Mission Produce Inc
For the period ended Jan 31, 2025. Filed Mar 10, 2025.
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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.
Jan 31, 2025 · Filed Mar 10, 2025
AVO$11.66+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-07-31; filed 2024-09-09.
0001802974-24-000039
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-01-31; filed 2025-03-10.
0001802974-25-000006
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 99 previous paragraphs and 86 current paragraphs.
50 unchanged; 21 reworded; 15 added; 28 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 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
Supply chain optimization
Current report
As previously announced, the Company closed its Canadian distribution centers within its Marketing & Distribution segment during the first quarter of 2025. In connection with the closure, we recognized approximately $1.4 million in charges during the quarter, consisting of accelerated depreciation expense of property, plant and equipment, accelerated amortization expense of operating lease right-of-use assets and severance costs. Distribution volume from these facilities has been absorbed by our other distribution centers and third-party service providers.
Current report
Net sales increased $75.5 million or 29% in the three months ended January 31, 2025 compared to the same period last year, primarily driven by our Marketing & Distribution segment, where average per-unit avocado sales prices increased 25% and avocado volume sold increased 5%. Consumer demand outpaced supply, driven by constraints on Mexican fruit availability. Blueberry revenue increased by $3.9 million or 12% during the period. The revenue growth was driven by an approximate 70% increase in blueberry volume sold, substantially offset by a 33% decrease in average per-unit sales price. Higher volumes were driven by both increased total acreage and yields from our farms, while decreased prices were driven by higher total industry production from Peru after unfavorable regional weather conditions negatively impacted supply during the prior year.
Current report
On February 1, 2025, President Trump signed executive orders to impose 25% tariffs against certain foreign goods, including a 25% tariff on all imports from Mexico. The tariffs became effective on March 4, 2025. On March 6, 2025, President Trump made an announcement pausing the tariffs until April 2, 2025. If tariff levies resume, they will likely increase the cost of fruit we import from Mexico, which we may not be able to pass on to our customers.
Current report
Interest expense decreased $1.1 million or 33% in the three months ended January 31, 2025 compared to the same period last year, due to lower average balances on our revolving line of credit and lower interest rates on our borrowings.
Current report
Equity method income increased $0.4 million or 100% in the three months ended January 31, 2025 compared to the same period last year, primarily due to improved margins on fruit sold at Mr. Avocado.
Current report
(1)Includes interest expense from finance leases, the most significant of which is for land at our Blueberries segment of $0.5 million for both the three months ended January 31, 2025 and 2024.
Current report
(3)Includes accelerated amortization of operating lease right-of-use assets and severance costs incurred due to the closure of our Canada facilities during the first quarter of 2025, both recognized in cost of sales.
Current report
Marketing & Distribution
Current report
Total segment sales in our International Farming segment increased $3.4 million or 59% in the three months ended January 31, 2025, compared to the same period last year and segment adjusted EBITDA increased $2.3 million or 460% in the three months ended January 31, 2025, compared to the same period last year. The increases were primarily due to higher volume of blueberry packing service revenue.
Current report
Net sales in our Blueberries segment increased $3.9 million or 12% in the three months ended January 31, 2025 compared to the same period last year, driven by blueberry volume and pricing dynamics as described above.
Current report
Segment adjusted EBITDA decreased $2.5 million or 29% for the three months ended January 31, 2025 compared to the same period last year, driven by lower per-unit sales prices resulting from increased industry production in the current year.
Current report
Net cash used in operating activities was $1.2 million for the three months ended January 31, 2025, compared to cash provided of $9.5 million in the same period last year, driven largely by growth in working capital. In the current year, working capital was driven by higher inventory and receivable balances in our Marketing & Distribution segment that correlated with high avocado unit prices, while increased productive acreage has increased growing crop inventory in our International Farming and Blueberries segments.
Current report
Purchase and retirement of common stock
Current report
Shares of the company’s common stock may be repurchased from time to time in the open market or privately negotiated transactions under our share repurchase program. For more information on our stock repurchase program, see “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” in this quarterly report.
Removed paragraphs (28)
Previous report
Net sales increased $62.6 million or 24% in the three months ended July 31, 2024 compared to the same period last year, primarily driven by our Marketing and Distribution segment, where average per-unit avocado sales prices increased 36%, which more than offset a 10% decrease in avocado volume sold. These price and volume dynamics resulted from lower avocado supply available during the quarter due to a combination of weather impacts on fruit development/production in Peru and fruit harvesting disruptions in Mexico. Despite overall volume reductions, domestic sales volumes were relatively flat during the quarter, demonstrating the resiliency of demand for avocados amid higher price points in the U.S. market.
Previous report
Net sales increased $184.3 million or 26% in the nine months ended July 31, 2024 compared to the same period last year, driven by primarily by a 28% increase in average per-unit avocado sales prices. Avocado volume sold was relatively flat. Mango revenue increased by $15.8 million or 58% compared to the same period last year as a result of both higher average sales prices and higher volume sold during the year. Blueberry revenue increased $11.2 million or 34%, due to a 66% increase in average per-unit sales price, partially offset by a 19% decrease in volume sold. Blueberry pricing in the first quarter of 2024 was favorably impacted by industry supply constraints during the Peru harvest season.
Previous report
In regard to fiscal year 2024, warmer temperatures correlated with El Niño persisted through the development of our 2024 Peruvian avocado crop. These warmer temperatures negatively affected our 2024 harvest yields, resulting in exportable volume from our owned farms that will be 50% to 60% lower than prior year. The decrease in volume has negatively impacted absorption of fixed costs at our Peruvian farms. Though these lower volumes have supported higher pricing, we do not expect higher pricing levels to offset the negative impact of volume decreases on gross profit for the International Farming segment during the second half of our fiscal year.
Previous report
Gross profit increased $8.6 million or 30% in the three months ended July 31, 2024 compared to the same period last year to $37.0 million and gross profit percentage increased 50 basis points to 11.4% of revenue, compared to the same period last year. The increases were attributed to our Marketing and Distribution segment, driven by strong per-unit margins on avocados sold, partially offset by lower volume. In our International Farming segment, gross profit was negatively impacted by a $3.2 million asset write-down for undeveloped land that was reassumed by the Peruvian government. Excluding the effect of the asset disposal, International Farming gross profit was down slightly during the quarter, as the adverse impact of lower harvest yields on fixed cost absorption was largely offset by higher sales prices and cost savings measures.
Previous report
Gross profit increased $41.2 million or 74% in the nine months ended July 31, 2024 compared to the same period last year to $96.7 million and gross profit percentage increased 300 basis points to 11.0% of revenue, compared to the same period last year. The increases were attributed to our Marketing and Distribution segment, where we achieved strong per-unit margins on avocados sold, and our Blueberries segment, where we benefited from significantly higher per-unit sales pricing in our fiscal first quarter.
Previous report
Interest expense was flat in the three months ended July 31, 2024 compared to the same period last year, as higher interest rates were offset by lower average debt balances.
Previous report
Interest expense increased $1.6 million or 19% in the nine months ended July 31, 2024, compared to the same period last year, driven primarily by rising interest rates. Interest expense at our Blueberries segment was $2.0 million and $1.6 million for the nine months ended July 31, 2024 and 2023, respectively, and is primarily related to a significant financing lease.
Previous report
Equity method income was nearly flat in the three months ended July 31, 2024 compared to the same period last year, for all investees.
Previous report
Equity method income decreased $0.6 million or 19% in the nine months ended July 31, 2024 compared to the same period last year, as losses at Mr. Avocado were only partially offset by income growth from HAC.
Previous report
Other income was $1.3 million in the nine months ended July 31, 2024 compared to expense of $1.3 million in the same period last year. Other income in the current year was driven by interest income, as the impact of foreign currency was neutral, while other expense in the prior year was driven by foreign currency transaction losses resulting from a weakening U.S. dollar relative to the Mexican peso.
Previous report
The provision for income tax increased $7.6 million or 317% in the nine months ended July 31, 2024 compared to the same period last year, due to the same reasons noted above for the quarter. Additionally, a $1.7 million discrete charge related to an uncertain tax position in Mexico was recorded in the previous year.
Previous report
Marketing and Distribution
Previous report
Net sales in our Marketing and Distribution segment increased $179.3 million or 27% in the nine months ended July 31, 2024 compared to the same period last year, driven by avocado pricing and mango pricing and volume increases as described above.
Previous report
Segment adjusted EBITDA increased $30.2 million or 103% in the nine months ended July 31, 2024 compared to the same period last year primarily due to improved per-unit gross margin on avocados sold.
Previous report
Total segment sales in our International Farming segment decreased $10.8 million or 28% in the three months ended July 31, 2024, compared to the same period last year primarily due to lower volumes of owned avocados sold partially offset by higher average sales prices. The volume and pricing dynamics were directly impacted by the reduced 2024 harvest yields in Peru resulting from warmer temperatures correlated with El Niño conditions during crop development.
Previous report
Segment adjusted EBITDA decreased $0.3 million or 6% in the three months ended July 31, 2024, compared to the same period last year, as the adverse impact of lower harvest yields on fixed cost absorption was largely offset by higher sales prices and cost savings measures.
Previous report
Total segment sales in our International Farming segment decreased $15.3 million or 31% in the nine months ended July 31, 2024, compared to the same period last year primarily due to the same drivers noted for our fiscal third quarter.
Previous report
Segment adjusted EBITDA decreased by $0.1 million or 5% in the nine months ended July 31, 2024, compared to the same period last year, as the adverse impact of lower harvest yields on fixed cost absorption was largely offset by higher sales prices and cost savings measures in our avocado and mango farms, packing operations, and SG&A in Peru.
Previous report
Net sales in our Blueberries segment were $1.6 million in the three months ended July 31, 2024 compared to $1.4 million for the same period last year.
Previous report
Segment adjusted EBITDA was $0.1 million for the three months ended July 31, 2024 compared to $0.2 million for the same period last year.
Previous report
Net sales in our Blueberries segment increased $11.2 million or 34% in the nine months ended July 31, 2024 compared to the same period last year, primarily due to a 66% increase in average per-unit sales price, partially offset by a 19% decrease in volume sold. Blueberry pricing in the first quarter of 2024 was favorably impacted by industry supply constraints during the Peru harvest season.
Previous report
Segment adjusted EBITDA was $9.5 million for the nine months ended July 31, 2024 compared to $(0.2) million in the same period last year. The improvement was primarily due to gross margin improvement driven by elevated sales pricing.
Previous report
Net cash provided by operating activities was $55.4 million for the nine months ended July 31, 2024, compared to cash used of $7.3 million in the same period last year, driven by improved operating performance and working capital management. Improvement in working capital was largely driven by favorable changes in grower payables during the third quarter of 2024 resulting from a heavier concentration of fruit sourced from California growers, which generally have longer payment terms than Mexican growers. To a lesser extent, net change in accounts payable and accrued expenses and other long-term liabilities was favorable, though largely offset by the unfavorable changes in accounts receivable correlated with higher avocado pricing as previously discussed.
Previous report
Other investing activities
Previous report
From time to time, we may make capital contributions or loans to equity method investees to support capital expansion or working capital needs. Capital contributions made in the nine months ended July 31, 2024 and 2023 were to Mr. Avocado.
Previous report
In the nine months ended July 31, 2023, we acquired a 5.1% interest in shares of common stock of a private entity in South Africa that is focused on avocado orchard development.
Previous report
Moruga Blueberry Project
Previous report
In fiscal year 2023, Moruga commenced a long-term project to farm approximately 1,500 additional acres of blueberries in the Olmos region of Peru. The project is funded by cash flow generated by Moruga and supplemented by pro-rata shareholder contributions based on each shareholders’ respective ownership interest. As of July 31, 2024, the estimated remaining capital expenditures related to the project were approximately $35 million.
Reworded paragraphs (21)
Previous wording
We are a world leader in sourcing, producing and distributing Hass avocados, serving retail, wholesale and foodservice customers. We source, produce, pack and distribute avocados and a small amount of other fruits to our customers and provide value-added services including ripening, bagging, custom packaging and logistical management. In addition, we provide our customers with merchandising and promotional support, insights on market trends and training designed to increase their retail avocado sales.
Current wording
We are a world leader in sourcing, producing, growing and distributing Hass avocados, serving retail, wholesale and foodservice customers. We source, produce, pack and distribute avocados and a small amount of other fruits, including mangos, to our customers and provide value-added services including ripening, bagging, custom packaging and logistical management. In addition, we provide our customers with merchandising and promotional support, insights on market trends and training designed to increase their retail avocado sales.
Previous wording
•Marketing and Distribution. Our Marketing and Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network.
Current wording
•Marketing & Distribution. Our Marketing & Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network.
Previous wording
•International Farming. International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing and Distribution segment. The segment’s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America.
Current wording
•International Farming. International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segment’s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru and Guatemala.
Previous wording
•Blueberries. The Blueberries segment represents the results of Moruga. Moruga’s farming activities include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor under an exclusive marketing agreement.
Current wording
•Blueberries. The Blueberries segment consists of farming activities that include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor under an exclusive marketing agreement.
Previous wording
Gross profit percentage will fluctuate based upon per-unit sales price levels in relation to per-unit costs. Margin is primarily managed on a per-unit basis in our Marketing and Distribution segment, which can lead to movement in gross profit percentage when sales prices fluctuate.
Current wording
Gross profit increased $2.8 million or 10% in the three months ended January 31, 2025 compared to the same period last year to $31.5 million, driven by our International Farming segment, which benefited from increased packing and cooling service activity that correlated with higher blueberry production volumes, partially offset by lower gross profit in our Marketing & Distribution segment, which was negatively impacted by lower per-unit margins on avocados sold due to challenges in obtaining Mexican supply required to meet customer commitments. Gross profit percentage decreased 170 basis points to 9.4% of revenue, compared to the same period last year. Gross profit percentage will fluctuate based upon per-unit sales price levels in relation to per-unit costs. Margin is primarily managed on a per-unit basis in our Marketing & Distribution segment, which can lead to movement in gross profit percentage when sales prices fluctuate.
Previous wording
SG&A expenses increased $2.8 million or 16% in the three months ended July 31, 2024 compared to the same period last year and increased $3.8 million or 7% in the nine months ended July 31, 2024 compared to the same period last year. The increases were primarily due to higher employee related costs, including performance-based incentive compensation and stock-based compensation expense. Higher performance-based incentive compensation is largely explained by the Company’s improved operating performance relative to the prior year period.
Current wording
SG&A expenses increased $1.5 million or 7% in the three months ended January 31, 2025 compared to the same period last year, primarily due to higher employee related costs, including statutory profit-sharing expense and stock-based compensation expense.
Previous wording
Other income was $1.3 million in the three months ended July 31, 2024 compared to expense of $1.1 million for the same period last year. Other income in the current year quarter was driven by foreign currency transaction gains resulting from a strengthening U.S. dollar relative to the Mexican peso during the period, while other expense in the prior year quarter was driven by foreign currency transaction losses resulting from a weakening U.S. dollar relative to the Mexican peso.
Current wording
Other income was $1.5 million in the three months ended January 31, 2025 compared to expense of $1.0 million for the same period last year. Other income in the current year was driven by foreign currency transaction gains resulting from a strengthening U.S. dollar relative to the Mexican peso during the period, as compared to weakening in the prior year period.
Previous wording
The provision for income tax increased $2.2 million or 96% in the three months ended July 31, 2024 compared to the same period last year, primarily due to the effect of higher income before taxes in the current year. Our effective tax rate was impacted by book losses in jurisdictions where either a full valuation allowance has been recorded or where loss carryforward is disallowed in both years.
Current wording
The provision for income tax increased $1.1 million or 52% in the three months ended January 31, 2025 compared to the same period last year, primarily due to the effect of higher income before taxes in the current year. Our effective tax rate in both years was impacted by book losses in jurisdictions where either a full valuation allowance has been recorded or where loss carryforward is disallowed.
Previous wording
Our 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.
Current wording
Our 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. Effective for the fourth quarter of 2024, the Company made a change in presentation of its reconciliation of adjusted EBITDA to its comparable GAAP financial measure to include a subtotal of the non-GAAP adjustments before the effect of the noncontrolling interest adjustment called “adjusted EBITDA before adjustment for noncontrolling interest.” The presentation change has no impact to total adjusted EBITDA. We believe the addition of the subtotal within the reconciliation is useful because it better aligns with management’s sequence of review of the information in the reconciliation.
Previous wording
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), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest, all of which are excluded from the results the CEO reviews uses to assess segment performance and results.
Current wording
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, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest, all of which are excluded from the results the CEO uses to assess segment performance and results.
Previous wording
(1)Includes depreciation and amortization of purchase accounting assets of $0.2 million and $0.1 million for the three months ended July 31, 2024 and 2023, respectively, and $3.5 million and $1.8 million for the nine months ended July 31, 2024 and 2023, respectively. The nine months ended July 31, 2024 included $4.1 million of accelerated depreciation expense recognized during the first quarter of 2024, for certain blueberry plants determined to have no remaining useful life.
Current wording
(2)Includes depreciation and amortization of purchase accounting assets of $0.3 million and $2.9 million for the three months ended January 31, 2025 and 2024, respectively, and $0.2 million of amortization of the Blueberries finance lease for both the three months ended January 31, 2025 and 2024. The three months ended January 31, 2025 also include $0.9 million of accelerated depreciation expense from fixed assets related to the closure of our Canada facilities during the respective quarter. The three months ended January 31, 2024 also include $4.1 million of accelerated depreciation expense, $2.0 million of which was from purchase accounting assets, for certain blueberry plants determined to have no remaining useful life during the respective quarter.
Previous wording
(2)Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.
Current wording
(4)Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.
Previous wording
Net sales in our Marketing and Distribution segment increased $64.7 million or 25% in the three months ended July 31, 2024 compared to the same period last year, driven by avocado pricing increases as described above.
Current wording
Net sales in our Marketing & Distribution segment increased $71.2 million or 32% in the three months ended January 31, 2025 compared to the same period last year, driven by avocado pricing and volume increases as described above.
Previous wording
Segment adjusted EBITDA increased $10.7 million or 66% in the three months ended July 31, 2024 compared to the same period last year primarily due to improved per-unit gross margin on avocados sold.
Current wording
Segment adjusted EBITDA decreased $1.3 million or 12% in the three months ended January 31, 2025 compared to the same period last year primarily due to the decrease in per-unit gross margin on avocados sold.
Previous wording
The vast majority of fruit sales from our International Farming segment are made to the Marketing and Distribution segment, with the remainder of revenue largely derived from services provided to third parties and our Blueberries segment. Affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season, which typically runs from April through September of each year. As a result, adjusted EBITDA for the International Farming segment is generally concentrated in the third and fourth quarters of the fiscal year in alignment with the timing of sales. In addition, the Company operates approximately 700 acres of mangos in Peru that are largely in an early stage of production. The timing of the mango harvest is generally concentrated in the fiscal second quarter.
Current wording
The vast majority of fruit sales from our International Farming segment are made to the Marketing & Distribution segment, with the remainder of revenue largely derived from services provided to third parties and our Blueberries segment. Affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season, which typically runs from April through September of each year. As a result, adjusted EBITDA for the International Farming segment is generally concentrated in the third and fourth quarters of the fiscal year in alignment with the timing of sales. In addition, the Company operates approximately 700 acres of mangos in Peru. The timing of the mango harvest is generally concentrated in the fiscal second quarter.
Previous wording
Sales in our Blueberries segment have been concentrated in the first and fourth quarters of our fiscal year in alignment with the Peruvian blueberry harvest season, which typically runs from July through February.
Current wording
Sales in our Blueberries segment have been traditionally concentrated in the first and fourth quarters of our fiscal year in alignment with the Peruvian blueberry harvest season, which typically runs from July through February.
Previous wording
In the nine months ended July 31, 2024 and 2023, capital expenditures were comprised primarily of avocado orchard development, pre-production orchard maintenance and land improvements in Guatemala; pre-production avocado orchard maintenance, blueberry land development and plant cultivation and blueberry cooling facility construction costs in Peru; and distribution facility construction costs in the UK. During the nine months ended July 31, 2024, our International Farming segment also began construction of a packhouse in Guatemala.
Current wording
In the three months ended January 31, 2025 and 2024, capital expenditures were comprised primarily of avocado orchard development, pre-production orchard maintenance and land improvements, packhouse construction in Guatemala and pre-production land development and blueberry plant cultivation in Peru. The three months ended January 31, 2024 also included distribution facility construction costs in the UK in our Marketing & Distribution segment.
Previous wording
As of July 31, 2024, we were required to comply with the following financial covenants: (a) a quarterly consolidated leverage ratio of not more than 3.5 to 1.00 and (b) a quarterly consolidated fixed charge coverage ratio of not less than 1.25 to 1.00. As of July 31, 2024, our consolidated leverage ratio was 1.25 to 1.00 and our consolidated fixed charge coverage ratio was 2.26 to 1.00 and we were in compliance with all such covenants of the credit facility.
Current wording
As of January 31, 2025, we were required to comply with the following financial covenants: (a) a quarterly consolidated leverage ratio of not more than 3.5 to 1.00 and (b) a quarterly consolidated fixed charge coverage ratio of not less than 1.25 to 1.00. As of January 31, 2025, we were in compliance with all such covenants of the credit facility.
Previous wording
We have various capital projects in progress for farming expansion and facility improvements which we intend to fund through our operating cash flow as well as cash and cash equivalents on hand. For fiscal 2024, we expect capital expenditures to be between $40 million to $45 million.
Current wording
We have various capital projects in progress for farming expansion and facility improvements which we intend to fund through our operating cash flow as well as cash and cash equivalents on hand. For fiscal 2025, we expect total capital expenditures inclusive of approximately $10 million carryover from fiscal 2024, to be between $50 to $55 million. The spend will be allocated primarily to our International Farming and Blueberries segments. Within our International Farming segment, spend will be concentrated in Guatemala for pre-production avocado orchard maintenance and packhouse construction. Within our Blueberries segment, spend will be concentrated on land development and plant cultivation in Peru.
Previous wording
We are party to various leases, the most material of which are for facilities and land. Our undiscounted cash liabilities were approximately $176.9 million as of July 31, 2024, of which, approximately $107.6 million was for long-term land leases in our International Farming and Blueberries segments.
Current wording
We are party to various leases, the most material of which are for facilities and land. Our undiscounted cash liabilities were approximately $174.3 million as of January 31, 2025, of which, approximately $107.4 million was for long-term land leases in our International Farming and Blueberries segments.
Previous wording
As of July 31, 2024, remaining maturities on our term loans and notes were $134.7 million. See Note 6 to the consolidated financial statements for more information.
Current wording
As of January 31, 2025, remaining maturities on our term loans were $118.2 million. See Note 6 to the consolidated financial statements for more information.