownership by some of our employees. The Company also purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other transportation carriers and growers.

Segment Information

6 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Segment Information

We have two operating segments which are also reporting segments. Our reporting segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. These reporting segments are Marketing and Distribution and International Farming. Our Marketing and Distribution reporting segment sources fruit from growers and then distributes the fruit through our global distribution network. Our International Farming segment owns and operates orchards from which substantially all fruit produced is sold to our Marketing and Distribution segment. The International Farming segment’s farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for producers of other crops during the avocado off-harvest season. The International Farming segment is principally located in Peru, with smaller operations emerging in other areas of Latin America.

The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted earnings before interest expense, income taxes and depreciation and amortization (“adjusted EBITDA”). We believe that adjusted EBITDA by segment provides useful information for analyzing the underlying business results as well as allowing investors a means to evaluate the financial results of each reportable

segment in relation to the Company as a whole. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures.

Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), noncapitalizable ERP implementation costs, transaction costs, material legal settlements, and any special, non-recurring, or one-time items such as impairments that are excluded from the results the CEO reviews uses to assess segment performance and results.

Net sales from each of our reportable segments were as follows:


	Marketing and Distribution		International Farming		Total		Marketing and Distribution		International Farming		Total
	Three Months Ended April 30,
(In millions)	2022						2021
Third party sales	$	273.7	$	4.4	$	278.1	$	232.4	$	2.3	$	234.7
Affiliated sales	—		2.6		2.6		—		2.0		2.0
Total segment sales	273.7		7.0		280.7		232.4		4.3		236.7
Intercompany eliminations	—		(2.6)		(2.6)		—		(2.0)		(2.0)
Total net sales	$	273.7	$	4.4	$	278.1	$	232.4	$	2.3	$	234.7
	Six Months Ended April 30,
	2022						2021
Third party sales	$	486.0	$	8.7	$	494.7	$	402.0	$	5.9	$	407.9
Affiliated sales	—		1.6		1.6		—		2.2		2.2
Total segment sales	486.0		10.3		496.3		402.0		8.1		410.1
Intercompany eliminations	—		(1.6)		(1.6)		—		(2.2)		(2.2)
Total net sales	$	486.0	$	8.7	$	494.7	$	402.0	$	5.9	$	407.9

Adjusted EBITDA for each of our reporting segments was as follows:


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2022		2021		2022		2021
Marketing and Distribution adjusted EBITDA	$	11.7	$	16.2	$	4.0	$	29.9
International Farming adjusted EBITDA	(2.5)		0.1		(5.2)		(1.1)
Total reportable segment adjusted EBITDA	9.2		16.3		(1.2)		28.8
Net income (loss)	2.4		7.4		(11.0)		9.6
Interest expense	1.1		0.8		2.0		1.7
Provision (benefit) for income taxes	0.8		2.1		(1.7)		9.4
Depreciation and amortization	5.6		4.0		10.1		7.6
Equity method (income) loss	(0.3)		0.2		(1.9)		(2.1)
Stock-based compensation	0.9		0.7		1.7		1.5
Legal settlement	—		0.8		—		0.8
Asset impairment and disposals, net of insurance recoveries	(0.1)		—		—		—
Farming costs for nonproductive orchards	0.3		—		0.8		—
Noncapitalizable ERP implementation costs	1.3		—		2.8		—
Transaction costs	0.1		—		0.5		—
Other (income) expense	(2.9)		0.3		(4.5)		0.3
Total adjusted EBITDA	$	9.2	$	16.3	$	(1.2)	$	28.8

Net sales to customers outside the U.S. were $42.6 million and $53.2 million for the three months ended April 30, 2022 and 2021, respectively, and $81.1 million and $100.4 million for the six months ended April 30, 2022 and 2021, respectively.

Our goodwill balance of $76.4 million as of April 30, 2022 and October 31, 2021 was wholly attributed to the International Farming segment.

- 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
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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Apr. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Moruga Shareholders Agreement The Company owns a 60% equity ownership interest in Moruga, an entity which was established in 2014 when it began small-scale blueberry plantings in Peru. Since inception, Moruga has expanded to approximately 360 productive hectares. On May 1, 2022, the shareholders of Moruga amended and restated its shareholders agreement (“the amendment”), wherein certain supermajority requirements that previously prevented us as shareholders from having a controlling financial interest were removed. In connection with the amendment, shareholders approved a new capital project to farm an additional 600 hectares of blueberries. Blueberries produced will be marketed through a marketing agreement which gives exclusive marketing rights to a minority shareholder. The new capital project is anticipated to require a total investment of approximately $40 to $50 million. The capital investment will be funded by cash flow generated by Moruga and pro-rata shareholder contributions based on each shareholders’ respective ownership interest. We have concluded that we will consolidate Moruga’s financial results with our financial results prospectively from May 1, 2022. This is because we have concluded that as of the date the shareholders agreement was amended, Moruga is a variable interest entity, we have a variable interest in Moruga through our equity ownership interest, and we are the primary beneficiary of Moruga. In connection with the consolidation of Moruga into our results, we also expect to record a remeasurement gain or loss on the difference between the fair value of our 60% equity investment in Moruga and its carrying value immediately prior to consolidating. We are currently in the process of finalizing the fair value report.

General (Policies)	6 Months Ended
General (Policies)	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2021. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2022.
Recently issued accounting standards	Recently issued accounting standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows.

Inventory (Tables)

6 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Major Classes of Inventory

Major classes of inventory were as follows:


(In millions)	April 30, 2022		October 31, 2021
Finished goods	$	43.7	$	22.5
Crop growing costs	30.8		11.9
Packaging and supplies	16.1		13.8
Inventory	$	90.6	$	48.2

Details of Certain Account Balances (Tables)

6 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Liabilities

Accrued expenses


(In millions)	April 30, 2022		October 31, 2021
Employee-related	$	12.1	$	14.6
Freight	6.7		3.9
Interest rate swaps	—		2.1
Construction-in-progress	0.4		0.2
Outside fruit purchase	2.9		2.2
VAT and local taxes payable	0.5		1.0
Legal settlement	0.8		0.8
Other	5.5		4.0
Accrued expenses	$	28.9	$	28.8

Schedule of Other Income (Expense), Net

Other income (expense)


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2022		2021		2022		2021
Gains on derivative financial instruments	$	2.2	$	0.3	$	3.0	$	0.3
Foreign currency transaction (loss) gain	(0.4)		(1.2)		0.1		(1.8)
Interest income	1.1		0.9		1.2		1.1
Other	—		(0.3)		0.2		0.1
Other income (expense)	$	2.9	$	(0.3)	$	4.5	$	(0.3)

Debt (Tables)

6 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Under Credit Facility

Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:


(In millions)	April 30, 2022		October 31, 2021
Revolving line of credit. The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 2.45% and 1.84%, respectively. Interest is payable monthly and principal is due in full in October 2023.	$	—	$	—
Senior term loan (A-1). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 2.76% and 1.84%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023.	86.3		90.0
Senior term loan (A-2). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of April 30, 2022 and October 31, 2021, the interest rate was 3.26% and 2.34% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025.	72.4		72.8
Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both April 30, 2022 and October 31, 2021. Principal is due July 2024.	1.2		1.5
Total long-term debt	159.9		164.3
Less debt issuance costs	(0.4)		(0.4)
Long-term debt, net of debt issuance costs	159.5		163.9
Less current portion of long-term debt	(8.8)		(8.8)
Long-term debt, net of current portion	$	150.7	$	155.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows:


	April 30, 2022								October 31, 2021
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mutual funds	$	1.2	$	1.2	$	—	$	—	$	1.2	$	1.2	$	—	$	—
Interest rate swap	0.6		—		0.6		—		—		—		—		—
Liabilities
Interest rate swap	—		—		—		—		3.5		—		3.5		—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Earnings Per Share (Tables)

6 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended April 30,				Six Months Ended April 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) available to shareholders (in millions)	$	2.4	$	7.4	$	(11.0)	$	9.6
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,636,331		70,560,287		70,633,888		70,555,528
Effect of dilutive stock options	27,174		605,469		—		335,095
Effect of dilutive RSUs	29,918		41,703		—		36,961
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,693,423		71,207,459		70,633,888		70,927,584
Earnings per share
Basic	$	0.03	$	0.10	$	(0.16)	$	0.14
Diluted	$	0.03	$	0.10	$	(0.16)	$	0.14

Schedule of Equity Awards Excluded from Computation of Diluted EPS

Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows:


	Three Months Ended April 30,		Six Months Ended April 30,
	2022	2021	2022	2021
Anti-dilutive stock options	2,033,888	141,392	2,184,694	510,000
Anti-dilutive RSUs	213,287	3,480	236,890	5,782

Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2022

Schedule of Related Party Transactions

Transactions with related parties included in the condensed consolidated financial statements were as follows:


	Condensed Consolidated Balance Sheets
	April 30, 2022						October 31, 2021
(In millions)	Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses		Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses
Equity method investees:
Henry Avocado	$	—	$	—	$	0.2	$	—	$	—	$	—
Mr. Avocado	0.2		—		—		1.3		—		—
Moruga(1)	—		1.9		—		3.9		3.0		—
Copaltas(2)	—		2.1		—		—		2.1		—
Other:
Directors/Officers(3)	0.1		—		0.8		0.1		—		—
Employees(4)	—		—		0.4		—		—		0.2


	Condensed Consolidated Statements of Comprehensive Income (Loss)
	Three Months Ended April 30, 2022								Six Months Ended April 30, 2022
(In millions)	Net sales		Cost of sales		Selling, general and administrative expenses		Other income (expense)		Net sales		Cost of sales		Selling, general and administrative expenses		Other income
Equity method investees:
Henry Avocado	$	—	$	0.3	$	—	$	—	$	—	$	0.5	$	—	$	—
Mr. Avocado	0.1		—		—		—		0.5		—		—		—
Moruga(1)	0.7		—		—		—		4.1		—		—		0.4
Copaltas(2)	—		—		—		0.1				—		—		0.1
Other:
Directors/Officers(3)	0.3		2.2		—		—		0.7		2.3		—		—
Employees(4)	—		2.4		—		—		—		4.1		—		—
	Three Months Ended April 30, 2021								Six Months Ended April 30, 2021
Equity method investees:

Mr. Avocado	$	0.8	$	—	$	—	$	—	$	1.9	$	—	$	—	$	—
Moruga(1)	0.1		—		—		0.1		2.6		—		—		0.1
Other:
Directors/Officers(3)	1.0		1.4		0.1		—		1.6		1.4		0.1		—
Employees(4)	—		3.0		—		—		—		6.0		—		—

Segment Information (Tables)

6 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Schedule of Net Sales by Segment

Net sales from each of our reportable segments were as follows:


	Marketing and Distribution		International Farming		Total		Marketing and Distribution		International Farming		Total
	Three Months Ended April 30,
(In millions)	2022						2021
Third party sales	$	273.7	$	4.4	$	278.1	$	232.4	$	2.3	$	234.7
Affiliated sales	—		2.6		2.6		—		2.0		2.0
Total segment sales	273.7		7.0		280.7		232.4		4.3		236.7
Intercompany eliminations	—		(2.6)		(2.6)		—		(2.0)		(2.0)
Total net sales	$	273.7	$	4.4	$	278.1	$	232.4	$	2.3	$	234.7
	Six Months Ended April 30,
	2022						2021
Third party sales	$	486.0	$	8.7	$	494.7	$	402.0	$	5.9	$	407.9
Affiliated sales	—		1.6		1.6		—		2.2		2.2
Total segment sales	486.0		10.3		496.3		402.0		8.1		410.1
Intercompany eliminations	—		(1.6)		(1.6)		—		(2.2)		(2.2)
Total net sales	$	486.0	$	8.7	$	494.7	$	402.0	$	5.9	$	407.9

Reconciliation of Revenue from Segments to Consolidated

Adjusted EBITDA for each of our reporting segments was as follows:


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2022		2021		2022		2021
Marketing and Distribution adjusted EBITDA	$	11.7	$	16.2	$	4.0	$	29.9
International Farming adjusted EBITDA	(2.5)		0.1		(5.2)		(1.1)
Total reportable segment adjusted EBITDA	9.2		16.3		(1.2)		28.8
Net income (loss)	2.4		7.4		(11.0)		9.6
Interest expense	1.1		0.8		2.0		1.7
Provision (benefit) for income taxes	0.8		2.1		(1.7)		9.4
Depreciation and amortization	5.6		4.0		10.1		7.6
Equity method (income) loss	(0.3)		0.2		(1.9)		(2.1)
Stock-based compensation	0.9		0.7		1.7		1.5
Legal settlement	—		0.8		—		0.8
Asset impairment and disposals, net of insurance recoveries	(0.1)		—		—		—
Farming costs for nonproductive orchards	0.3		—		0.8		—
Noncapitalizable ERP implementation costs	1.3		—		2.8		—
Transaction costs	0.1		—		0.5		—
Other (income) expense	(2.9)		0.3		(4.5)		0.3
Total adjusted EBITDA	$	9.2	$	16.3	$	(1.2)	$	28.8

General (Details) - 6 months ended Apr. 30, 2022	Segment	segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2	2

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 43.7	$ 22.5
Crop growing costs	30.8	11.9
Packaging and supplies	16.1	13.8
Inventory	$ 90.6	$ 48.2

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.1	$ 14.6
Freight	6.7	3.9
Interest rate swaps	0.0	2.1
Construction-in-progress	0.4	0.2
Outside fruit purchase	2.9	2.2
VAT and local taxes payable	0.5	1.0
Legal settlement	0.8	0.8
Other	5.5	4.0
Accrued expenses	$ 28.9	$ 28.8

Details of Certain Account Balances - Other income (expense), net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains on derivative financial instruments	$ 2.2	$ 0.3	$ 3.0	$ 0.3
Foreign currency transaction (loss) gain	(0.4)	(1.2)	0.1	(1.8)
Interest income	1.1	0.9	1.2	1.1
Other			0.2	0.1
Other	0.0	(0.3)
Other income (expense)	$ 2.9	$ (0.3)	$ 4.5	$ (0.3)

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Total long-term debt	$ 159.9	$ 164.3
Less debt issuance costs	(0.4)	(0.4)
Long-term debt, net of debt issuance costs	159.5	163.9
Less current portion of long-term debt	(8.8)	(8.8)
Long-term debt, net of current portion	150.7	155.1
Revolving Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 0.0	$ 0.0
Interest rate	2.45%	1.84%
Senior Term Loan A-1 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 86.3	$ 90.0
Interest rate	2.76%	1.84%
Senior Term Loan A-2 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 72.4	$ 72.8
Interest rate	3.26%	2.34%
Notes Payable, BoA \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 1.2	$ 1.5
Interest rate	3.96%	3.96%

Debt - Narrative (Details) $ in Millions	Apr. 30, 2022 USD ($) derivativeInstrument
Senior Term Loans \| Secured Debt
Derivative [Line Items]
Principal value	$ 100
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments \| derivativeInstrument	4
Notional amount	$ 100

Commitment and Contingencies (Details) $ in Millions	1 Months Ended
Commitment and Contingencies (Details) $ in Millions	May 31, 2021 USD ($)
Class Action V. Mission Produce \| Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 0.8

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jan. 31, 2021	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Uncertain tax provision		$ 14.0
Penalties and interest accrued		$ 7.8
Discrete tax expense	$ 5.1

Fair Value Measurements - Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.2	$ 1.2
Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.6	0.0
Interest rate swap	0.0	3.5
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.2	1.2
Quoted Prices in Active Markets (Level 1) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.0	0.0
Interest rate swap	0.0	0.0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.6	0.0
Interest rate swap	0.0	3.5
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.0	0.0
Interest rate swap	$ 0.0	$ 0.0

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2022	Apr. 30, 2021
Numerator:
Net (loss) income	$ 2.4	$ (13.4)	$ 7.4	$ 2.2	$ (11.0)	$ 9.6
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,636,331		70,560,287		70,633,888	70,555,528
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,693,423		71,207,459		70,633,888	70,927,584
Earnings per share
Basic (in dollars per share)	$ 0.03		$ 0.10		$ (0.16)	$ 0.14
Diluted (in dollars per share)	$ 0.03		$ 0.10		$ (0.16)	$ 0.14
Stock Options
Denominator:
Effect of dilutive securities (in shares)	27,174		605,469		0	335,095
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	29,918		41,703		0	36,961

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	2,033,888	141,392	2,184,694	510,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	213,287	3,480	236,890	5,782

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 0.2	$ 1.3
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	0.0	0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Accounts receivable	0.0	3.9
Loans to equity method investees	1.9	3.0
Accounts payable & accrued expenses	0.0	0.0
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Loans to equity method investees	2.1	2.1
Accounts payable & accrued expenses	0.0	0.0
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	0.2	0.0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.1	0.1
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	0.8	0.0
Employees
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	$ 0.4	$ 0.2

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Net sales	$ 0.0		$ 0.0
Cost of sales	0.3		0.5
Selling, general and administrative expenses	0.0		0.0
Other income (expense)	0.0		0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Net sales	0.1	$ 0.8	0.5	$ 1.9
Cost of sales	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income (expense)	0.0	0.0	0.0	0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Net sales	0.7	0.1	4.1	2.6
Cost of sales	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income (expense)	0.0	0.1	$ 0.4	0.1
Interest rate			6.50%
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Net sales	0.0
Cost of sales	0.0		$ 0.0
Selling, general and administrative expenses	0.0		0.0
Other income (expense)	0.1		$ 0.1
Interest rate			6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.3	1.0	$ 0.7	1.6
Cost of sales	2.2	1.4	2.3	1.4
Selling, general and administrative expenses	0.0	0.1	0.0	0.1
Other income (expense)	0.0	0.0	0.0	0.0
Employees
Related Party Transaction [Line Items]
Net sales	0.0	0.0	0.0	0.0
Cost of sales	2.4	3.0	4.1	6.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income (expense)	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Millions	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 USD ($) Segment	Apr. 30, 2022 USD ($) segment	Apr. 30, 2021 USD ($)	Oct. 31, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments				2	2
Number of reportable segments \| segment					2
Net sales	$ 278.1	$ 234.7	$ 494.7			$ 407.9
Goodwill	76.4		76.4	$ 76.4	$ 76.4		$ 76.4
International Farming
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	4.4	2.3	8.7			5.9
Goodwill	76.4		76.4	$ 76.4	$ 76.4		$ 76.4
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 42.6	$ 53.2	$ 81.1			$ 100.4

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 278.1	$ 234.7	$ 494.7	$ 407.9
Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	280.7	236.7	496.3	410.1
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(2.6)	(2.0)	(1.6)	(2.2)
Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	278.1	234.7	494.7	407.9
Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	2.6	2.0	1.6	2.2
Marketing and Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	273.7	232.4	486.0	402.0
Marketing and Distribution \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	273.7	232.4	486.0	402.0
Marketing and Distribution \| Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
Marketing and Distribution \| Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	273.7	232.4	486.0	402.0
Marketing and Distribution \| Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.4	2.3	8.7	5.9
International Farming \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.0	4.3	10.3	8.1
International Farming \| Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(2.6)	(2.0)	(1.6)	(2.2)
International Farming \| Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.4	2.3	8.7	5.9
International Farming \| Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 2.6	$ 2.0	$ 1.6	$ 2.2

- Definition

+ References

+ Details

Segment Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2022	Apr. 30, 2021
Segment Reporting Information [Line Items]
Net (loss) income	$ 2.4	$ (13.4)	$ 7.4	$ 2.2	$ (11.0)	$ 9.6
Interest expense	1.1		0.8		2.0	1.7
Provision (benefit) for income taxes	0.8		2.1		(1.7)	9.4
Depreciation and amortization	5.6		4.0		10.1	7.6
Equity method (income) loss	(0.3)		0.2		(1.9)	(2.1)
Stock-based compensation	0.9		0.7		1.7	1.5
Legal settlement	0.0		0.8		0.0	0.8
Asset impairment and disposals, net of insurance recoveries	(0.1)		0.0		0.0	0.0
Farming costs for nonproductive orchards	0.3		0.0		0.8	0.0
Noncapitalizable ERP implementation costs	1.3		0.0		2.8	0.0
Transaction costs	0.1		0.0		0.5	0.0
Other income (expense)	(2.9)		0.3		(4.5)	0.3
Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	9.2		16.3		(1.2)	28.8
Marketing and Distribution \| Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	11.7		16.2		4.0	29.9
International Farming \| Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ (2.5)		$ 0.1		$ (5.2)	$ (1.1)

Subsequent Events (Details) - Moruga $ in Millions	May 01, 2022 USD ($) ha	May 31, 2022	Apr. 30, 2022 ha
Subsequent Event [Line Items]
Area of land \| ha			360
Subsequent Event
Subsequent Event [Line Items]
Ownership interest		60.00%
Area of land \| ha	600
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Capital approved for project \| $	$ 40.0
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Capital approved for project \| $	$ 50.0