Calavo Growers (CVGW) 10-Q9 Sep 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jul. 31, 2024	Aug. 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Securities Act File Number	000-33385
Entity Registrant Name	CALAVO GROWERS, INC
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	33-0945304
Entity Address, Address Line One	1141-A Cummings Road
Entity Address, City or Town	Santa Paula
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93060
City Area Code	805
Local Phone Number	525-1245
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CVGW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,801,574
Entity Central Index Key	0001133470
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,126	$ 2,091
Restricted cash		761
Accounts receivable, net of allowances of $3,253 (2024) and $3,364 (2023)	51,845	33,897
Inventories	31,822	31,571
Prepaid expenses and other current assets	8,855	11,739
Advances to suppliers	12,828	14,684
Current assets held for sale	128,213	37,533
Income taxes receivable	3,611	1,094
Total current assets	238,300	133,370
Property, plant, and equipment, net	55,894	60,924
Operating lease right-of-use assets	19,244	18,357
Investments in unconsolidated entities	2,528	2,902
Deferred income tax assets	3,010	3,010
Goodwill	10,211	10,211
Non-current assets held for sale		105,424
Intangibles, net	275	275
Other assets	52,964	52,381
Total assets	382,426	386,854
Current liabilities:
Payable to growers	26,377	14,788
Trade accounts payable	9,819	5,097
Accrued expenses	16,962	15,809
Current liabilities held for sale	47,254	29,911
Other current liabilities	11,000	11,000
Current portion of term loan	814	647
Current portion of operating leases	3,480	3,663
Current portion of long-term obligations and finance leases	886	831
Total current liabilities	116,592	81,746
Long-term liabilities:
Borrowings pursuant to line of credit, long-term	29,919	35,024
Long-term liabilities held for sale		29,295
Long-term portion of term loan	2,804	3,416
Long-term portion of operating leases	18,242	17,328
Long-term portion of obligations and finance leases	4,514	4,645
Deferred income tax liabilities	746	746
Other long-term liabilities	4,432	4,425
Total long-term liabilities	60,657	94,879
Commitments and contingencies
Shareholders' equity:
Common stock ($0.001 par value, 100,000 shares authorized; 17,802 (2024) and 17,761 (2023) shares issued and outstanding)	18	18
Additional paid-in capital	177,690	176,481
Noncontrolling interest	1,409	1,392
Retained earnings	26,060	32,338
Total shareholders' equity	205,177	210,229
Total liabilities and shareholders' equity	$ 382,426	$ 386,854

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowances of accounts receivable	$ 3,253	$ 3,364
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	17,802	17,761
Common stock, shares outstanding	17,802	17,761

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 179,596	$ 160,856	$ 491,585	$ 451,898
Cost of sales	159,503	138,852	440,071	403,554
Gross profit	20,093	22,004	51,514	48,344
Selling, general and administrative	10,510	12,994	36,993	37,997
Expenses (recovery) related to Mexican tax matters	225	(1,203)	810	1,231
Operating income	9,358	10,213	13,711	9,116
Foreign currency gain (loss)	(4,203)	2,019	(2,799)	4,435
Interest expense	(833)	(766)	(2,619)	(1,387)
Other income, net	181	177	901	824
Income before income taxes and loss from unconsolidated entities	4,503	11,643	9,194	12,988
Income tax benefit (expense)	1,441	(2,408)	478	(2,851)
Net loss from unconsolidated entities	(579)	(498)	(374)	(398)
Net income from continuing operations	5,365	8,737	9,298	9,739
Net loss from discontinued operations	(6,127)	(2,029)	(10,218)	(9,786)
Net income (loss)	(762)	6,708	(920)	(47)
Add: Net income (loss) attributable to noncontrolling interest	30	(82)	(17)	(390)
Net income (loss) attributable to Calavo Growers, Inc.	$ (732)	$ 6,626	$ (937)	$ (437)
Earnings Per Share, Basic
Basic, Continuing Operations (in dollars per shares)	$ 0.30	$ 0.49	$ 0.52	$ 0.53
Basic, Discontinued Operations (in dollars per shares)	(0.34)	(0.11)	(0.57)	(0.55)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	(0.04)	0.37	(0.05)	(0.02)
Earnings Per Share, Diluted
Diluted, Continuing Operations (in dollars per shares)	0.30	0.48	0.52	0.52
Diluted, Discontinued Operations (in dollars per shares)	(0.34)	(0.11)	(0.57)	(0.55)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	$ (0.04)	$ 0.37	$ (0.05)	$ (0.02)
Number of shares used in per share computation:
Basic	17,801	17,756	17,800	17,746
Diluted	17,842	17,856	17,848	17,835

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash Flows from Operating Activities:
Net loss	$ (920)	$ (47)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,675	12,815
Non-cash operating lease expense	(1,739)	64
Net loss from unconsolidated entities	374	398
Impairment of goodwill	9,280
Divesture of Calavo Salsa Lisa		624
Provision for uncollectible Mexican IVA taxes receivable	165	1,404
Stock-based compensation expense	1,834	4,382
Gain on sale of Temecula packinghouse	(162)	(162)
Loss on disposal of property, plant, and equipment	56	40
Effect on cash of changes in operating assets and liabilities:
Accounts receivable, net	(17,243)	(17,401)
Inventories	259	(437)
Prepaid expenses and other current assets	3,492	(3,673)
Advances to suppliers	2,456	(2,481)
Income taxes receivable/payable	(2,517)	(754)
Other assets	(748)	(11,622)
Payable to growers	11,588	2,489
Trade accounts payable, accrued expenses and other liabilities	(1,267)	(4,837)
Net cash provided by (used in) operating activities	13,583	(19,198)
Cash Flows from Investing Activities:
Purchases of property, plant, and equipment	(2,519)	(10,092)
Net cash used in investing activities	(2,519)	(10,092)
Cash Flows from Financing Activities:
Payment of dividend to shareholders	(5,341)	(8,654)
Proceeds from revolving credit facility	95,733	215,818
Payments on revolving credit facility	(100,838)	(180,250)
Payments of debt issuance cost		(693)
Payments of minimum withholding taxes on net share settlement of equity awards	(625)
Proceed from term loan		3,459
Payments on term loan	(445)
Payments on long-term obligations and finance leases	(1,274)	(1,409)
Proceeds from stock option exercises		48
Net cash provided by (used in) financing activities	(12,790)	28,319
Net decrease in cash, cash equivalents and restricted cash	(1,726)	(971)
Cash, cash equivalents and restricted cash, beginning of period	2,852	3,134
Cash, cash equivalents and restricted cash, end of period	1,126	2,163
Noncash Investing and Financing Activities:
Right of use assets obtained in exchange for new financing lease obligations	640	2,016
Settlement of Agricola Belher infrastructure advance offset against payable to growers	600	1,700
Property, plant, and equipment included in trade accounts payable and accrued expenses	$ 29	$ 869

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest	Total
Beginning balance at Oct. 31, 2022	$ 18	$ 171,223	$ 51,115	$ 1,015	$ 223,371
Beginning balance, shares at Oct. 31, 2022	17,732
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		48			48
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	29
Stock-based compensation expense		4,382			4,382
Dividends declared to shareholders			(8,654)		(8,654)
Avocados de Jalisco noncontrolling interest				390	390
Net income (loss) attributable to Calavo Growers, Inc.			(437)		(437)
Ending balance at Jul. 31, 2023	$ 18	175,653	42,024	1,405	219,100
Ending balance, shares at Jul. 31, 2023	17,761
Beginning balance at Apr. 30, 2023	$ 18	174,674	37,176	1,323	213,191
Beginning balance, shares at Apr. 30, 2023	17,752
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	9
Stock-based compensation expense		979			979
Dividends declared to shareholders			(1,778)		(1,778)
Avocados de Jalisco noncontrolling interest				82	82
Net income (loss) attributable to Calavo Growers, Inc.			6,626		6,626
Ending balance at Jul. 31, 2023	$ 18	175,653	42,024	1,405	219,100
Ending balance, shares at Jul. 31, 2023	17,761
Beginning balance at Oct. 31, 2023	$ 18	176,481	32,338	1,392	210,229
Beginning balance, shares at Oct. 31, 2023	17,761
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(625)			(625)
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	41
Stock-based compensation expense		1,834			1,834
Dividends declared to shareholders			(5,341)		(5,341)
Avocados de Jalisco noncontrolling interest				17	17
Net income (loss) attributable to Calavo Growers, Inc.			(937)		(937)
Ending balance at Jul. 31, 2024	$ 18	177,690	26,060	1,409	205,177
Ending balance, shares at Jul. 31, 2024	17,802
Beginning balance at Apr. 30, 2024	$ 18	177,302	28,572	1,439	207,331
Beginning balance, shares at Apr. 30, 2024	17,800
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	2
Stock-based compensation expense		388			388
Dividends declared to shareholders			(1,780)		(1,780)
Avocados de Jalisco noncontrolling interest				(30)	(30)
Net income (loss) attributable to Calavo Growers, Inc.			(732)		(732)
Ending balance at Jul. 31, 2024	$ 18	$ 177,690	$ 26,060	$ 1,409	$ 205,177
Ending balance, shares at Jul. 31, 2024	17,802

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (PARENTHETICAL) - $ / shares			3 Months Ended			9 Months Ended
	Jul. 30, 2024	Apr. 29, 2024	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.4875

Description of the business

Description of the business	9 Months Ended
Description of the business	Jul. 31, 2024
Description of the business
Description of the business	1. Description of the business Business Calavo Growers, Inc. (referred to in this report as “Calavo”, the “Company”, “we”, “us” or “our”), is a global leader in the avocado industry and a provider of value-added fresh food. Our expertise in marketing and distributing avocados, prepared avocados, and other perishable foods allows us to deliver a wide array of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. We procure avocados from California, Mexico and other growing regions around the world. Through our various operating facilities, we (i) sort, pack, and/or ripen avocados, tomatoes and/or Hawaiian grown papayas, (ii) create, process and package a portfolio of healthy fresh foods including fresh-cut fruit and vegetables, and prepared foods and (iii) process and package guacamole. We distribute our products both domestically and internationally and we report our operations in different business segments: Grown and Prepared. During the nine-months period ended July 31, 2024, management concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the divestiture, as described in Note 2. For more information, see Note 11. We completed the sale of our Fresh Cut business (formerly “RFG”) and related real estate to F&S Fresh Foods of Vineland, New Jersey, on August 15, 2024 for $83 million, subject to various closing adjustments. The Fresh Cut business represents substantially all of the business of the Prepared segment other than the guacamole business, which has been retained following the Transaction. For more information, see Note 12. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Fresh Cut business unit as discontinued operations (see Note 11, “Assets Held for Sale and Discontinued Operations”). Prior period amounts related to foreign currency remeasurement gains (losses) have been reclassified from cost of sales to foreign currency gain (loss) to conform to the current period presentation Recently Issued Accounting Standards In November 2023, the Financial Standards Accounting Board issued Accounting Standards Update 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures

Information regarding our opera

Information regarding our operations in different segments	9 Months Ended
Information regarding our operations in different segments	Jul. 31, 2024
Information regarding our operations in different segments
Information regarding our operations in different segments	2. Information regarding our operations in different segments Prior to the decision to divest our Fresh Cut business (formerly RFG), the Company’s Prepared reporting segment included the Fresh Cut business unit and our Guacamole business. As a result of the planned divestiture, the Fresh Cut business unit is no longer included in our Prepared business segment, and is not included in the tables below. All segment information included herein reflects these changes. See Note 11 for further information. We report our operations in two different business segments: Grown and Prepared. The Grown segment consists of fresh avocados, tomatoes and papayas. The Prepared segment comprises all our guacamole products sold at retail and food service as well as avocado pulp sold to foodservice. These two business segments are presented based on how information is used by our Chief Executive Officer to measure performance and allocate resources. Selling, general and administrative expenses, as well as other non-operating income/expense items, are evaluated by our Chief Executive Officer in the aggregate. We do not allocate assets, or specifically identify them, to our operating segments. The sales data in the following tables is presented in thousands: Three months ended July 31, 2024 Three months ended July 31, 2023 Grown Prepared Total Grown Prepared Total Avocados $ 151,814 $ — $ 151,814 $ 127,328 $ — $ 127,328 Tomatoes 9,874 — 9,874 15,188 — 15,188 Papayas 2,268 — 2,268 2,338 — 2,338 Other fresh income 24 — 24 10 — 10 Guacamole — 18,388 18,388 — 18,721 18,721 Salsa — — — — 49 49 Total gross sales 163,980 18,388 182,368 144,864 18,770 163,634 Less sales allowances (762) (2,010) (2,772) (795) (1,983) (2,778) Net sales $ 163,218 $ 16,378 $ 179,596 $ 144,069 $ 16,787 $ 160,856 Nine months ended July 31, 2024 Nine months ended July 31, 2023 Grown Prepared Total Grown Prepared Total Avocados $ 387,500 $ — $ 387,500 $ 352,858 $ — $ 352,858 Tomatoes 49,226 — 49,226 44,503 — 44,503 Papayas 8,200 — 8,200 8,193 — 8,193 Other fresh income 72 — 72 75 — 75 Guacamole — 54,107 54,107 — 54,421 54,421 Salsa — — — — 756 756 Total gross sales 444,998 54,107 499,105 405,629 55,177 460,806 Less sales allowances (1,999) (5,521) (7,520) (3,510) (5,398) (8,908) Net sales $ 442,999 $ 48,586 $ 491,585 $ 402,119 $ 49,779 $ 451,898 Grown Prepared Total (All amounts are presented in thousands) Three months ended July 31, 2024 Net sales $ 163,218 $ 16,378 $ 179,596 Cost of sales 145,043 14,460 159,503 Gross profit $ 18,175 $ 1,918 $ 20,093 Three months ended July 31, 2023 Net sales $ 144,069 $ 16,787 $ 160,856 Cost of sales 124,734 14,118 138,852 Gross profit $ 19,335 $ 2,669 $ 22,004 Grown Prepared Total (All amounts are presented in thousands) Nine months ended July 31, 2024 Net sales $ 442,999 $ 48,586 $ 491,585 Cost of sales 402,041 38,030 440,071 Gross profit $ 40,958 $ 10,556 $ 51,514 Nine months ended July 31, 2023 Net sales $ 402,119 $ 49,779 $ 451,898 Cost of sales 363,120 40,434 403,554 Gross profit $ 38,999 $ 9,345 $ 48,344 For the three months ended July 31, 2023, intercompany sales and cost of sales of $0.5 million between Grown products and Prepared products were eliminated. For the nine months ended July 31 2024 and 2023, intercompany sales and cost of sales of $0.6 million and $1.2 million between Grown products and Prepared products were eliminated, respectively. Sales to customers outside the U.S. were approximately $11.9 million and $8.6 million for the three months ended July 31, 2024 and 2023. Sales to customers outside the U.S. were approximately $35.7 million and $24.1 million for the nine months ended July 31, 2024 and 2023. The net carrying value of long-lived assets attributed to geographic areas as of July 31, 2024 and October 31, 2023, are as follows (in thousands): United States Mexico Consolidated July 31, 2024 $ 21,357 $ 34,537 $ 55,894 October 31, 2023 $ 25,986 $ 34,938 $ 60,924

Inventories

Inventories	9 Months Ended
Inventories	Jul. 31, 2024
Inventories
Inventories	3. Inventories Inventories consist of the following (in thousands): July 31, October 31, 2024 2023 Fresh fruit $ 13,967 $ 14,815 Packing supplies and ingredients 7,933 7,908 Finished prepared foods 9,922 8,848 Total $ 31,822 $ 31,571 Inventories are stated at the lower of cost or net realizable value. We periodically review the value of items in inventory and record any necessary write downs of inventory based on our assessment of market conditions. Inventory includes reserves of million in slow moving inventories as of July 31, 2024 and October 31, 2023.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Jul. 31, 2024
Related-Party Transactions
Related-Party Transactions	4. Related party transactions Board of Directors Certain members of our Board of Directors market California avocados through Calavo pursuant to marketing agreements substantially similar to the marketing agreements that we enter into with other growers. For the three and nine months ended July 31, 2024, the aggregate amount of avocados procured from entities owned or controlled by members of our Board of Directors was $1.9 million and $2.2 million, respectively. For the three and nine months ended July 31, 2023, the aggregate amount of avocados procured from entities owned or controlled by members of our Board of Directors was $2.2 million and $2.3 million, respectively. We had $0.9 million of amounts payable to these Board members as of July 31, 2024. We did not have any amounts payable to these Board members as of October 31, 2023. For the three and nine months ended July 31, 2024, we procured $3.3 million and $4.7 million of avocados from entities affiliated with our Chief Executive Officer. For the three and nine months ended July 31, 2023, we procured $1.7 million of avocados from entities affiliated with our Chief Executive Officer. Agricola Don Memo, S.A. de C.V. (“Don Memo”) Calavo and Agricola Belher (“Belher”) each have an equal one -half ownership interest in Don Memo. Pursuant to a management service agreement, Belher, through its officers and employees, has day-to-day power and authority to manage the operations of Don Memo. As of July 31, 2024, and October 31, 2023, we had an investment of $2.5 million and $2.9 million, respectively, representing Calavo’s 50% ownership in Don Memo, which was included as an investment in unconsolidated entities on our balance sheet. We make advances to Don Memo for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Don Memo, net of our commission and aforementioned advances. For the three months ended July 31, 2023, we advanced $0.2 million of preseason advances to Don Memo. For the nine months ended July 31, 2024 and 2023, we advanced million secured by certain property and equipment of Don Memo. This infrastructure loan accrues interest at . The total outstanding infrastructure loan balance at July 31, 2024 and at October 31, 2023, was Belher We make advances to Belher for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Belher, net of our commission and aforementioned advances. We made preseason advances for the three and nine months ended July 31, 2024, totaling $2.5 million and $3.5 million, respectively. We had grower advances due from Belher totaling $2.5 million and $5.4 million as of July 31, 2024 and October 31, 2023, which are netted against the grower payable. In July 2021, we made a bridge loan of million to Belher. This loan is secured by certain farmland in Mexico and accrues interest at . As part of this loan agreement, we can withhold payments on both the infrastructure advances and the bridge loan through the netting against the grower payable due to Belher. The total outstanding bridge loan balance at July 31, 2024 and October 31, 2023, was Avocados de Jalisco, S.A.P.I. de C.V. (“Avocados de Jalisco”) In August 2015, we entered into a Shareholder’s Agreement with various Mexican partners and created Avocados de Jalisco. Avocados de Jalisco is a Mexican corporation created to engage in procuring, packing and selling avocados. As of July 31, 2024, this entity was approximately owned by Calavo and was consolidated in our financial statements. Avocados de Jalisco built a packinghouse located in Jalisco, Mexico, which began operations in June of 2017. During the three months ended July 31, 2024 and 2023 we purchased approximately

Other assets

Other assets	9 Months Ended
Other assets	Jul. 31, 2024
Other assets
Other assets	5. Other assets Other assets consist of the following (in thousands): July 31, October 31, 2024 2023 Mexican IVA (i.e. value-added) taxes receivable, net (see Note 10) $ 51,189 $ 49,888 Infrastructure advances 1,066 1,641 Other 709 852 Total $ 52,964 $ 52,381

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Jul. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	6. Stock-Based Compensation In April 2011, our shareholders approved the Calavo Growers, Inc. 2011 Management Incentive Plan (the “2011 Plan”). All directors, officers, employees and consultants (including prospective directors, officers, employees and consultants) of Calavo and its subsidiaries are eligible to receive awards under the 2011 Plan. Shares were issuable under the 2011 Plan through December 2020. On April 21, 2021, the shareholders of Calavo approved the Calavo Growers, Inc. 2020 Equity Incentive Plan (the “2020 Plan”). This is a Restricted Stock Awards (RSAs) The total recognized stock-based compensation expense for restricted stock awards was $0.2 million for the three months ended July 31, 2023. unrecognized stock-based compensation costs related to non-vested RSAs. All RSAs are vested as of July 31, 2024. Restricted Stock Units (RSUs) and Performance Restricted Stock Units (PRSUs) On November 1, 2023, each of our eight directors were granted 4,929 RSUs (for a total of 39,432 RSUs) at a price of $24.35 that will vest November 1, 2024. The total recognized stock-based compensation expense for RSUs was $0.4 million for the three months ended July 31, 2024 and 2023, respectively. The total recognized stock-based compensation expense for RSUs was $1.2 million and $1.3 million for the nine months ended July 31, 2024 and 2023, respectively. As of July 31, 2024, there was $0.8 million of unrecognized stock-based compensation costs related to non-vested RSUs, which the Company expects to recognize over a weighted-average period of 0.6 years. A summary of RSU activity, related to our 2020 Plan, is as follows (in thousands, except for per share amounts): Number of Shares Weighted-Average Aggregate Represented Grant Price Intrinsic Value Outstanding at April 30, 2024 68 $ 28.98 Granted 2 $ 25.84 Vested (4) $ 37.81 Forfeited (1) $ 34.51 Outstanding at July 31, 2024 65 $ 28.31 $ 1,545 Number of Shares Weighted-Average Aggregate Represented Grant Price Intrinsic Value Outstanding at October 31, 2023 51 $ 35.36 Granted 41 $ 24.42 Vested (21) $ 34.85 Forfeited (6) $ 35.00 Outstanding at July 31, 2024 65 $ 28.31 $ 1,545 At the end of each reporting period, the Company will adjust compensation expense for the PRSUs based on its best estimate of attainment of the specified performance targets. The cumulative effect on current and prior periods of a change in the estimated number of PRSUs that are expected to be earned will be recognized as an adjustment in the period of the adjustment. As of July 31, 2024, the Company still believes that it is not probable that any of the PRSUs for the 2023 and 2022 three-year cumulative performance grant will vest. Stock Options In June 2024, our Board of Directors approved the grant of 10,000 options of our common stock to a new member of our Board of Directors. Such grant vests in equal increments over a five-year period and has an exercise price of $25.84 per share. Vested options have an exercise period of . The estimated fair market value of such option grant was approximately Stock options are granted with exercise prices of not less than the fair market value at grant date, generally vest over one two after the vest date. We settle stock option exercises with newly issued shares of common stock. We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense in our consolidated statements of operations over the service period that the awards are expected to vest. We measure the fair value of our stock-based compensation awards on the date of grant. The value of each option award is estimated using a lattice-based option valuation model. We primarily consider the following assumptions when using these models: (1) expected volatility, (2) expected dividends, (3) expected life and (4) risk-free interest rate. Such models also consider the intrinsic value in the estimation of fair value of the option award. We measure the fair value of our stock option awards on the date of grant. The following assumptions were used in the estimated grant date fair value calculations for stock options granted in the third quarter of fiscal 2024: Risk-free interest rate 4.47% Expected volatility 43.00% Dividend yield 1.55% Expected life (years) 5.0 A summary of stock option activity, related to our 2011 and 2020 Plans, is as follows (in thousands, except for weighted-average exercise price): Weighted-Average Aggregate Exercise Intrinsic Number of Shares Price Value Outstanding at April 30, 2024 525 $ 25.44 Granted 10 $ 25.84 Outstanding at July 31, 2024 535 $ 25.44 $ — Vested and Exercisable at July 31, 2024 219 $ 26.48 $ — Weighted-Average Aggregate Exercise Intrinsic Number of Shares Price Value Outstanding at October 31, 2023 525 $ 25.44 Granted 10 $ 25.84 Outstanding at July 31, 2024 535 $ 25.44 $ — Vested and Exercisable at July 31, 2024 219 $ 26.48 $ — The total stock-based compensation expense for options was less than $0.1 million and $0.7 million for the three months ended July 31, 2024 and 2023, respectively. The total stock-based compensation expense for options was million for the nine months ended July 31, 2024 and 2023, respectively. As of July 31, 2024, there was

Other events

Other events	9 Months Ended
Other events	Jul. 31, 2024
Other events
Other events	7. Other events Dividend payments On January 31, 2024, we paid a dividend of $0.10 per share, or an aggregate of $1.8 million, to shareholders of record on January 26, 2024. On April 29, 2024, we paid a dividend of $0.10 per share, or an aggregate of $1.8 million, to shareholders of record on April 1, 2024. On July 30, 2024, we paid a dividend of $0.10 per share, or an aggregate of $1.8 million, to shareholders of record on July 2, 2024. Restricted cash In the prior year, in connection with the refinancing of our credit facility, we temporarily posted $0.8 million of cash collateral to satisfy certain collateral requirements as we transitioned banks providing letters of credit related to our workers compensation insurance policies. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business that we do not believe will have a material adverse impact on our financial statements. Compliance matters On January 16, 2024, the Company announced that its internal audit process had identified to the Audit Committee of the Board of Directors certain matters that the Board of Directors determined after fiscal year end merited enhanced evaluation. A Special Committee of the Board of Directors (the “Special Committee”) was established to commence an investigation, with the assistance of external legal counsel and external forensic accountants. The Special Committee determined that certain of those matters related to the Company’s operations in Mexico raised potential issues under the Foreign Corrupt Practices Act (“FCPA”). The Company has voluntarily disclosed this ongoing internal investigation to the SEC and the Department of Justice ("DOJ"), and the Company intends to fully cooperate with the SEC and the DOJ in connection with these matters. Any determination that the Company’s operations or activities were not in compliance with laws, including the FCPA, could result in the imposition of material fines and penalties and the imposition of equitable remedies. The Company cannot currently predict the timing of completion or the outcome of its internal investigation or of any actions that may be taken by the SEC, the DOJ or Mexican authorities in connection with the matters under investigation, and the Company cannot currently estimate the amount or range of loss or potential impact on its consolidated financial statements associated with these matters. Mexico tax audits We conduct business both domestically and internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities, primarily in Mexico and the United States. 2013 Assessment In January 2017, Calavo de Mexico (“CDM”) received preliminary observations from the Servicio de Administracion Tributaria in Mexico (the “SAT”) related to an audit for fiscal year 2013 outlining certain proposed adjustments primarily related to intercompany funding, deductions for services from certain vendors/suppliers and IVA. We provided a written rebuttal to these preliminary observations during our third fiscal quarter of 2017. In July 2018, the SAT’s local office in Uruapan issued to CDM a final tax assessment (the “2013 Assessment”) totaling approximately $2.6 billion Mexican pesos (which includes annual adjustments for inflation, and equals approximately $138.4 million USD at July 31, 2024) related to income tax, flat rate business tax, and value added tax, related to this fiscal 2013 tax audit. This amount has been adjusted for inflation as of July 31, 2024 to the amount of $3.08 billion Mexican pesos (approx. $163.9 million USD). Additionally, the tax authorities have determined that we owe our employees profit-sharing liability, totaling approximately $118 million Mexican pesos (approx. $6.3 million USD at July 31, 2024). In August 2018, we filed an Administrative Appeal on the 2013 Assessment, appealing our case to the SAT’s central legal department in Michoacan. On June 25, 2021, we became aware that the Administrative Appeal had been resolved by the SAT against CDM on March 12, 2021, and that we had allegedly failed to timely respond to and challenge the SAT’s notification of such resolution, therefore rendering the 2013 Assessment as definitive. Based on legal counsel from our tax advisory firm, we and our tax advisory firm have concluded that the March notification was not legally communicated. On August 18, 2021, we filed an Administrative Reconsideration (the “Reconsideration”) before the Central Legal Department of the SAT located in Mexico City, asserting that the resolution in March of the Administrative Appeal was wrongly concluded, in particular with respect to the following matters: o Failure to recognize CDM as a “maquiladora” o Considering the Company to have a permanent establishment in Mexico, o Including fruit purchase deposits transferred by the Company to CDM as taxable, o Application of 16% IVA tax to fruit purchase deposits; and o Imposing double-taxation on the fruit purchase transactions SAT formally rejected our request for Reconsideration on January 3, 2022. CDM has filed an Amparo on April 22, 2024 and an Appeal on July 31, 2024 before the Circuit Court challenging the last resolution from March 25, 2024 where the tax authority considered that the filing of the administrative reconsideration was not legally viable because there was a legal remedy already filed that coexists with the administrative reconsideration, that is, the Annulment Suit. On August 20, 2021 CDM filed an Annulment Suit (the “Annulment Suit”) with the Federal Tax Court, which among other things, strongly contends that the notifications made by the SAT to CDM and its designated advisors of the resolution of the Administrative Appeal in March 2021 were not legally communicated. In addition, the Annulment Suit asserts the same matters central to the Reconsideration, as described above, as wrongly concluded in the resolution of the Administrative Appeal. On October 13, 2023, the Company filed an extension of the Annulment Suit filed on August 20, 2021, as a result of the response to the lawsuit filed by the Tax Authority, pointing out that the Tax Authority’s resolution is unlawful due to improper substantiation and motivation, because of the following: ● The QR Code does not allow the company to verify the veracity of the document, ● The notification of the tax assessment was not sent to the phone number indicated by the company, when the Tax Authority was obliged to do so, among others. On November 14, 2023, the Tax Court notified the admission of the extension of the lawsuit was filed. While we continue to believe that the 2013 Assessment is completely without merit, and that we will prevail on the Annulment Suit in the Tax Court, we also believe that it is in the best interest of CDM and the Company to settle the 2013 Assessment as quickly as possible. In accordance with our cumulative probability analysis on uncertain tax positions, settlements made by the SAT in other cases, the 2011 Assessment settlement reached by CDM with the Ministry of Finance and Administration of the government of the State of Michoacan, Mexico, and the value of CDM assets, we recorded a provision of $11 million, in the third quarter of fiscal 2021, as a discrete item in Income Tax Provision. The provision includes estimated penalties, interest and inflationary adjustments. We believe that this provision remains appropriate as of July 31, 2024 based on our cumulative probability analysis. We incurred

Noncontrolling interest

Noncontrolling interest	9 Months Ended
Noncontrolling interest	Jul. 31, 2024
Noncontrolling interest.
Noncontrolling interest	8. Noncontrolling interest The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands). Three months ended July 31, Avocados de Jalisco noncontrolling interest 2024 2023 Noncontrolling interest, beginning $ 1,439 $ 1,323 Net income (loss) attributable to noncontrolling interest of Avocados de Jalisco (30) 82 Noncontrolling interest, ending $ 1,409 $ 1,405 Nine months ended July 31, Avocados de Jalisco noncontrolling interest 2024 2023 Noncontrolling interest, beginning $ 1,392 $ 1,015 Net income attributable to noncontrolling interest of Avocados de Jalisco 17 390 Noncontrolling interest, ending $ 1,409 $ 1,405

Earnings per share

Earnings per share	9 Months Ended
Earnings per share	Jul. 31, 2024
Earnings per share
Earnings per share	9. Earnings per share Basic and diluted net income (loss) per share is calculated as follows (data in thousands, except per share data): Three months ended July 31, 2024 2023 Numerator: Net income from continuing operations $ 5,365 $ 8,737 Add: Net loss (income) attributable to noncontrolling interest 30 (82) Net income from continuing operations attributable to Calavo Growers, Inc. 5,395 8,655 Net loss from discontinued operations (refer to Note 11) (6,127) (2,029) Net income (loss) attributable to Calavo Growers, Inc. $ (732) $ 6,626 Denominator: Weighted average shares - Basic 17,801 17,756 Effect on dilutive securities – Restricted stock/units/options 41 100 Weighted average shares - Diluted 17,842 17,856 Net income from continuing operations Basic $ 0.30 $ 0.49 Diluted $ 0.30 $ 0.48 Net loss from discontinued operations (refer to Note 11) Basic $ (0.34) $ (0.11) Diluted $ (0.34) $ (0.11) Net income (loss) per share attributable to Calavo Growers, Inc: Basic $ (0.04) $ 0.37 Diluted $ (0.04) $ 0.37 Nine months ended July 31, 2024 2023 Numerator: Net income from continuing operations $ 9,298 $ 9,739 Add: Net income attributable to noncontrolling interest (17) (390) Net income from continuing operations attributable to Calavo Growers, Inc. 9,281 9,349 Net loss from discontinued operations (refer to Note 11) (10,218) (9,786) Net loss attributable to Calavo Growers, Inc. $ (937) $ (437) Denominator: Weighted average shares - Basic 17,800 17,746 Effect on dilutive securities – Restricted stock/units/options 48 89 Weighted average shares - Diluted 17,848 17,835 Net income from continuing operations Basic $ 0.52 $ 0.53 Diluted $ 0.52 $ 0.52 Net loss from discontinued operations (refer to Note 11) Basic $ (0.57) $ (0.55) Diluted $ (0.57) $ (0.55) Net loss per share attributable to Calavo Growers, Inc: Basic $ (0.05) $ (0.02) Diluted $ (0.05) $ (0.02)

Mexican IVA taxes receivable

Mexican IVA taxes receivable	9 Months Ended
Mexican IVA taxes receivable	Jul. 31, 2024
Mexican IVA taxes receivable
Mexican IVA taxes receivable	10. Mexican IVA taxes receivable Included in other assets are tax receivables due from the Mexican government for value-added taxes (“IVA”) paid in advance. CDM is charged IVA by vendors on certain expenditures in Mexico, which, insofar as they relate to the exportation of goods, translate into IVA amounts recoverable from the Mexican government. As of July 31, 2024, and October 31, 2023, CDM IVA receivables, net of our estimated provision for uncollectable amounts, totaled $51.2 million (963.9 million Mexican pesos) and $49.9 million (913.6 million Mexican pesos). Historically, CDM received IVA refund payments from the Mexican tax authorities on a timely basis. Beginning in fiscal 2014 and continuing into fiscal 2024, the tax authorities began objecting to refund requests and supporting documentation that had previously been deemed acceptable to process a refund. Additionally, they are also contesting the refunds requested attributable to IVA paid to certain suppliers that allegedly did not fulfill their own tax obligations. We believe these factors and others have contributed to delays in the processing of IVA claims by the Mexican tax authorities. Currently, we are in the process of collecting such balances primarily through regular administrative processes, but these amounts may ultimately need to be recovered through Administrative Appeals and/or other legal means. During the first quarter of fiscal 2017, the tax authorities informed us that their internal opinion, based on the information provided by the local SAT office, considers that CDM was not properly documented relative to its declared tax structure and therefore CDM could not claim the refundable IVA balance. CDM has strong arguments and supporting documentation to sustain its declared tax structure for IVA and income tax purposes. CDM started an Administrative Appeal for the IVA related to the request of the months of July, August and September of 2015 (the “2015 Appeal”) in order to assert its argument that CDM is properly documented and to therefore change the SAT’s internal assessment. In August 2018, we received a favorable ruling from the SAT’s Legal Administration in Michoacan on the 2015 Appeal indicating that they believe CDM’s legal interpretation of its declared tax structure is indeed accurate. While favorable on this central matter of CDM’s declared tax structure, the ruling, however, still does not recognize the taxpayer’s right to a full refund for the IVA related to the months of July, August and September 2015. Therefore, in October 2018, CDM filed a substance-over-form Annulment Suit in the Federal Tax Court to recover its full refund for IVA over the subject period. In April 2022, the Tax Court issued the ruling for the months of July, August and September 2015 through which it was declared that the following resolutions were resolved: ● It is recognized that CDM operates as a maquila under the authorization of the Ministry of Finance. ● It is recognized that all bank deposits corresponding to the purchase of avocados on behalf of Calavo Growers Inc. (CGI), are subject to the maquila program and it is not accruable income for purposes of Income Tax nor activities subject to VAT. ● It is recognized that IVA is recoverable, since CDM demonstrated the existence of operations carried under the maquila services. ● Resolved that certain IVA amounts attributed to the purchase of certain packing materials are not recoverable as CDM was not the buyer on record and therefore did not pay for the materials, which approximated $6.9 million pesos (approximately $0.4 million USD). We believe that our operations in Mexico are properly documented, and our internationally recognized tax advisors believe that there are legal grounds to prevail in collecting the corresponding IVA amounts. With assistance from our internationally recognized tax advisory firm, as of July 31, 2024, CDM has filed Administrative Appeals for months for which IVA refunds have been denied by the SAT, and will continue filing such appeals for any months for which refunds are denied in the future. Therefore, it is probable that the Mexican tax authorities will ultimately authorize the refund of the remaining IVA amounts.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	9 Months Ended
Assets Held for Sale and Discontinued Operations	Jul. 31, 2024
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations	11. Assets Held for Sale and Discontinued Operations We completed the sale of our Fresh Cut business (formerly “RFG”) and related real estate to F&S Fresh Foods of Vineland, New Jersey, on August 15, 2024 for $83 million, subject to various closing adjustments. The Fresh Cut business represents substantially all of the business of the Prepared segment other than the guacamole business, which was retained. For more information, see Note 12. During the nine-month period ended July 31, 2024, management has concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the divestiture, as described in Note 2. The following table presents the major classes of assets and liabilities of the Fresh Cut business that are classified as held for sale in the accompanying balance sheets (in thousands). July 31, October 31, 2024 2023 Accounts receivable, net $ 26,774 $ 27,479 Inventories, net 7,349 7,859 Prepaid expenses and other current assets 987 2,195 Property, plant, and equipment, net 49,874 51,805 Operating lease right-of-use assets 28,942 29,676 Goodwill 9,162 18,442 Intangibles 5,047 5,423 Other assets 78 78 Total assets held for sale $ 128,213 $ 142,957 Trade accounts payable $ 10,512 $ 10,440 Accrued expenses 6,319 15,299 Current portion of operating leases 3,319 3,399 Current portion of long-term obligations and finance leases 411 773 Long-term operating leases, less current portion 25,695 28,065 Long-term obligations and finance leases, less current portion 806 1,002 Other long-term liabilities 192 228 Total liabilities held for sale $ 47,254 $ 59,206 Goodwill related to our Prepared segment was allocated between our Fresh Cut and Guacamole businesses based on the relative fair value of the disposal group and the portion of the reporting unit to be retained as of the date of the assets held for sale determination. The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands): Three months ended Nine months ended July 31, July 31, 2024 2023 2024 2023 Net sales $ 88,586 $ 99,019 $ 258,958 $ 278,870 Cost of sales 81,224 98,017 246,955 277,155 Gross profit 7,362 1,002 12,003 1,715 Selling, general and administrative 4,193 4,848 12,896 14,274 Impairment of goodwill 9,280 — 9,280 — Operating loss (6,111) (3,846) (10,173) (12,559) Interest expense (23) (27) (77) (95) Other income, net 7 53 32 38 Loss from discontinued operations before income taxes (6,127) (3,820) (10,218) (12,616) Income tax benefit — 1,791 — 2,830 Net loss from discontinued operations $ (6,127) $ (2,029) $ (10,218) $ (9,786) Due to the sale of our Fresh Cut business on August 15, 2024, we evaluated whether it was more likely than not that the carrying value of the Fresh Cut business exceeded its fair value. We performed an impairment analysis in which the fair value was estimated based on the arm’s length sale price. Accordingly, the Company recorded a goodwill impairment charge of Select cash flow information related to the Fresh Cut business follows (in thousands): Nine months ended July 31, 2024 2023 Net cash used in operating activities $ (7,071) $ (13,551) Net cash used in investing activities $ (355) $ (8,586)

Sale of Fresh Cut Business

Sale of Fresh Cut Business	9 Months Ended
Sale of Fresh Cut Business	Jul. 31, 2024
Sale of Fresh Cut Business
Sale of Fresh Cut Business	12. Sale of Fresh Cut Business Asset Purchase Agreement and Purchase and Sale Agreement On August 15, 2024, we (including various of our subsidiaries, the “Seller Parties”), F&S Produce Co., Inc., a New Jersey corporation and a co-packing partner of the Company (“F&S”) and F&S Produce West LLC, a Delaware limited liability company and a wholly-owned subsidiary of F&S (“Buyer”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), whereby the Buyer (i) purchased and acquired from the applicable Seller Parties certain assets of the Seller Parties related to the prepared food business of the Seller Parties and their subsidiaries relating to the processing and packaging of fresh foods, including fresh-cut fruit and vegetables, and prepared foods, including sandwiches, salads, parfaits and ready-to-eat snack items, sold at retail and food service, but excluding the guacamole or other avocado derivative product business (the “RFG Business”), (ii) purchased and acquired from the applicable Seller Parties the RFG Business as a going concern and (iii) assumed certain specified liabilities of the Seller Parties related to the RFG Business as set forth in the Asset Purchase Agreement. Additionally, Buyer assumed leasehold interests in certain real property and related improvements leased by certain of the Seller Parties and used in the RFG Business (the “RFG Leases”), pursuant to leasehold assignment and assumption agreements and related documents between Buyer, the applicable Seller Parties who are the lessees under the RFG Leases and the applicable landlords under the RFG Leases. Concurrently with the transaction contemplated by the Asset Purchase Agreement (the “Transaction”), Mid-Eastern West LLC, a California limited liability company and an affiliate of F&S, entered into a Purchase and Sale Agreement with Force 1730 Eastridge LLC, a California limited liability company and a subsidiary of the Company, to purchase the real property located at 1730 Eastridge Ave, Riverside, CA 92507 for $30,980,000 . In addition, pursuant to the Asset Purchase Agreement, the purchase price for the Purchased Assets (as defined in the Asset Purchase Agreement) was $52,020,000 , subject to certain adjustments relating to working capital, severance, and approved capital expenditures. Amendment to Credit Agreement On August 15, 2024, we entered into a First Amendment to Credit Agreement and Consent (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association, as agent and lender (“Agent”), whereby (i) the Credit Agreement was amended to reduce the revolving commitments thereunder from $90,000,000 to $75,000,000 , among other minor adjustments to align the borrowing base with our current asset base excluding the Fresh Cut business, and (ii) we obtained consent from Agent for entry into the Asset Purchase Agreement and Purchase and Sale Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (732)	$ 6,626	$ (937)	$ (437)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of the business (Po

Description of the business (Policies)	9 Months Ended
Description of the business (Policies)	Jul. 31, 2024
Description of the business
Business	Business Calavo Growers, Inc. (referred to in this report as “Calavo”, the “Company”, “we”, “us” or “our”), is a global leader in the avocado industry and a provider of value-added fresh food. Our expertise in marketing and distributing avocados, prepared avocados, and other perishable foods allows us to deliver a wide array of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. We procure avocados from California, Mexico and other growing regions around the world. Through our various operating facilities, we (i) sort, pack, and/or ripen avocados, tomatoes and/or Hawaiian grown papayas, (ii) create, process and package a portfolio of healthy fresh foods including fresh-cut fruit and vegetables, and prepared foods and (iii) process and package guacamole. We distribute our products both domestically and internationally and we report our operations in different business segments: Grown and Prepared. During the nine-months period ended July 31, 2024, management concluded that the Fresh Cut business meets the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in the accompanying statements of operations, and its assets and liabilities are reflected as amounts held for sale in the accompanying balance sheets. The Company's reporting segments have also been changed for the effects of the divestiture, as described in Note 2. For more information, see Note 11.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Fresh Cut business unit as discontinued operations (see Note 11, “Assets Held for Sale and Discontinued Operations”). Prior period amounts related to foreign currency remeasurement gains (losses) have been reclassified from cost of sales to foreign currency gain (loss) to conform to the current period presentation
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Standards In November 2023, the Financial Standards Accounting Board issued Accounting Standards Update 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures

Information regarding our ope_2

Information regarding our operations in different segments (Tables)	9 Months Ended
	Jul. 31, 2024
Information regarding our operations in different segments
Schedule of sales by product and segment	Three months ended July 31, 2024 Three months ended July 31, 2023 Grown Prepared Total Grown Prepared Total Avocados $ 151,814 $ — $ 151,814 $ 127,328 $ — $ 127,328 Tomatoes 9,874 — 9,874 15,188 — 15,188 Papayas 2,268 — 2,268 2,338 — 2,338 Other fresh income 24 — 24 10 — 10 Guacamole — 18,388 18,388 — 18,721 18,721 Salsa — — — — 49 49 Total gross sales 163,980 18,388 182,368 144,864 18,770 163,634 Less sales allowances (762) (2,010) (2,772) (795) (1,983) (2,778) Net sales $ 163,218 $ 16,378 $ 179,596 $ 144,069 $ 16,787 $ 160,856 Nine months ended July 31, 2024 Nine months ended July 31, 2023 Grown Prepared Total Grown Prepared Total Avocados $ 387,500 $ — $ 387,500 $ 352,858 $ — $ 352,858 Tomatoes 49,226 — 49,226 44,503 — 44,503 Papayas 8,200 — 8,200 8,193 — 8,193 Other fresh income 72 — 72 75 — 75 Guacamole — 54,107 54,107 — 54,421 54,421 Salsa — — — — 756 756 Total gross sales 444,998 54,107 499,105 405,629 55,177 460,806 Less sales allowances (1,999) (5,521) (7,520) (3,510) (5,398) (8,908) Net sales $ 442,999 $ 48,586 $ 491,585 $ 402,119 $ 49,779 $ 451,898
Schedule of segment gross margin	Grown Prepared Total (All amounts are presented in thousands) Three months ended July 31, 2024 Net sales $ 163,218 $ 16,378 $ 179,596 Cost of sales 145,043 14,460 159,503 Gross profit $ 18,175 $ 1,918 $ 20,093 Three months ended July 31, 2023 Net sales $ 144,069 $ 16,787 $ 160,856 Cost of sales 124,734 14,118 138,852 Gross profit $ 19,335 $ 2,669 $ 22,004 Grown Prepared Total (All amounts are presented in thousands) Nine months ended July 31, 2024 Net sales $ 442,999 $ 48,586 $ 491,585 Cost of sales 402,041 38,030 440,071 Gross profit $ 40,958 $ 10,556 $ 51,514 Nine months ended July 31, 2023 Net sales $ 402,119 $ 49,779 $ 451,898 Cost of sales 363,120 40,434 403,554 Gross profit $ 38,999 $ 9,345 $ 48,344
Schedule of long-lived assets by geographic areas	The net carrying value of long-lived assets attributed to geographic areas as of July 31, 2024 and October 31, 2023, are as follows (in thousands): United States Mexico Consolidated July 31, 2024 $ 21,357 $ 34,537 $ 55,894 October 31, 2023 $ 25,986 $ 34,938 $ 60,924

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Jul. 31, 2024
Inventories
Schedule of Inventories	Inventories consist of the following (in thousands): July 31, October 31, 2024 2023 Fresh fruit $ 13,967 $ 14,815 Packing supplies and ingredients 7,933 7,908 Finished prepared foods 9,922 8,848 Total $ 31,822 $ 31,571

Other assets (Tables)

Other assets (Tables)	9 Months Ended
Other assets (Tables)	Jul. 31, 2024
Other assets
Schedule of Other Assets	Other assets consist of the following (in thousands): July 31, October 31, 2024 2023 Mexican IVA (i.e. value-added) taxes receivable, net (see Note 10) $ 51,189 $ 49,888 Infrastructure advances 1,066 1,641 Other 709 852 Total $ 52,964 $ 52,381

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Jul. 31, 2024
Stock-Based Compensation
Summary of RSU activity	A summary of RSU activity, related to our 2020 Plan, is as follows (in thousands, except for per share amounts): Number of Shares Weighted-Average Aggregate Represented Grant Price Intrinsic Value Outstanding at April 30, 2024 68 $ 28.98 Granted 2 $ 25.84 Vested (4) $ 37.81 Forfeited (1) $ 34.51 Outstanding at July 31, 2024 65 $ 28.31 $ 1,545 Number of Shares Weighted-Average Aggregate Represented Grant Price Intrinsic Value Outstanding at October 31, 2023 51 $ 35.36 Granted 41 $ 24.42 Vested (21) $ 34.85 Forfeited (6) $ 35.00 Outstanding at July 31, 2024 65 $ 28.31 $ 1,545
Assumptions for fair value stock options	Risk-free interest rate 4.47% Expected volatility 43.00% Dividend yield 1.55% Expected life (years) 5.0
Summary of stock option activity	A summary of stock option activity, related to our 2011 and 2020 Plans, is as follows (in thousands, except for weighted-average exercise price): Weighted-Average Aggregate Exercise Intrinsic Number of Shares Price Value Outstanding at April 30, 2024 525 $ 25.44 Granted 10 $ 25.84 Outstanding at July 31, 2024 535 $ 25.44 $ — Vested and Exercisable at July 31, 2024 219 $ 26.48 $ — Weighted-Average Aggregate Exercise Intrinsic Number of Shares Price Value Outstanding at October 31, 2023 525 $ 25.44 Granted 10 $ 25.84 Outstanding at July 31, 2024 535 $ 25.44 $ — Vested and Exercisable at July 31, 2024 219 $ 26.48 $ —

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	9 Months Ended
Noncontrolling interest (Tables)	Jul. 31, 2024
Noncontrolling interest.
Schedule of reconciliation of shareholders' equity attributable to noncontrolling interest	The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands). Three months ended July 31, Avocados de Jalisco noncontrolling interest 2024 2023 Noncontrolling interest, beginning $ 1,439 $ 1,323 Net income (loss) attributable to noncontrolling interest of Avocados de Jalisco (30) 82 Noncontrolling interest, ending $ 1,409 $ 1,405 Nine months ended July 31, Avocados de Jalisco noncontrolling interest 2024 2023 Noncontrolling interest, beginning $ 1,392 $ 1,015 Net income attributable to noncontrolling interest of Avocados de Jalisco 17 390 Noncontrolling interest, ending $ 1,409 $ 1,405

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
Earnings per share (Tables)	Jul. 31, 2024
Earnings per share
Schedule of basic and diluted net income per share	Three months ended July 31, 2024 2023 Numerator: Net income from continuing operations $ 5,365 $ 8,737 Add: Net loss (income) attributable to noncontrolling interest 30 (82) Net income from continuing operations attributable to Calavo Growers, Inc. 5,395 8,655 Net loss from discontinued operations (refer to Note 11) (6,127) (2,029) Net income (loss) attributable to Calavo Growers, Inc. $ (732) $ 6,626 Denominator: Weighted average shares - Basic 17,801 17,756 Effect on dilutive securities – Restricted stock/units/options 41 100 Weighted average shares - Diluted 17,842 17,856 Net income from continuing operations Basic $ 0.30 $ 0.49 Diluted $ 0.30 $ 0.48 Net loss from discontinued operations (refer to Note 11) Basic $ (0.34) $ (0.11) Diluted $ (0.34) $ (0.11) Net income (loss) per share attributable to Calavo Growers, Inc: Basic $ (0.04) $ 0.37 Diluted $ (0.04) $ 0.37 Nine months ended July 31, 2024 2023 Numerator: Net income from continuing operations $ 9,298 $ 9,739 Add: Net income attributable to noncontrolling interest (17) (390) Net income from continuing operations attributable to Calavo Growers, Inc. 9,281 9,349 Net loss from discontinued operations (refer to Note 11) (10,218) (9,786) Net loss attributable to Calavo Growers, Inc. $ (937) $ (437) Denominator: Weighted average shares - Basic 17,800 17,746 Effect on dilutive securities – Restricted stock/units/options 48 89 Weighted average shares - Diluted 17,848 17,835 Net income from continuing operations Basic $ 0.52 $ 0.53 Diluted $ 0.52 $ 0.52 Net loss from discontinued operations (refer to Note 11) Basic $ (0.57) $ (0.55) Diluted $ (0.57) $ (0.55) Net loss per share attributable to Calavo Growers, Inc: Basic $ (0.05) $ (0.02) Diluted $ (0.05) $ (0.02)

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
Assets Held for Sale and Discontinued Operations (Tables)	Jul. 31, 2024
Assets Held for Sale and Discontinued Operations
Schedule of information being reported as discontinued operations	July 31, October 31, 2024 2023 Accounts receivable, net $ 26,774 $ 27,479 Inventories, net 7,349 7,859 Prepaid expenses and other current assets 987 2,195 Property, plant, and equipment, net 49,874 51,805 Operating lease right-of-use assets 28,942 29,676 Goodwill 9,162 18,442 Intangibles 5,047 5,423 Other assets 78 78 Total assets held for sale $ 128,213 $ 142,957 Trade accounts payable $ 10,512 $ 10,440 Accrued expenses 6,319 15,299 Current portion of operating leases 3,319 3,399 Current portion of long-term obligations and finance leases 411 773 Long-term operating leases, less current portion 25,695 28,065 Long-term obligations and finance leases, less current portion 806 1,002 Other long-term liabilities 192 228 Total liabilities held for sale $ 47,254 $ 59,206 Three months ended Nine months ended July 31, July 31, 2024 2023 2024 2023 Net sales $ 88,586 $ 99,019 $ 258,958 $ 278,870 Cost of sales 81,224 98,017 246,955 277,155 Gross profit 7,362 1,002 12,003 1,715 Selling, general and administrative 4,193 4,848 12,896 14,274 Impairment of goodwill 9,280 — 9,280 — Operating loss (6,111) (3,846) (10,173) (12,559) Interest expense (23) (27) (77) (95) Other income, net 7 53 32 38 Loss from discontinued operations before income taxes (6,127) (3,820) (10,218) (12,616) Income tax benefit — 1,791 — 2,830 Net loss from discontinued operations $ (6,127) $ (2,029) $ (10,218) $ (9,786) Nine months ended July 31, 2024 2023 Net cash used in operating activities $ (7,071) $ (13,551) Net cash used in investing activities $ (355) $ (8,586)

Description of the business (De

Description of the business (Details) $ in Thousands	3 Months Ended		9 Months Ended
Description of the business (Details) $ in Thousands	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)	Aug. 15, 2024 USD ($)
Number of reportable segments \| segment			2
Foreign currency gains (losses)	$ (4,203)	$ 2,019	$ (2,799)	$ 4,435
Discontinued Operations, Disposed by Sale \| Fresh-cut products
Consideration for sale					$ 83,000

Information regarding our ope_3

Information regarding our operations in different segments - Product (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)
Segment reporting information
Number of reportable segments \| segment			2
Total gross sales	$ 182,368	$ 163,634	$ 499,105	$ 460,806
Less sales allowances	(2,772)	(2,778)	(7,520)	(8,908)
Net sales	179,596	160,856	491,585	451,898
Avocados
Segment reporting information
Total gross sales	151,814	127,328	387,500	352,858
Tomatoes
Segment reporting information
Total gross sales	9,874	15,188	49,226	44,503
Papayas
Segment reporting information
Total gross sales	2,268	2,338	8,200	8,193
Other fresh products
Segment reporting information
Total gross sales	24	10	72	75
Guacamole
Segment reporting information
Total gross sales	18,388	18,721	54,107	54,421
Salsa
Segment reporting information
Total gross sales		49		756
Grown
Segment reporting information
Total gross sales	163,980	144,864	444,998	405,629
Less sales allowances	(762)	(795)	(1,999)	(3,510)
Net sales	163,218	144,069	442,999	402,119
Grown \| Avocados
Segment reporting information
Total gross sales	151,814	127,328	387,500	352,858
Grown \| Tomatoes
Segment reporting information
Total gross sales	9,874	15,188	49,226	44,503
Grown \| Papayas
Segment reporting information
Total gross sales	2,268	2,338	8,200	8,193
Grown \| Other fresh products
Segment reporting information
Total gross sales	24	10	72	75
Prepared
Segment reporting information
Total gross sales	18,388	18,770	54,107	55,177
Less sales allowances	(2,010)	(1,983)	(5,521)	(5,398)
Net sales	16,378	16,787	48,586	49,779
Prepared \| Guacamole
Segment reporting information
Total gross sales	$ 18,388	18,721	$ 54,107	54,421
Prepared \| Salsa
Segment reporting information
Total gross sales		$ 49		$ 756

Information regarding our ope_4

Information regarding our operations in different segments - Gross Profit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Segment reporting information
Net sales	$ 179,596	$ 160,856	$ 491,585	$ 451,898
Cost of sales	159,503	138,852	440,071	403,554
Gross profit	20,093	22,004	51,514	48,344
Goodwill	10,211		10,211		$ 10,211
Grown
Segment reporting information
Net sales	163,218	144,069	442,999	402,119
Cost of sales	145,043	124,734	402,041	363,120
Gross profit	18,175	19,335	40,958	38,999
Prepared
Segment reporting information
Net sales	16,378	16,787	48,586	49,779
Cost of sales	14,460	14,118	38,030	40,434
Gross profit	$ 1,918	2,669	10,556	9,345
Elimination between Grown and Prepared
Segment reporting information
Sales and cost of sales eliminated		$ 500
Intersegment Eliminations
Segment reporting information
Sales and cost of sales eliminated			$ 600	$ 1,200

Information regarding our ope_5

Information regarding our operations in different segments - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Segment reporting information
Net sales	$ 179,596	$ 160,856	$ 491,585	$ 451,898
Long-lived assets	55,894		55,894		$ 60,924
Foreign currency gains (losses)	(4,203)	2,019	(2,799)	4,435
Outside United States
Segment reporting information
Net sales	11,900	$ 8,600	35,700	$ 24,100
United States
Segment reporting information
Long-lived assets	21,357		21,357		25,986
Mexico
Segment reporting information
Long-lived assets	$ 34,537		$ 34,537		$ 34,938

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Inventories
Fresh fruit	$ 13,967	$ 14,815
Packing supplies and ingredients	7,933	7,908
Finished prepared foods	9,922	8,848
Total inventories	$ 31,822	31,571
Inventory valuation reserves		$ 400

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023	Oct. 31, 2020
Related-Party Transactions
Investments in unconsolidated entities		$ 2,528		$ 2,528		$ 2,902
Advances to suppliers-related party note				(2,456)	$ 2,481
Advances to suppliers		12,828		12,828		14,684
Payable to growers		$ 26,377		26,377		14,788
Non-cash settlement of advance				$ 600	1,700
Don Memo \| Agricola Belher \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50%		50%
Directors
Related-Party Transactions
Purchases from related parties		$ 1,900	$ 2,200	$ 2,200	2,300
Accounts payable to related parties		900		900		0
Chief Executive Officer
Related-Party Transactions
Purchases from related parties		3,300	1,700	4,700	1,700
Equity method-Don Memo
Related-Party Transactions
Purchases from related parties		3,300	6,900	10,600	13,000
Investments in unconsolidated entities		2,500		2,500		2,900
Advances to suppliers-related party note			200	4,500	4,100
Advances to suppliers		8,500		8,500		7,300
Loan receivable fixed interest rate (as a percent)							7.25%
Commitment amount							$ 2,400
Loan to related parties		$ 1,600		$ 1,600		$ 1,600
Equity method-Don Memo \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50%		50%		50%
Other related party \| Agricola Belher
Related-Party Transactions
Purchases from related parties		$ 4,100	2,100	$ 29,100	16,200
Amount loaned	$ 3,500
Advances to suppliers-related party note		2,500		3,500
Advances to suppliers		2,500		2,500		$ 5,400
Loan receivable fixed interest rate (as a percent)	10%
Loan to related parties		1,100		1,100		$ 1,700
Subsidiary-Avocados de Jalisco
Related-Party Transactions
Purchases from related parties		$ 3,500	$ 2,100	$ 7,100	$ 6,400
Subsidiary-Avocados de Jalisco \| Avocados De Jalisco
Related-Party Transactions
Subsidiary ownership (as a percent)		83%		83%

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Other assets.
Mexican IVA (i.e. value-added) taxes receivable, net	$ 51,189	$ 49,888
Infrastructure advances	1,066	1,641
Other	709	852
Total	$ 52,964	$ 52,381

Stock-Based Compensation - Gene

Stock-Based Compensation - General (Details) - 2020 Management Incentive Plan	Apr. 21, 2021 shares
Share-based Compensation
Award expiration period	5 years
Common stock shares authorized (in shares)	1,500,000

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 01, 2023	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Restricted Stock
Share-based Compensation
Stock-based compensation expense			$ 200	$ 100	$ 1,900
Unrecognized stock based compensation expenses		$ 0		$ 0
RSUs
Share-based Compensation
Stock closing price awarded (in dollars per share)	$ 24.35	$ 25.84		$ 24.42
Stock-based compensation expense		$ 400	$ 400	$ 1,200	$ 1,300
Outstanding (in shares), Beginning Balance	51	68		51
Granted (in shares)	4,929	2		41
Vested (in shares)		(4)		(21)
Forfeited (in shares)		(1)		(6)
Outstanding (in shares), Ending Balance		65		65
Outstanding, Weighted-Average Exercise Price, beginning balance	$ 35.36	$ 28.98		$ 35.36
Granted, Weighted-Average Grant Price	$ 24.35	25.84		24.42
Vested, Weighted-Average Grant Price		37.81		34.85
Forfeited, Weighted-Average Grant Price		34.51		35
Outstanding, Weighted-Average Exercise Price, ending balance		$ 28.31		$ 28.31
Aggregate Intrinsic Value		$ 1,545		$ 1,545
Unrecognized stock based compensation expenses		$ 800		$ 800
Unrecognized compensation cost period				7 months 6 days
RSUs \| Aggregate
Share-based Compensation
Granted (in shares)	39,432

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Share-based Compensation
Outstanding, Number of Shares, Beginning Balance		525		525
Granted, Number of Shares		10		10
Outstanding, Number of Shares, Ending Balance		535		535
Vested and Exercisable, Number of Shares		219		219
Outstanding, Weighted-Average Exercise Price		$ 25.44		$ 25.44
Granted, Weighted-Average Exercise Price		25.84		25.84
Outstanding, Weighted-Average Exercise Price, ending balance		25.44		25.44
Vested and Exercisable, Weighted-Average Exercise Price		$ 26.48		$ 26.48
Exercisable stock options, weighted-average remaining contractual term				3 years 7 months 6 days
Employee Stock Option
Share-based Compensation
Market price	$ 25.84
Vesting period	5 years
Granted, Number of Shares	10,000
Granted, Weighted-Average Exercise Price	$ 25.84
Stock-based compensation expense		$ 0.1	$ 0.7	$ 0.6	$ 0.8
Unrecognized stock based compensation expenses	$ 0.1	$ 0.1		$ 0.1
Unrecognized compensation cost period	60 months
Employee Stock Option \| Minimum
Share-based Compensation
Vesting period				1 year
Award expiration period				2 years
Employee Stock Option \| Maximum
Share-based Compensation
Vesting period				5 years
Award expiration period				5 years

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Input (Details) - Employee Stock Option	9 Months Ended
	Jul. 31, 2024
Share-based Compensation
Risk-free interest rate	4.47%
Expected volatility	43%
Dividend yield	1.55%
Expected life (years)	5 years

Other events (Details)

Other events (Details) $ / shares in Units, $ in Thousands, $ in Millions				1 Months Ended	3 Months Ended			9 Months Ended
	Jul. 30, 2024 USD ($) $ / shares	Apr. 29, 2024 USD ($) $ / shares	Aug. 18, 2021	Jul. 31, 2018 MXN ($)	Jul. 31, 2024 USD ($) $ / shares	Jan. 31, 2024 USD ($) $ / shares	Jul. 31, 2023 $ / shares	Jul. 31, 2024 USD ($) $ / shares	Jul. 31, 2023 USD ($) $ / shares	Jul. 31, 2024 MXN ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2021 USD ($)
Dividend paid (in dollars per share) \| $ / shares	$ 0.10	$ 0.10			$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.4875
Dividend amount paid to shareholders	$ 1,800	$ 1,800				$ 1,800		$ 5,341	$ 8,654
Restricted cash											$ 761
Mexican Tax Authority \| Tax Assessment 2013
Amount disputed				$ 2,600				138,400
Estimate of loss					$ 163,900			163,900		$ 3,080
Percentage of tax on fruit purchase deposits			16%
Tax dispute liability accrued												$ 11,000
Settlement related fees					200			800
Mexican Tax Authority \| Tax Assessment 2013 \| Employee Profit Sharing
Estimate of loss					$ 6,300			$ 6,300		$ 118

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Noncontrolling interest.
Noncontrolling interest, beginning	$ 1,439	$ 1,323	$ 1,392	$ 1,015
Net income (loss) attributable to noncontrolling interest of Avocados de Jalisco	(30)	82	17	390
Noncontrolling interest, ending	$ 1,409	$ 1,405	$ 1,409	$ 1,405

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Earnings per share
Net income from continuing operations	$ 5,365	$ 8,737	$ 9,298	$ 9,739
Add: Net income (loss) attributable to noncontrolling interest	30	(82)	(17)	(390)
Net income from continuing operations attributable to Calavo Growers, Inc.	5,395	8,655	9,281	9,349
Net loss from discontinued operations	(6,127)	(2,029)	(10,218)	(9,786)
Net income (loss) attributable to Calavo Growers, Inc.	$ (732)	$ 6,626	$ (937)	$ (437)
Weighted average shares - Basic (in shares)	17,801	17,756	17,800	17,746
Effect on dilutive securities - Restricted stock/units/options (in shares)	41	100	48	89
Weighted average shares - Diluted (in shares)	17,842	17,856	17,848	17,835
Net income from continuing operations
Basic, Continuing Operations (in dollars per shares)	$ 0.30	$ 0.49	$ 0.52	$ 0.53
Diluted, Continuing Operations (in dollars per shares)	0.30	0.48	0.52	0.52
Net loss from discontinued operations
Basic, Discontinued Operations (in dollars per shares)	(0.34)	(0.11)	(0.57)	(0.55)
Diluted, Discontinued Operations (in dollars per shares)	(0.34)	(0.11)	(0.57)	(0.55)
Net income (loss) per share attributable to Calavo Growers, Inc:
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	(0.04)	0.37	(0.05)	(0.02)
Net income (loss) attributable to Calavo Growers, Inc (in dollar per share)	$ (0.04)	$ 0.37	$ (0.05)	$ (0.02)

Mexican IVA taxes receivable (D

Mexican IVA taxes receivable (Details) - Mexican Tax Authority $ in Millions, $ in Millions	Jul. 31, 2024 USD ($)	Jul. 31, 2024 MXN ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 MXN ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 MXN ($)
IVA receivables
IVA receivables balance	$ 51.2	$ 963.9	$ 49.9	$ 913.6
Unrecoverable value added tax					$ 0.4	$ 6.9

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operations (Details) - Fresh-cut products - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Aug. 15, 2024	Oct. 31, 2023
Discontinued operations, Held for sale
Major classes of assets and liabilities
Accounts receivable, net	$ 26,774		$ 26,774			$ 27,479
Inventories, net	7,349		7,349			7,859
Prepaid expenses and other current assets	987		987			2,195
Property, plant, and equipment, net	49,874		49,874			51,805
Operating lease right-of-use assets	28,942		28,942			29,676
Goodwill	9,162		9,162			18,442
Intangibles	5,047		5,047			5,423
Other assets	78		78			78
Total assets held for sale	128,213		128,213			142,957
Trade accounts payable	10,512		10,512			10,440
Accrued expenses	6,319		6,319			15,299
Current portion of operating leases	3,319		3,319			3,399
Current portion of long-term obligations and finance leases	411		411			773
Long-term operating leases, less current portion	25,695		25,695			28,065
Long-term obligations and finance leases, less current portion	806		806			1,002
Other long-term liabilities	192		192			228
Total liabilities held for sale	47,254		47,254			$ 59,206
Results of operations
Net sales	88,586	$ 99,019	258,958	$ 278,870
Cost of sales	81,224	98,017	246,955	277,155
Gross profit	7,362	1,002	12,003	1,715
Selling, general and administrative	4,193	4,848	12,896	14,274
Impairment of goodwill	9,280		9,280
Operating loss	(6,111)	(3,846)	(10,173)	(12,559)
Interest expense	(23)	(27)	(77)	(95)
Other income, net	7	53	32	38
Loss from discontinued operations before income taxes	(6,127)	(3,820)	(10,218)	(12,616)
Income tax benefit		1,791		2,830
Net loss from discontinued operations	$ (6,127)	$ (2,029)	(10,218)	(9,786)
Select cash flow information
Net cash used in operating activities			(7,071)	(13,551)
Net cash used in investing activities			$ (355)	$ (8,586)
Discontinued Operations, Disposed by Sale
Held for Sale and Discontinued Operations
Consideration for sale					$ 83,000

Sale of Fresh Cut Business - As

Sale of Fresh Cut Business - Asset Purchase Agreement (Details) - Discontinued Operations, Disposed by Sale - Fresh-cut products	Aug. 15, 2024 USD ($)
Held for Sale and Discontinued Operations
Consideration for sale	$ 83,000,000
Real property
Held for Sale and Discontinued Operations
Consideration for sale	30,980,000
Purchased Assets
Held for Sale and Discontinued Operations
Consideration for sale	$ 52,020,000

Sale of Fresh Cut Business - Cr

Sale of Fresh Cut Business - Credit Agreement (Details) - USD ($)	Aug. 15, 2024	Aug. 14, 2024
Revolving Loan
Sale of Fresh Cut Business
Credit available under borrowing agreement	$ 75,000,000	$ 90,000,000