ALICO INC
For the period ended Mar 31, 2024. Filed May 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
ALCO$37.09-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2023-12-31; filed 2024-02-07.
0000003545-24-000034
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-03-31; filed 2024-05-06.
0000003545-24-000066
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 84 current paragraphs.
43 unchanged; 24 reworded; 15 added; 15 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Land Sale
Current report
On April 19, 2024, the Company entered into an agreement to sell approximately 780 acres of underperforming citrus land for approximately $7,000 ($9,000 per acre), that includes an option to purchase an additional 680 acres within 10 months of the closing date of the sale, at the same price per acre. The transaction is expected to close at the end of July 2024.
Current report
The 14.9% decrease in revenue for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, was primarily due to a combination of the timing of the Valencia harvest, which started later than in the prior year to allow the fruit more time to mature, and an acceleration of the harvest in the prior year as a result of Hurricane Ian to try to mitigate the fruit drop, which are discussed in further detail below, partially offset by an increase in Grove Management Services revenue as a result of the Citrus Grove Management Agreement we entered into on October 30, 2023 (the “Grove Owners Agreement”) with an unaffiliated group of third parties (the “Grove Owners”) to provide citrus grove caretaking services for approximately 3,300 acres owned by such third parties.
Current report
The 0.7% increase in revenue for the six months ended March 31, 2024, as compared to the six months ended March 31, 2023, was primarily due to an increase in the price per pound solids for both the Early and Mid-season and Valencia crops, as a result of more favorable pricing in one of our contracts with Tropicana, which is discussed in further detail below and an increase in Grove Management Services revenue as a result of the Grove Owners Agreement, partially offset by a decrease in pound solids for the six months ended March 31, 2024, as compared to the six months ended March 31, 2023.
Current report
The increase in operating expenses for the three and six months ended March 31, 2024, as compared to the three and six months ended March 31, 2023, was primarily driven by insurance proceeds of $4,759 for crop claims received during the three months ended March 31, 2023 (the “Crop Insurance Proceeds”) which were recorded as a reduction of operating expenses and a combination of the inventory adjustments recorded at September 30, 2022 on the ending inventory balance, as a result of the impact of Hurricane Ian, which effectively lowered the inventory to be expensed in fiscal year 2023 and the Crop Insurance Proceeds, respectively. See Note 3. “Inventories” to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report.
Current report
General and administrative expense decreased $346 for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. The decrease was primarily due to the capitalization of costs that had previously not met the threshold for capitalization.
Current report
General and administrative expense increased $417 for the six months ended March 31, 2024, compared to the six months ended March 31, 2023, primarily due to increased employee costs.
Current report
Other income (expense), net for the three months ended March 31, 2024 decreased $834 compared to the three months ended March 31, 2023, driven by gains of $1,596 on the sale of 279 acres of the Alico Ranch during the quarter ended March 31, 2023, which did not recur in the three months ended March 31, 2024, partially offset by lower interest expense in the current period.
Current report
Other income (expense), net for the six months ended March 31, 2024 increased $72,640 compared to the six months ended March 31, 2023, primarily due to the sale of 17,229 acres of the Alico Ranch to the State of Florida during the six months ended March 31, 2024. By comparison, for the six months ended March 31, 2023 we recognized gains on sale property and equipment of approximately $4,763 relating to the sale of 888 acres, in the aggregate, from the Alico Ranch to several third parties.
Current report
The increase in the income tax (benefit) provision of $4,436 for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, was driven by a larger decrease in earnings in the current year.
Current report
The 15.2% decrease in revenue for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to a 22.1% decrease in pound solids, driven by an 18.8% decrease in processed box production, driven by the timing of the Valencia harvest, as we began harvesting earlier in the prior year period and lower pound solids per box for both the Early and Mid-Season and Valencia crops, partially offset by an increase in the price per pound solids for both the Early and Mid-season and Valencia crops, as a result of more favorable pricing in one of our contracts with Tropicana.
Current report
For the three and six months ended March 31, 2024, we recognized a decrease in revenue from sales of Fresh Fruit and Other of $174 and $77, respectively, compared to the same periods in the prior year, driven by a decrease in the amount of Fresh Fruit that was resold on behalf of grove owners.
Current report
For the three months ended March 31, 2024 we recognized an increase in Cost of Sales of $4,659, compared to the prior year period, principally due to the Crop Insurance Proceeds of $4,759 received in 2023. During the six months ended March 31, 2024, we recognized an increase in Cost of Sales of $15,775, compared to the prior year, principally due to a combination of the inventory adjustments recorded at September 30, 2022 on the ending inventory balance, as a result of the impact of Hurricane Ian, which effectively lowered the inventory to be expensed in fiscal year 2023 and the Crop Insurance Proceeds. See Note 3. “Inventories” to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report.
Current report
For the three month period ended March 31, 2024 Harvest and Hauling expenses decreased $1,076, compared to the prior year period, driven by the decrease in the number of boxes produced for the period as a result of the timing of our harvest. For the six months ended March 31, 2024, Harvesting and Hauling expenses were relatively flat, when compared to the same period in the prior year.
Current report
The $12,631 increase in Net Cash used in operating activities was driven by working capital timing differences for the six months ended March 31, 2024, as compared to the same period for the prior year.
Removed paragraphs (15)
Previous report
Florida Forever Program Land Sale
Previous report
On December 21, 2023, the sale of 17,229 acres of the Alico Ranch to the State of Florida was consummated and we received gross proceeds of $77,631 (the “Sale”).
Previous report
Debt Retirement
Previous report
On December 26, 2023. the proceeds from the Sale were used to repay our Working Capital Line of Credit (“WCLC”) and retire $19,094 of Variable Rate Term Debt and will retain the balance of the proceeds for general corporate purposes. See Note 4. “Assets Held for Sale” to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report.
Previous report
Grove Management Agreement
Previous report
On October 30, 2023, we entered into a Citrus Grove Management Agreement (the “Grove Owners Agreement”) with an unaffiliated group of third parties to provide citrus grove caretaking and harvest and haul management services for approximately 3,300 acres owned by such third parties. Under the terms of the Grove Owners Agreement, we are reimbursed by the third parties for all costs incurred related to providing these services and receive a management fee based on acres covered under this agreement. The Grove Owners Agreement may be terminated with written notice provided at least 60 days prior to the commencement of the next fiscal year, occurring subsequent to September 30, 2024, and with shorter notice under certain conditions.
Previous report
The increase in revenue for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily due to a 24.9% increase in pound solids, driven by a 30.1% increase in processed box production, as we begin to recover from the effects of Hurricane Ian.
Previous report
The increase in operating expenses for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily driven by a $10,846 adjustment to reduce inventory to its net realizable value, as a result of lower than anticipated box production from our Early and Mid-Season crop, due to the impacts of Hurricane Ian; as well as increased harvest and haul costs driven by our increased box production and approximately $1,300 we received under the CRBG program in the quarter ended December 31, 2022, which was the last installment of this grant program for the 2017 storm, Hurricane Irma. See Note 3. “Inventories” to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report.
Previous report
General and administrative expense for the three months ended December 31, 2023 was $3,272, compared to $2,509 for the three months ended December 31, 2022. The increase was primarily due to an increase in salaries and wages of $607 and consulting fees principally related to real estate entitlement activities of $317.
Previous report
Other income (expense), net for the three months ended December 31, 2023 and 2022, was $75,515 and $2,041, respectively. The increase to other income (expense), net, is primarily due to the sale of 17,229 acres of the Alico Ranch to the State of Florida.
Previous report
NM = Not meaningful
Previous report
For the three months ended December 31, 2023, we also recorded an increase in revenue from sales of Fresh Fruit, primarily due to an increase in pricing per box of 31.2%, partially offset by a decrease in boxes produced of 13.9%, as compared to the three months ended December 31, 2022.
Previous report
The 89.0% increase in Cost of Sales, as compared to the same period in the prior year, was principally due to an adjustment of $10,846 to reduce inventory to its net realizable value as a result of the continued recovery from the impacts of Hurricane Ian, increased harvest and haul costs driven by our increased box production and approximately $1,300 we received under the CRBG program in the quarter ended December 31, 2022, which was the last installment of this grant program for the 2017 storm, See Note 3. “Inventories” to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report.
Previous report
For the three months ended December 31, 2023, we also recorded an increase in Harvesting and Hauling expenses per box, which is directly related to a 30.1% increase in boxes harvested and an increase in the cost per box of harvesting labor costs, when compared to the similar period in the prior year.
Previous report
The $3,504 increase in Net Cash used in operating activities was principally due to increased interest expense associated with borrowings under our WCLC and the timing of interest payments, in connection with the early repayment of debt, and other payments, for the three months ended December 31, 2023, as compared to the same period for the prior year.
Reworded paragraphs (24)
Previous wording
The following discussion and analysis should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related Notes thereto and other information included elsewhere in this Quarterly Report on Form 10-Q, our 2023 Annual Report on Form 10-K, and in our other filings with the SEC. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included our 2023 Annual Report on Form 10-K and other portions of this Quarterly Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. In the following discussion and analysis, dollars are in thousands.
Current wording
The following discussion and analysis should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related Notes thereto and other information included elsewhere in this Quarterly Report, our 2023 Annual Report on Form 10-K, and in our other filings with the SEC. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included our 2023 Annual Report on Form 10-K and other portions of this Quarterly Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. In the following discussion and analysis, dollars are in thousands, except per share and per acre amounts.
Previous wording
Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”) generates operating revenues primarily from the sale of our citrus products, providing management services to citrus groves owned by third parties, and grazing and hunting leasing. We operate as two business segments, and all of our operating revenues are generated in the United States. For the three months ended December 31, 2023, we generated operating revenues of $13,985, loss from operations of $17,527, and net income attributable to common stockholders of $42,945. Net cash used in operating activities was $13,169 for the three months ended December 31, 2023.
Current wording
Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”) generates operating revenues primarily from the sale of our citrus products, providing management services to citrus groves owned by third parties, and grazing and hunting leasing. We operate as two business segments, and all of our operating revenues are generated in the United States. For the three months ended March 31, 2024 and March 31, 2023, we generated operating revenues of $18,113 and $21,294, respectively, loss from operations of $20,479 and $8,995, respectively, and net loss attributable to common stockholders of $15,804 and $7,787, respectively. Net cash used in operating activities was $19,741 for the six months ended March 31, 2024.
Previous wording
Operating segments are defined in the criteria established under the Financial Accounting Standards Board – Accounting Standards Codification (“FASB ASC”) Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our chief operating decision maker (“CODM”) in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on its operating segments.
Current wording
Operating segments are defined in the criteria established under FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our CODM in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on its operating segments.
Previous wording
For the three months ended December 31, 2023 and 2022, the Alico Citrus segment generated 97.2% of our consolidated revenues and the Land Management and Other Operations segment generated 2.8% of our consolidated revenues.
Current wording
For the three months ended March 31, 2024 and 2023, the Alico Citrus segment generated 98.1% and 98.3%, respectively, of our consolidated revenues and the Land Management and Other Operations segment generated 1.9% and 1.7%, respectively, of our consolidated revenues.
Previous wording
In January 2024, we received $1,790 from the Citrus Research and Field Trial Foundation (“CRAFT”) of grower’s support payments in connection with our use of Oxytetracycline (“OTC”), to combat the effect of “greening” in our citrus trees.
Current wording
In January 2024, we received $1,790 from CRAFT of grower’s support payments in connection with our use of OTC, to combat the effect of “greening” in our citrus trees.
Previous wording
The following discussion provides an analysis of our results of operations for the three months ended December 31, 2023, as compared to 2022:
Current wording
The following discussion provides an analysis of our results of operations for the three and six months ended March 31, 2024, as compared to 2023:
Previous wording
The income tax provision (benefit) was $15,552 and $(1,083) for the three months ended December 31, 2023 and 2022, respectively. The income tax provision for the three months ended December 31, 2023 was principally due to the sale of 17,229 acres of the Alico Ranch to the State of Florida, while the income tax provision for the three months ended December 31, 2022 was driven by the pre-tax loss generated for the period.
Current wording
The increase in the income tax (benefit) provision of $12,199 for the six months ended March 31, 2024, as compared to the six months ended March 31, 2023, was principally due to the sale of 17,229 acres of the Alico Ranch to the State of Florida in the current year, while the income tax (benefit) for the six months ended March 31, 2023 was driven by the pre-tax loss generated for the period.
Previous wording
Comparison of the Three Months Ended December 31, 2023 and 2022 for the Alico Citrus Segment
Current wording
Comparison of the Three and Six Months Ended March 31, 2024 and 2023 for the Alico Citrus Segment
Previous wording
The increase in revenue for the three months ended December 31, 2023, compared to the three months ended December 31, 2022, was primarily due to a 24.9% increase in pound solids, driven by a 30.1% increase in processed box production, as we began to recover from the effects of Hurricane Ian. Our fruit production for the three months ended December 31, 2022 was adversely impacted by the fruit drop caused as a result of the impact of Hurricane Ian in September 2022. Although Hurricane Ian initially impacted the fiscal year 2023 harvest, we expect it may take another season, or more, for the groves to recover to pre-hurricane production levels.
Current wording
The 0.5% increase in revenue for the six months ended March 31, 2024, as compared to the six months ended March 31, 2023, was primarily due to an increase in the price per pound solids for both the Early and Mid-season and Valencia crops, as a result of more favorable pricing in one of our contracts with Tropicana and an increase in Grove Management Services revenue, partially offset by a 6.4% decrease in pound solids for the six months ended March 31, 2024, due to the timing of the harvest; as well as a decrease in pound solids per box produced as the trees continue to recover from the effects of Hurricane Ian. Although Hurricane Ian initially impacted the fiscal year 2023 harvest, we expect it may take another season, or more, for the groves to recover to pre-hurricane production levels.
Previous wording
In addition, there was an increase in the price per pound solid of 3.4% for the three months ended December 31, 2023, compared to the same period in the prior year, as a result of more favorable pricing in one of our contracts with Tropicana.
Current wording
The Early and Mid-Season harvest has been completed and for the three and six months ended March 31, 2024 the pound solids per box decreased 2.7% and 4.1%, respectively, and the processed box production decreased 15.5% and increased 22.0%, respectively, compared to the same three and six month periods in the prior year. Although the overall decrease in pound solids per box for the season was disappointing, the increase in total boxes produced demonstrates that the groves are beginning to recover from the effects of Hurricane Ian. In addition, there was an increase in the price per pound solids of 9.7% and 3.8% in the Early and Mid-Season fruit harvested for the three and six months ended March 31, 2024, respectively, compared to the same period in the prior year, as a result of more favorable pricing in one of our contracts with Tropicana.
Previous wording
We recorded $691 and $189 of revenue from the Grove Owners relating to Grove Management Services for the three months ended December 31, 2023 and 2022, respectively. The increase in grove management services revenue was principally due to the signing of the new Grove Owners Agreement in October 2023.
Current wording
Revenue for the three and six months ended March 31, 2024 from the grove owners relating to Grove Management Services increased 117.7% and 153.2%, respectively, compared to the prior year, principally due to the signing of the Grove Owners Agreement in October 2023.
Previous wording
We recorded $368 and $67 of operating expenses relating to grove management services for the Grove Owners for the three months ended December 31, 2023 and 2022, respectively. The increase in grove management services expenses was principally due to the signing of the new Grove Owners Agreement in October 2023.
Current wording
There was a 117.5% and 189.9% increase in operating expenses relating to grove management services for the Grove Owners for the three and six months ended March 31, 2024 and 2023, respectively. The increase in Grove Management Services expenses was due to the Grove Owners Agreement.
Previous wording
The credit amounts shown in “Fresh Fruit and Other” in operating expenses above primarily represent federal relief proceeds of approximately $1,300 received under the CRBG program in the quarter ended December 31, 2022.
Current wording
For the three and six month periods ended March 31, 2024, the credit amounts shown in “Fresh Fruit and Other” in operating expenses above primarily represent business interruption insurance proceeds received in the current period. For the three and six month periods ended March 31, 2023, the credit amounts primarily represent the Crop Insurance Proceeds and in the six months needed March 31, 2023, also includes $1,266 in federal relief proceeds received under the CRBG program in the six months ended March 31, 2023.
Previous wording
The table below presents key operating measures for the three months ended December 31, 2023 and 2022 for the Land Management and Other Operations segment:
Current wording
The table below presents key operating measures for the three and six months ended March 31, 2024 and 2023 for the Land Management and Other Operations segment:
Previous wording
Comparison of the Three Months Ended December 31, 2023 and 2022 for the Land Management and Other Operations Segment
Current wording
Comparison of the Three and Six Months Ended March 31, 2024 and 2023 for the Land Management and Other Operations Segment
Previous wording
The increase in revenues from Land Management and Other Operations for the three months ended December 31, 2023, as compared to the same period in the prior year, was primarily due to the signing of new farming leases.
Current wording
Land Management and Other Operations revenue for the three months ended March 31, 2024 was relatively flat, as compared to the same period in the prior year. The increase in revenues from Land Management and Other Operations for the six months ended March 31, 2024, as compared to the same period in the prior year, was primarily due to new farming leases in the current period, partially offset by the termination of hunting leases associated with the sale of the remainder of the Alico Ranch.
Previous wording
The increase in operating expenses from Land Management and Other Operations for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily due to an increase in property taxes.
Current wording
The increase in operating expenses from Land Management and Other Operations for the three and six months ended March 31, 2024, as compared to the three and six months ended March 31, 2023, was primarily due to an increase in property taxes and permitting costs.
Previous wording
Our credit facilities are subject to various debt covenants including the following financial covenants: (i) minimum debt service coverage ratio of 1.10 to 1.00; (ii) tangible net worth of at least $160,000 increased annually by 10% of consolidated net income for the preceding years, or $174,628 applicable for the year ended September 30, 2023; (iii) minimum current ratio of 1.50 to 1.00; (iv) debt to total assets ratio not greater than .625 to 1.00; and (v) solely in the case of the WCLC, a limit on capital expenditures of $30,000 per fiscal year. As of December 31, 2023, the Company was in compliance with all of the financial covenants.
Current wording
Our credit facilities are subject to various debt covenants including the following financial covenants: (i) minimum debt service coverage ratio of 1.10 to 1.00; (ii) tangible net worth of at least $160,000 increased annually by 10% of consolidated net income for the preceding years, or $174,628 applicable for the year ended September 30, 2023; (iii) minimum current ratio of 1.50 to 1.00; (iv) debt to total assets ratio not greater than .625 to 1.00; and (v) solely in the case of the WCLC, a limit on capital expenditures of $30,000 per fiscal year. As of March 31, 2024, we were in compliance with all of the financial covenants.
Previous wording
Cash and restricted cash increased from $269 as of December 31, 2022, to $21,262 as of December 31, 2023. The components of these changes are discussed below.
Current wording
Cash and restricted cash increased from $148 as of March 31, 2023, to $5,966 as of March 31, 2024. The components of these changes are discussed below.
Previous wording
The $75,721 increase in Net Cash provided by (used in) investing activities for the three months ended December 31, 2023, compared to the three months ended December 31, 2022, is primarily due to proceeds from the sale of 17,229 acres of the Alico Ranch.
Current wording
The $71,348 increase in Net Cash provided by (used in) investing activities for the six months ended March 31, 2024, compared to the six months ended March 31, 2023, was primarily due to proceeds from the sale of 17,229 acres of the Alico Ranch.
Previous wording
The increase of $54,051 in Net Cash (used in) provided by financing activities for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily due to the repayment of the WCLC and the $19,094 Met Life Variable-Rate Term debt with the proceeds from the sale of 17,229 acres of the Alico Ranch, as compared to an increase in net borrowings under WCLC in the same period in the prior year.
Current wording
The decrease of $55,726 in Net Cash (used in) provided by financing activities for the six months ended March 31, 2024, as compared to the six months ended March 31, 2023, was primarily due to the repayment of the WCLC and the $19,094 Met Life Variable-Rate Term debt with the proceeds from the sale of 17,229 acres of the Alico Ranch, as compared to an increase in net borrowings under the WCLC in the same period in the prior year.
Previous wording
We had $0 and $19,045 outstanding on our revolving lines of credit as of December 31, 2023 and December 31, 2022, respectively.
Current wording
We had $0 and $21,122 outstanding on our revolving lines of credit as of March 31, 2024 and March 31, 2023, respectively.
Previous wording
The WCLC line of credit agreement provides for Rabo Agrifinance, Inc. to issue up to $2,000 in letters of credit on our behalf. As of December 31, 2023, there was $248 in outstanding letters of credit, which correspondingly reduced our availability under the WCLC.
Current wording
The WCLC agreement provides for Rabo Agrifinance, Inc. to issue up to $2,000 in letters of credit on our behalf. As of March 31, 2024, there was $248 in outstanding letters of credit, which correspondingly reduced our availability under the WCLC.
Previous wording
Our material cash requirements from known contractual and other obligations are described in the accompanying notes to the financial statements within Item 1 of Part I of this Quarterly Report. These include principal and interest payments on long-term debt as described in Note 7. “Long-Term Debt and Lines of Credit”, operating leases as described in Note 10. “Leases” and purchase commitments as described in Note 12. “Commitments and Contingencies” to the Condensed Consolidated Financial Statements included in this Quarterly Report.
Current wording
Our material cash requirements from known contractual and other obligations are described in the accompanying notes to the financial statements within Part I, Item 1 of this Quarterly Report. These include principal and interest payments on long-term debt as described in Note 7. “Long-Term Debt and Lines of Credit”, operating leases as described in Note 10. “Leases” and purchase commitments as described in Note 12. “Commitments and Contingencies” to the Condensed Consolidated Financial Statements included in this Quarterly Report.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the six months ended March 31, 2024 and 2023, the Alico Citrus segment generated 97.7% and 97.9%, respectively, of our consolidated revenues and the Land Management and Other Operations segment generated 2.3% and 2.1%, respectively, of our consolidated revenues.
Current report — wording carried from elsewhere
Net Cash Used In Operating Activities
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net Cash Provided By (Used In) Operating Activities