Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and six months ended June 30, 2023.
Highlights for the three months ended June 30, 2023:
- Second quarter Revenue of $2.1 billion, an increase of 4.4%
- Second quarter Net Income of $52.3 million, an increase of 8.1%
- Second quarter Adjusted EBITDA1 of $122.7 million, an increase of 9.7%
- Second quarter Adjusted Net Income of $48.4 million and Adjusted Diluted EPS of $0.51
Financial Highlights - Unaudited
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
(U.S. Dollars in millions, except per share amounts) |
||||||
Revenue |
|
2,141 |
|
2,051 |
|
4,130 |
|
4,021 |
Income from continuing operations2 |
|
63.7 |
|
59.6 |
|
98.7 |
|
88.2 |
Net Income |
|
52.3 |
|
48.4 |
|
72.8 |
|
51.8 |
Net Income attributable to Dole plc |
|
42.3 |
|
41.3 |
|
56.4 |
|
39.9 |
Diluted EPS from continuing operations |
|
0.56 |
|
0.55 |
|
0.86 |
|
0.80 |
Diluted EPS |
|
0.44 |
|
0.43 |
|
0.59 |
|
0.42 |
Adjusted EBITDA1 |
|
122.7 |
|
111.8 |
|
223.1 |
|
203.7 |
Adjusted Net Income1 |
|
48.4 |
|
52.4 |
|
80.7 |
|
92.9 |
Adjusted Diluted EPS1 |
0.51 |
|
0.55 |
0.85 |
|
0.98 |
||
______________________
1 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). See full GAAP financial results in the appendix. Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Net Debt are non-GAAP financial measures. Refer to the appendix of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP financial measures.
2 Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations, its assets and liabilities are separately presented in our condensed consolidated balance sheets, and its cash flows are included within the condensed consolidated cash flows for all periods presented. Unless otherwise noted, our discussion of our results included herein, outlook and all supplementary tables, including non-GAAP financial measures, are presented on a continuing operations basis.
Commenting on the results, Carl McCann, Executive Chairman, said:
"We are very pleased with the strong result for the second quarter, delivering Adjusted EBITDA growth of 9.7%. This result is due to the dedication and efforts of all our people across the Group.
As we progress through the second half of the year, our performance for the first six months gives us confidence in achieving our targeted Adjusted EBITDA for the full year of at least $350.0 million.”
Group Results - Second Quarter
Revenue increased 4.4%, or $90.3 million, primarily due to strong performance in the Fresh Fruit and Diversified EMEA segments, offset partially by the Diversified Americas segment. On a like-for-like basis3, revenue was 3.8%, or $77.9 million, ahead of prior year.
Adjusted EBITDA increased 9.7%, or $10.9 million, primarily driven by strong Fresh Fruit performance, offset partially by headwinds in the Diversified Americas segment. On a like-for-like basis, Adjusted EBITDA increased 9.2%, or $10.3 million.
Adjusted Net Income decreased $4.1 million, predominantly due to higher interest expense, offset by the increases in Adjusted EBITDA noted above. Adjusted Diluted EPS for the three months ended June 30, 2023 was $0.51 compared to $0.55 in the prior year.
_____________
3 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures.
Selected Segmental Financial Information (Unaudited)
|
Three Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||||||||
|
(U.S. Dollars in thousands) |
||||||||||||
|
Revenue |
|
Adjusted EBITDA |
|
Revenue |
|
Adjusted EBITDA |
||||||
Fresh Fruit |
$ |
839,043 |
|
|
$ |
65,816 |
|
$ |
805,831 |
|
|
$ |
56,308 |
Diversified Fresh Produce - EMEA |
|
915,629 |
|
|
|
42,603 |
|
|
849,848 |
|
|
|
38,434 |
Diversified Fresh Produce - Americas & ROW |
|
417,645 |
|
|
|
14,262 |
|
|
448,200 |
|
|
|
17,061 |
Intersegment |
|
(31,143 |
) |
|
|
— |
|
|
(52,970 |
) |
|
|
— |
Total |
$ |
2,141,174 |
|
|
$ |
122,681 |
|
$ |
2,050,909 |
|
|
$ |
111,803 |
|
Six Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||||||||
|
(U.S. Dollars in thousands) |
||||||||||||
|
Revenue |
|
Adjusted EBITDA |
|
Revenue |
|
Adjusted EBITDA |
||||||
Fresh Fruit |
$ |
1,637,953 |
|
|
$ |
135,027 |
|
$ |
1,555,634 |
|
|
$ |
116,705 |
Diversified Fresh Produce - EMEA |
|
1,713,729 |
|
|
|
66,009 |
|
|
1,641,003 |
|
|
|
57,711 |
Diversified Fresh Produce - Americas & ROW |
|
840,396 |
|
|
|
22,032 |
|
|
911,892 |
|
|
|
29,269 |
Intersegment |
|
(61,737 |
) |
|
|
— |
|
|
(87,389 |
) |
|
|
— |
Total |
$ |
4,130,341 |
|
|
$ |
223,068 |
|
$ |
4,021,140 |
|
|
$ |
203,685 |
Fresh Fruit
Revenue increased 4.1%, or $33.2 million. Revenue was positively impacted by higher worldwide pricing of bananas and pineapples and worldwide increases in volumes of bananas sold, partially offset by lower volumes of pineapples sold.
Adjusted EBITDA increased 16.9%, or $9.5 million. Adjusted EBITDA was positively impacted by strong revenue performance, partially offset by higher fruit sourcing costs and higher costs of shipping, packaging and handling, as well as by lower commercial cargo activity.
Diversified Fresh Produce – EMEA
Revenue increased 7.7%, or $65.8 million, primarily driven by inflation-justified price increases across the segment and a positive impact from acquisitions of $15.9 million. The impact of foreign currency translation was not material in the quarter. On a like-for-like basis, revenue was 6.0%, or $51.1 million, ahead of prior year.
Adjusted EBITDA increased 10.8%, or $4.2 million, primarily driven by strong performance across the segment, particularly within the Spanish, Dutch, Irish and Czech businesses, as well as by a favorable impact from acquisitions of $0.5 million, partially offset by weaker trading results in the South African business. On a like-for-like basis, Adjusted EBITDA was 10.0%, or $3.8 million, ahead of prior year.
Diversified Fresh Produce – Americas & ROW
Revenue decreased 6.8%, or $30.6 million, primarily driven by lower volumes across the segment, partially offset by continued strong performance for potatoes and onions in North America and inflation-justified price increases across the segment.
Adjusted EBITDA decreased 16.4%, or $2.8 million, primarily due to a challenging quarter for berries, partially offset by strong performance for potatoes and onions, as well as by strong trading results within other commodities.
Capital Expenditures
Capital expenditures for the six months ended June 30, 2023 were $41.0 million, which included investments in farm renovations and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. This amount also includes $5.4 million of capital expenditures related to discontinued operations.
Net Debt
Net Debt as of June 30, 2023 was $1.0 billion.
Outlook for Fiscal Year 2023 (forward-looking statement)
We are very pleased with the Group’s performance in the first half of the year, delivering $223.0 million of Adjusted EBITDA.
In the first half of 2023, we have seen the benefit of improved logistical efficiencies in several areas, which is helping to bring more stability to our core fruit business. Partially offsetting this benefit has been the anticipated reduction in commercial cargo activity.
As we look out into the second half of the year and towards 2024, there is the potential for disruption in many of the key growing regions in Central and South America due to the onset of El Niño climatic conditions. However, we are monitoring the changing weather patterns closely and believe we are well placed to deal with potential challenges using our diverse sourcing network and due to our advanced farming practices.
While the macro-economic environment remains difficult to predict, in our business we have seen positives such as the strengthening Euro relative to the U.S. Dollar, more open supply chains, and moderation of inflation for certain input costs. However, we do continue to be impacted by higher interest rates and other foreign currency movements.
Overall, taking the above factors into account, we believe our strong first half has put us in an excellent position to deliver a good result for the year and we are now targeting an Adjusted EBITDA for 2023 of at least $350.0 million.
The above outlook includes non-GAAP financial measures. Please refer to the appendix of this release for an explanation and reconciliation of our historical non-GAAP financial measures used in this release to comparable GAAP financial measures.
Dividend
On August 16, 2023, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2023 of $0.08 per share, payable on October 5, 2023 to shareholders of record on September 14, 2023. A cash dividend of $0.08 per share was paid on July 6, 2023 for the first quarter of 2023.
About Dole plc
A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 75 countries, our goal is to make the world a healthier and a more sustainable place.
Webcast and Conference Call Information
Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the second quarter 2023 financial results. The webcast can be accessed at www.doleplc.com/investor-relations.
The conference call can be accessed live by dialing (646) 307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481 4247 for UK and other international participants. The conference ID is 4317462.
Forward-looking information
Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.
Category: Financial
Appendix
Consolidated Statement of Operations - Unaudited
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||||||
Revenues, net |
$ |
2,141,174 |
|
|
$ |
2,050,909 |
|
|
$ |
4,130,341 |
|
|
$ |
4,021,140 |
|
Cost of sales |
|
(1,944,601 |
) |
|
|
(1,885,400 |
) |
|
|
(3,754,729 |
) |
|
|
(3,703,836 |
) |
Gross profit |
|
196,573 |
|
|
|
165,509 |
|
|
|
375,612 |
|
|
|
317,304 |
|
Selling, marketing, general and administrative expenses |
|
(115,667 |
) |
|
|
(110,365 |
) |
|
|
(236,546 |
) |
|
|
(219,909 |
) |
Gain on disposal of businesses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
242 |
|
Gain on asset sales |
|
10,723 |
|
|
|
7,926 |
|
|
|
14,696 |
|
|
|
8,421 |
|
Operating income |
|
91,629 |
|
|
|
63,070 |
|
|
|
153,762 |
|
|
|
106,058 |
|
Other income, net |
|
1,129 |
|
|
|
8,102 |
|
|
|
2,904 |
|
|
|
10,566 |
|
Interest income |
|
2,640 |
|
|
|
1,410 |
|
|
|
4,949 |
|
|
|
2,994 |
|
Interest expense |
|
(19,748 |
) |
|
|
(10,833 |
) |
|
|
(41,460 |
) |
|
|
(22,449 |
) |
Income from continuing operations before income taxes and equity earnings |
|
75,650 |
|
|
|
61,749 |
|
|
|
120,155 |
|
|
|
97,169 |
|
Income tax expense |
|
(16,593 |
) |
|
|
(5,300 |
) |
|
|
(27,587 |
) |
|
|
(12,658 |
) |
Equity method earnings |
|
4,688 |
|
|
|
3,151 |
|
|
|
6,166 |
|
|
|
3,728 |
|
Income from continuing operations |
|
63,745 |
|
|
|
59,600 |
|
|
|
98,734 |
|
|
|
88,239 |
|
Loss from discontinued operations, net of income taxes |
|
(11,438 |
) |
|
|
(11,195 |
) |
|
|
(25,944 |
) |
|
|
(36,425 |
) |
Net income |
|
52,307 |
|
|
|
48,405 |
|
|
|
72,790 |
|
|
|
51,814 |
|
Less: Net income attributable to noncontrolling interests |
|
(10,032 |
) |
|
|
(7,133 |
) |
|
|
(16,356 |
) |
|
|
(11,936 |
) |
Net income attributable to Dole plc |
$ |
42,275 |
|
|
$ |
41,272 |
|
|
$ |
56,434 |
|
|
$ |
39,878 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.57 |
|
|
$ |
0.55 |
|
|
$ |
0.86 |
|
|
$ |
0.80 |
|
Discontinued operations |
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.27 |
) |
|
|
(0.38 |
) |
Net income per share attributable to Dole plc - basic |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
0.59 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.56 |
|
|
$ |
0.55 |
|
|
$ |
0.86 |
|
|
$ |
0.80 |
|
Discontinued operations |
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.27 |
) |
|
|
(0.38 |
) |
Net income per share attributable to Dole plc - diluted |
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.59 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares: |
|
|
|
|
|
|
|
||||||||
Basic |
|
94,909 |
|
|
|
94,878 |
|
|
|
94,904 |
|
|
|
94,878 |
|
Diluted |
|
95,112 |
|
|
|
94,913 |
|
|
|
95,068 |
|
|
|
94,911 |
|
Consolidated Balance Sheets - Unaudited
|
June 30, 2023 |
|
December 31, 2022 |
||||
|
|
|
|
||||
ASSETS |
(U.S. Dollars and shares in thousands) |
||||||
Cash and cash equivalents |
$ |
231,075 |
|
|
$ |
228,840 |
|
Short-term investments |
|
5,676 |
|
|
|
5,367 |
|
Trade receivables, net of allowances for credit losses of $21,460 and $18,001, respectively |
|
627,778 |
|
|
|
610,384 |
|
Grower advance receivables, net of allowances for credit losses of $17,018 and $15,817, respectively |
|
112,517 |
|
|
|
106,864 |
|
Other receivables, net of allowances for credit losses of $13,869 and $14,538, respectively |
|
142,167 |
|
|
|
132,947 |
|
Inventories, net of allowances of $3,322 and $4,186, respectively |
|
352,052 |
|
|
|
394,150 |
|
Prepaid expenses |
|
53,656 |
|
|
|
48,995 |
|
Other current assets |
|
33,495 |
|
|
|
15,034 |
|
Fresh Vegetables current assets held for sale |
|
390,697 |
|
|
|
62,252 |
|
Other assets held for sale |
|
10,488 |
|
|
|
645 |
|
Total current assets |
|
1,959,601 |
|
|
|
1,605,478 |
|
Long-term investments |
|
16,572 |
|
|
|
16,498 |
|
Investments in unconsolidated affiliates |
|
125,828 |
|
|
|
124,234 |
|
Actively marketed property |
|
29,393 |
|
|
|
31,007 |
|
Property, plant and equipment, net of accumulated depreciation of $401,416 and $375,721, respectively |
|
1,100,599 |
|
|
|
1,116,124 |
|
Operating lease right-of-use assets |
|
322,461 |
|
|
|
293,658 |
|
Goodwill |
|
502,309 |
|
|
|
497,453 |
|
DOLE brand |
|
306,280 |
|
|
|
306,280 |
|
Other intangible assets, net of accumulated amortization of $127,373 and $120,315, respectively |
|
46,226 |
|
|
|
50,990 |
|
Fresh Vegetables non-current assets held for sale |
|
— |
|
|
|
343,828 |
|
Other assets |
|
139,580 |
|
|
|
142,180 |
|
Deferred tax assets, net |
|
69,640 |
|
|
|
64,112 |
|
Total assets |
$ |
4,618,489 |
|
|
$ |
4,591,842 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Accounts payable |
$ |
650,967 |
|
|
$ |
640,620 |
|
Income taxes payable |
|
30,041 |
|
|
|
11,558 |
|
Accrued liabilities |
|
329,608 |
|
|
|
381,688 |
|
Bank overdrafts |
|
20,285 |
|
|
|
8,623 |
|
Current portion of long-term debt, net |
|
268,203 |
|
|
|
97,435 |
|
Current maturities of operating leases |
|
61,458 |
|
|
|
57,372 |
|
Payroll and other tax |
|
30,329 |
|
|
|
27,187 |
|
Contingent consideration |
|
644 |
|
|
|
1,791 |
|
Pension and other postretirement benefits |
|
16,456 |
|
|
|
17,287 |
|
Fresh Vegetables current liabilities held for sale |
|
302,129 |
|
|
|
199,255 |
|
Dividends payable and other current liabilities |
|
32,198 |
|
|
|
17,698 |
|
Total current liabilities |
|
1,742,318 |
|
|
|
1,460,514 |
|
Long-term debt, net |
|
930,421 |
|
|
|
1,127,321 |
|
Operating leases, less current maturities |
|
269,274 |
|
|
|
246,723 |
|
Deferred tax liabilities, net |
|
119,148 |
|
|
|
118,403 |
|
Income taxes payable, less current portion |
|
16,921 |
|
|
|
30,458 |
|
Contingent consideration, less current portion |
|
6,254 |
|
|
|
5,022 |
|
Pension and other postretirement benefits, less current portion |
|
119,663 |
|
|
|
124,646 |
|
Fresh Vegetables non-current liabilities held for sale |
|
— |
|
|
|
116,380 |
|
Other long-term liabilities |
|
43,871 |
|
|
|
43,390 |
|
Total liabilities |
$ |
3,247,870 |
|
|
$ |
3,272,857 |
|
|
|
|
|
||||
Redeemable noncontrolling interests |
|
34,391 |
|
|
|
32,311 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of June 30, 2023 and December 31, 2022 |
|
949 |
|
|
|
949 |
|
Additional paid-in capital |
|
795,059 |
|
|
|
795,063 |
|
Retained earnings |
|
510,306 |
|
|
|
469,249 |
|
Accumulated other comprehensive loss |
|
(97,613 |
) |
|
|
(104,133 |
) |
Total equity attributable to Dole plc |
|
1,208,701 |
|
|
|
1,161,128 |
|
Equity attributable to noncontrolling interests |
|
127,527 |
|
|
|
125,546 |
|
Total equity |
|
1,336,228 |
|
|
|
1,286,674 |
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
4,618,489 |
|
|
$ |
4,591,842 |
|
Consolidated Statements of Cash Flows - Unaudited
|
Six Months Ended |
||||||
|
June 30, 2023 |
|
June 30, 2022 |
||||
|
|
|
|
||||
Operating Activities |
(U.S. Dollars in thousands) |
||||||
Net income |
$ |
72,790 |
|
|
$ |
51,814 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
58,007 |
|
|
|
64,770 |
|
Incremental charges on biological assets related to the acquisition of Legacy Dole |
|
— |
|
|
|
34,944 |
|
Net (gain) on sale of assets and asset write-offs |
|
(14,696 |
) |
|
|
(8,421 |
) |
Stock-based compensation expense |
|
2,768 |
|
|
|
1,981 |
|
Equity method earnings |
|
(6,166 |
) |
|
|
(3,728 |
) |
Amortization of debt discounts and debt issuance costs |
|
3,186 |
|
|
|
2,953 |
|
Deferred tax (benefit) |
|
(1,057 |
) |
|
|
(9,212 |
) |
Pension and other postretirement benefit plan expense (benefit) |
|
3,091 |
|
|
|
(89 |
) |
Dividends received from equity method investments |
|
5,105 |
|
|
|
4,484 |
|
Other |
|
(2,150 |
) |
|
|
(5,310 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Receivables, net of allowances |
|
(22,828 |
) |
|
|
9,031 |
|
Inventories |
|
55,755 |
|
|
|
(9,375 |
) |
Accrued and other current and long-term liabilities |
|
(79,959 |
) |
|
|
(11,903 |
) |
Net cash provided by operating activities |
|
73,846 |
|
|
|
121,939 |
|
Investing activities |
|
|
|
||||
Sales of assets |
|
18,562 |
|
|
|
26,544 |
|
Capital expenditures |
|
(41,005 |
) |
|
|
(39,418 |
) |
Acquisitions, net of cash acquired |
|
(1,685 |
) |
|
|
(4,923 |
) |
Insurance proceeds |
|
1,850 |
|
|
|
2,278 |
|
Purchases of investments |
|
(1,150 |
) |
|
|
(414 |
) |
Sales (purchases) of unconsolidated affiliates |
|
1,498 |
|
|
|
(348 |
) |
Other |
|
8 |
|
|
|
4 |
|
Net cash used in investing activities |
|
(21,922 |
) |
|
|
(16,277 |
) |
Financing activities |
|
|
|
||||
Proceeds from borrowings and overdrafts |
|
869,701 |
|
|
|
683,340 |
|
Repayments on borrowings and overdrafts |
|
(889,593 |
) |
|
|
(754,133 |
) |
Payment of debt issuance costs |
|
— |
|
|
|
(270 |
) |
Dividends paid to shareholders |
|
(15,184 |
) |
|
|
(15,180 |
) |
Dividends paid to noncontrolling interests |
|
(16,174 |
) |
|
|
(14,588 |
) |
Other noncontrolling interest activity, net |
|
(480 |
) |
|
|
— |
|
Payment of contingent consideration |
|
(1,169 |
) |
|
|
(696 |
) |
Net cash used in financing activities |
|
(52,899 |
) |
|
|
(101,527 |
) |
Effect of foreign exchange rate changes on cash |
|
3,210 |
|
|
|
(15,906 |
) |
Increase (decrease) in cash and cash equivalents |
|
2,235 |
|
|
|
(11,771 |
) |
Cash and cash equivalents at beginning of period |
|
228,840 |
|
|
|
250,561 |
|
Cash and cash equivalents at end of period |
$ |
231,075 |
|
|
$ |
238,790 |
|
Reconciliation from Net Income to Adjusted EBITDA - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(U.S. Dollars in thousands) |
||||||||||||||
Net income (Reported GAAP) |
$ |
52,307 |
|
|
$ |
48,405 |
|
|
$ |
72,790 |
|
|
$ |
51,814 |
|
Loss from discontinued operations, net of income taxes |
|
11,438 |
|
|
|
11,195 |
|
|
|
25,944 |
|
|
|
36,425 |
|
Income from continuing operations (Reported GAAP) |
|
63,745 |
|
|
|
59,600 |
|
|
|
98,734 |
|
|
|
88,239 |
|
Income tax expense |
|
16,593 |
|
|
|
5,300 |
|
|
|
27,587 |
|
|
|
12,658 |
|
Interest expense |
|
19,748 |
|
|
|
10,833 |
|
|
|
41,460 |
|
|
|
22,449 |
|
Mark to market losses (gains) |
|
1,035 |
|
|
|
(6,991 |
) |
|
|
1,857 |
|
|
|
(8,129 |
) |
(Gain) on asset sales |
|
(10,387 |
) |
|
|
(7,816 |
) |
|
|
(14,554 |
) |
|
|
(7,816 |
) |
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
|
|
|
17,431 |
|
|
|
— |
|
|
|
34,944 |
|
Cyber-related incident |
|
571 |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
Other items 4 |
|
190 |
|
|
|
116 |
|
|
|
863 |
|
|
|
(752 |
) |
Adjustments from equity method investments |
|
2,922 |
|
|
|
2,195 |
|
|
|
4,245 |
|
|
|
3,323 |
|
Adjusted EBIT (Non-GAAP) |
|
94,417 |
|
|
|
80,668 |
|
|
|
165,513 |
|
|
|
144,916 |
|
Depreciation |
|
23,142 |
|
|
|
25,696 |
|
|
|
47,445 |
|
|
|
48,229 |
|
Amortization of intangible assets |
|
2,574 |
|
|
|
2,773 |
|
|
|
5,190 |
|
|
|
5,615 |
|
Depreciation and amortization adjustments from equity method investments |
|
2,548 |
|
|
|
2,666 |
|
|
|
4,920 |
|
|
|
4,925 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
122,681 |
|
|
$ |
111,803 |
|
|
$ |
223,068 |
|
|
$ |
203,685 |
|
__________________
4 For the three months ended June 30, 2023, other items is comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2022, other items is comprised of $0.1 million in asset writedowns, net of insurance proceeds. For the six months ended June 30, 2023, other items is comprised of $0.9 million of asset writedowns, net of insurance proceeds. For the six months ended June 30, 2022, other items is comprised of $0.5 million in insurance proceeds, net of asset writedowns and $0.3 million in gains on disposal of a business.
Reconciliation from Net Income attributable to Dole plc shareholders to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item. Refer to the Appendix for supplementary detail.
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||||||
Net income attributable to Dole plc (Reported GAAP) |
$ |
42,275 |
|
|
$ |
41,272 |
|
|
$ |
56,434 |
|
|
$ |
39,878 |
|
Loss from discontinued operations, net of income taxes |
|
11,438 |
|
|
|
11,195 |
|
|
|
25,944 |
|
|
|
36,425 |
|
Income from continuing operations attributable to Dole plc |
|
53,713 |
|
|
|
52,467 |
|
|
|
82,378 |
|
|
|
76,303 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
2,574 |
|
|
|
2,773 |
|
|
|
5,190 |
|
|
|
5,615 |
|
Mark to market losses (gains) |
|
1,035 |
|
|
|
(6,991 |
) |
|
|
1,857 |
|
|
|
(8,129 |
) |
(Gain) on asset sales |
|
(10,387 |
) |
|
|
(7,816 |
) |
|
|
(14,554 |
) |
|
|
(7,816 |
) |
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
|
|
|
17,431 |
|
|
|
— |
|
|
|
34,944 |
|
Cyber-related incident |
|
571 |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
Other items 5 |
|
190 |
|
|
|
116 |
|
|
|
863 |
|
|
|
(752 |
) |
Adjustments from equity method investments |
|
623 |
|
|
|
612 |
|
|
|
742 |
|
|
|
1,290 |
|
Income tax on items above and discrete tax items |
|
797 |
|
|
|
(5,196 |
) |
|
|
488 |
|
|
|
(7,127 |
) |
NCI impact on items above |
|
(736 |
) |
|
|
(953 |
) |
|
|
(1,629 |
) |
|
|
(1,411 |
) |
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) |
$ |
48,380 |
|
|
$ |
52,443 |
|
|
$ |
80,656 |
|
|
$ |
92,917 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share – basic (Non-GAAP) |
$ |
0.51 |
|
|
$ |
0.55 |
|
|
$ |
0.85 |
|
|
$ |
0.98 |
|
Adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.51 |
|
|
$ |
0.55 |
|
|
$ |
0.85 |
|
|
$ |
0.98 |
|
Weighted average shares outstanding – basic |
|
94,909 |
|
|
|
94,878 |
|
|
|
94,904 |
|
|
|
94,878 |
|
Weighted average shares outstanding – diluted |
|
95,112 |
|
|
|
94,913 |
|
|
|
95,068 |
|
|
|
94,911 |
|
_____________________________
5 For the three months ended June 30, 2023, other items is comprised of $0.2 million of asset writedowns, net of insurance proceeds. For the three months ended June 30, 2022, other items is comprised of $0.1 million in asset writedowns, net of insurance proceeds. For the six months ended June 30, 2023, other items is comprised of $0.9 million of asset writedowns, net of insurance proceeds. For the six months ended June 30, 2022, other items is comprised of $0.5 million in insurance proceeds, net of asset writedowns and $0.3 million in gains on disposal of a business.
Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
|
Three Months Ended June 30, 2023 (U.S. Dollars in thousands) |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing,
|
Other operating
|
Operating Income |
||||||||
Reported (GAAP) |
$ |
2,141,174 |
(1,944,601 |
) |
196,573 |
9.2 |
% |
(115,667 |
) |
10,723 |
|
$ |
91,629 |
|
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Amortization of intangible assets |
|
— |
— |
|
— |
2,574 |
|
— |
|
|
2,574 |
|
|||
Mark to market losses (gains) |
|
— |
54 |
|
54 |
— |
|
— |
|
|
54 |
|
|||
(Gain) on asset sales |
|
— |
— |
|
— |
— |
|
(10,387 |
) |
|
(10,387 |
) |
|||
Cyber-related incident |
|
— |
— |
|
— |
571 |
|
— |
|
|
571 |
|
|||
Other items |
|
— |
190 |
|
190 |
— |
|
— |
|
|
190 |
|
|||
Adjustments from equity method investments |
|
— |
— |
|
— |
— |
|
— |
|
|
— |
|
|||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
— |
|
— |
|
|
— |
|
|||
NCI impact on items above |
|
— |
— |
|
— |
— |
|
— |
|
|
— |
|
|||
Adjusted (Non-GAAP) |
$ |
2,141,174 |
(1,944,357 |
) |
196,817 |
9.2 |
% |
(112,522 |
) |
336 |
|
$ |
84,631 |
|
|
|
Three Months Ended June 30, 2022 (U.S. Dollars in thousands) |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing,
|
Other operating charges7 |
Operating Income |
||||||||
Reported (GAAP) |
$ |
2,050,909 |
(1,885,400 |
) |
165,509 |
|
8.1 |
% |
(110,365 |
) |
7,926 |
|
$ |
63,070 |
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
2,773 |
|
— |
|
|
2,773 |
|
||
Mark to market losses (gains) |
|
— |
(1,269 |
) |
(1,269 |
) |
— |
|
— |
|
|
(1,269 |
) |
||
(Gain) on asset sales |
|
— |
— |
|
— |
|
— |
|
(7,816 |
) |
|
(7,816 |
) |
||
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
17,431 |
|
17,431 |
|
— |
|
— |
|
|
17,431 |
|
||
Other items |
|
— |
116 |
|
116 |
|
— |
|
— |
|
|
116 |
|
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
2,050,909 |
(1,869,122 |
) |
181,787 |
|
8.9 |
% |
(107,592 |
) |
110 |
|
$ |
74,305 |
|
_____________________
6 Other operating charges for the three months ended June 30, 2023 is comprised of gains on asset sales of $10.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.
7 Other operating charges for the three months ended June 30, 2022 is comprised of gains on asset sales of $7.9 million, as reported on the Dole plc the GAAP Consolidated Statements of Operations.
|
Three Months Ended June 30, 2023 (U.S. Dollars in thousands) |
||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax
|
Equity method
|
Income from
|
Loss from
|
||||||||
Reported (GAAP) |
$ |
1,129 |
2,640 |
(19,748 |
) |
(16,593 |
) |
4,688 |
|
63,745 |
|
$ |
(11,438 |
) |
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
— |
|
— |
|
— |
|
— |
|
|
11,438 |
|
|
Amortization of intangible assets |
|
— |
— |
— |
|
— |
|
— |
|
2,574 |
|
|
— |
|
|
Mark to market losses (gains) |
|
981 |
— |
— |
|
— |
|
— |
|
1,035 |
|
|
— |
|
|
(Gain) on asset sales |
|
— |
— |
— |
|
— |
|
— |
|
(10,387 |
) |
|
— |
|
|
Cyber-related incident |
|
— |
— |
— |
|
— |
|
— |
|
571 |
|
|
— |
|
|
Other items |
|
— |
— |
— |
|
— |
|
— |
|
190 |
|
|
— |
|
|
Adjustments from equity method investments |
|
— |
— |
— |
|
— |
|
623 |
|
623 |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
— |
— |
|
878 |
|
(81 |
) |
797 |
|
|
— |
|
|
NCI impact on items above |
|
— |
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
2,110 |
2,640 |
(19,748 |
) |
(15,715 |
) |
5,230 |
|
59,148 |
|
$ |
— |
|
|
|
Three Months Ended June 30, 2022 (U.S. Dollars in thousands) |
||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax
|
Equity method
|
Income from
|
Loss from
|
||||||||
Reported (GAAP) |
$ |
8,102 |
|
1,410 |
(10,833 |
) |
(5,300 |
) |
3,151 |
|
59,600 |
|
$ |
(11,195 |
) |
Loss from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
11,195 |
|
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
2,773 |
|
|
— |
|
Mark to market losses (gains) |
|
(5,722 |
) |
— |
— |
|
— |
|
— |
|
(6,991 |
) |
|
— |
|
(Gain) on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(7,816 |
) |
|
— |
|
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
|
— |
— |
|
— |
|
— |
|
17,431 |
|
|
— |
|
Other items |
|
— |
|
— |
— |
|
— |
|
— |
|
116 |
|
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
612 |
|
612 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
(5,092 |
) |
(104 |
) |
(5,196 |
) |
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
2,380 |
|
1,410 |
(10,833 |
) |
(10,392 |
) |
3,659 |
|
60,529 |
|
$ |
— |
|
|
Three Months Ended June 30, 2023 |
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
|||||||
Reported (GAAP) |
$ |
52,307 |
|
$ |
(10,032 |
) |
$ |
42,275 |
|
$ |
0.44 |
Loss from discontinued operations, net of income taxes |
|
11,438 |
|
|
— |
|
|
11,438 |
|
|
|
Amortization of intangible assets |
|
2,574 |
|
|
— |
|
|
2,574 |
|
||
Mark to market losses (gains) |
|
1,035 |
|
|
— |
|
|
1,035 |
|
||
(Gain) on asset sales |
|
(10,387 |
) |
|
— |
|
|
(10,387 |
) |
||
Cyber-related incident |
|
571 |
|
|
— |
|
|
571 |
|
||
Other items |
|
190 |
|
|
— |
|
|
190 |
|
||
Adjustments from equity method investments |
|
623 |
|
|
— |
|
|
623 |
|
||
Income tax on items above and discrete tax items |
|
797 |
|
|
— |
|
|
797 |
|
||
NCI impact on items above |
|
— |
|
|
(736 |
) |
|
(736 |
) |
||
Adjusted (Non-GAAP) |
$ |
59,148 |
|
$ |
(10,768 |
) |
$ |
48,380 |
|
$ |
0.51 |
|
|
|
|
|
|||||||
Weighted average shares outstanding – diluted |
|
95,112 |
|
|
|
|
|||||
|
Three Months Ended June 30, 2022 |
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net
|
|||||||
Reported (GAAP) |
$ |
48,405 |
|
$ |
(7,133 |
) |
$ |
41,272 |
|
$ |
0.43 |
Loss from discontinued operations, net of income taxes |
|
11,195 |
|
|
— |
|
|
11,195 |
|
|
|
Amortization of intangible assets |
|
2,773 |
|
|
— |
|
|
2,773 |
|
||
Mark to market losses (gains) |
|
(6,991 |
) |
|
— |
|
|
(6,991 |
) |
||
(Gain) on asset sales |
|
(7,816 |
) |
|
— |
|
|
(7,816 |
) |
||
Incremental charges on biological assets and inventory from the Acquisition |
|
17,431 |
|
|
— |
|
|
17,431 |
|
||
Other items |
|
116 |
|
|
— |
|
|
116 |
|
||
Adjustments from equity method investments |
|
612 |
|
|
— |
|
|
612 |
|
||
Income tax on items above and discrete tax items |
|
(5,196 |
) |
|
— |
|
|
(5,196 |
) |
||
NCI impact on items above |
|
— |
|
|
(953 |
) |
|
(953 |
) |
||
Adjusted (Non-GAAP) |
$ |
60,529 |
|
$ |
(8,086 |
) |
$ |
52,443 |
|
$ |
0.55 |
|
|
|
|
|
|||||||
Weighted average shares outstanding – diluted |
|
94,913 |
|
|
|
|
|||||
Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
|
Six Months Ended June 30, 2023 (U.S. Dollars in thousands) |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing,
|
Other
|
Operating Income |
||||||||
Reported (GAAP) |
$ |
4,130,341 |
(3,754,729 |
) |
375,612 |
|
9.1 |
% |
(236,546 |
) |
14,696 |
|
$ |
153,762 |
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
5,190 |
|
— |
|
|
5,190 |
|
||
Mark to market losses (gains) |
|
— |
(1,336 |
) |
(1,336 |
) |
— |
|
— |
|
|
(1,336 |
) |
||
(Gain) on asset sales |
|
— |
— |
|
— |
|
— |
|
(14,554 |
) |
|
(14,554 |
) |
||
Cyber-related incident |
|
— |
— |
|
— |
|
5,321 |
|
— |
|
|
5,321 |
|
||
Other items |
|
— |
863 |
|
863 |
|
— |
|
— |
|
|
863 |
|
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
4,130,341 |
(3,755,202 |
) |
375,139 |
|
9.1 |
% |
(226,035 |
) |
142 |
|
$ |
149,246 |
|
|
Six Months Ended June 30, 2022 (U.S. Dollars in thousands) |
||||||||||||||
|
Revenues, net |
Cost of sales |
Gross profit |
Gross Margin % |
Selling, marketing,
|
Other
|
Operating Income |
||||||||
Reported (GAAP) |
$ |
4,021,140 |
(3,703,836 |
) |
317,304 |
|
7.9 |
% |
(219,909 |
) |
8,663 |
|
$ |
106,058 |
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Amortization of intangible assets |
|
— |
— |
|
— |
|
|
5,615 |
|
— |
|
|
5,615 |
|
|
Mark to market losses (gains) |
|
— |
(5,357 |
) |
(5,357 |
) |
— |
|
— |
|
|
(5,357 |
) |
||
(Gain) on asset sales |
|
— |
— |
|
— |
|
— |
|
(7,816 |
) |
|
(7,816 |
) |
||
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
34,944 |
|
34,944 |
|
— |
|
— |
|
|
34,944 |
|
||
Other items |
|
— |
(510 |
) |
(510 |
) |
— |
|
(242 |
) |
|
(752 |
) |
||
Adjustments from equity method investments |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Income tax on items above and discrete tax items |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
NCI impact on items above |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
4,021,140 |
(3,674,759 |
) |
346,381 |
|
8.6 |
% |
(214,294 |
) |
605 |
|
$ |
132,692 |
|
__________________
8 Other operating charges for the six months ended June 30, 2023 is comprised of gains on asset sales of $14.7 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.
9 Other operating charges for the six months ended June 30, 2022 is comprised of gains on asset sales of $8.4 million and a gain on disposal of businesses of $0.2 million, as reported on the Dole plc GAAP Consolidated Statements of Operations.
Six Months Ended June 30, 2023 (U.S. Dollars in thousands) |
|||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax
|
Equity method
|
Income from
|
Loss from
|
||||||||
Reported (GAAP) |
$ |
2,904 |
4,949 |
(41,460 |
) |
(27,587 |
) |
6,166 |
|
98,734 |
|
$ |
(25,944 |
) |
|
Loss from discontinued operations, net of income taxes |
|
— |
— |
— |
|
— |
|
— |
|
— |
|
|
25,944 |
|
|
Amortization of intangible assets |
|
— |
— |
— |
|
— |
|
— |
|
5,190 |
|
|
— |
|
|
Mark to market losses (gains) |
|
3,193 |
— |
— |
|
— |
|
— |
|
1,857 |
|
|
— |
|
|
(Gain) on asset sales |
|
— |
— |
— |
|
— |
|
— |
|
(14,554 |
) |
|
— |
|
|
Cyber-related incident |
|
— |
— |
— |
|
— |
|
— |
|
5,321 |
|
|
— |
|
|
Other items |
|
— |
— |
— |
|
— |
|
— |
|
863 |
|
|
— |
|
|
Adjustments from equity method investments |
|
— |
— |
— |
|
— |
|
742 |
|
742 |
|
|
— |
|
|
Income tax on items above and discrete tax items |
|
— |
— |
— |
|
650 |
|
(162 |
) |
488 |
|
|
— |
|
|
NCI impact on items above |
|
— |
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
6,097 |
4,949 |
(41,460 |
) |
(26,937 |
) |
6,746 |
|
98,641 |
|
$ |
— |
|
|
|
Six Months Ended June 30, 2022 (U.S. Dollars in thousands) |
||||||||||||||
|
Other income, net |
Interest income |
Interest expense |
Income tax
|
Equity method
|
Income from
|
Loss from
|
||||||||
Reported (GAAP) |
$ |
10,566 |
|
2,994 |
(22,449 |
) |
(12,658 |
) |
3,728 |
|
88,239 |
|
$ |
(36,425 |
) |
Loss from discontinued operations, net of income taxes |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
36,425 |
|
Amortization of intangible assets |
|
— |
|
— |
— |
|
— |
|
— |
|
5,615 |
|
|
— |
|
Mark to market losses (gains) |
|
(2,772 |
) |
— |
— |
|
— |
|
— |
|
(8,129 |
) |
|
— |
|
(Gain) on asset sales |
|
— |
|
— |
— |
|
— |
|
— |
|
(7,816 |
) |
|
— |
|
Incremental charges on biological assets and inventory from the Acquisition |
|
— |
|
— |
— |
|
— |
|
— |
|
34,944 |
|
|
— |
|
Other items |
|
— |
|
— |
— |
|
— |
|
— |
|
(752 |
) |
|
— |
|
Adjustments from equity method investments |
|
— |
|
— |
— |
|
— |
|
1,290 |
|
1,290 |
|
|
— |
|
Income tax on items above and discrete tax items |
|
— |
|
— |
— |
|
(6,920 |
) |
(207 |
) |
(7,127 |
) |
|
— |
|
NCI impact on items above |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
7,794 |
|
2,994 |
(22,449 |
) |
(19,578 |
) |
4,811 |
|
106,264 |
|
$ |
— |
|
|
Six Months Ended June 30, 2023 |
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net income
|
|||||||
Reported (GAAP) |
$ |
72,790 |
|
$ |
(16,356 |
) |
$ |
56,434 |
|
$ |
0.59 |
Loss from discontinued operations, net of income taxes |
|
25,944 |
|
|
— |
|
|
25,944 |
|
|
|
Amortization of intangible assets |
|
5,190 |
|
|
— |
|
|
5,190 |
|
||
Mark to market losses (gains) |
|
1,857 |
|
|
— |
|
|
1,857 |
|
||
(Gain) on asset sales |
|
(14,554 |
) |
|
— |
|
|
(14,554 |
) |
||
Cyber-related incident |
|
5,321 |
|
|
— |
|
|
5,321 |
|
||
Other items |
|
863 |
|
|
— |
|
|
863 |
|
||
Adjustments from equity method investments |
|
742 |
|
|
— |
|
|
742 |
|
||
Income tax on items above and discrete tax items |
|
488 |
|
|
— |
|
|
488 |
|
||
NCI impact on items above |
|
— |
|
|
(1,629 |
) |
|
(1,629 |
) |
||
Adjusted (Non-GAAP) |
$ |
98,641 |
|
$ |
(17,985 |
) |
$ |
80,656 |
|
$ |
0.85 |
|
|
|
|
|
|||||||
Weighted average shares outstanding – diluted |
|
95,068 |
|
|
|
|
|||||
|
Six Months Ended June 30, 2022 |
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||
|
Net income |
Net income
|
Net income
|
Diluted net income
|
|||||||
Reported (GAAP) |
$ |
51,814 |
|
$ |
(11,936 |
) |
$ |
39,878 |
|
$ |
0.42 |
Loss from discontinued operations, net of income taxes |
|
36,425 |
|
|
— |
|
|
36,425 |
|
|
|
Amortization of intangible assets |
|
5,615 |
|
|
— |
|
|
5,615 |
|
||
Mark to market losses (gains) |
|
(8,129 |
) |
|
— |
|
|
(8,129 |
) |
||
(Gain) on asset sales |
|
(7,816 |
) |
|
— |
|
|
(7,816 |
) |
||
Incremental charges on biological assets and inventory from the Acquisition |
|
34,944 |
|
|
— |
|
|
34,944 |
|
||
Other items |
|
(752 |
) |
|
— |
|
|
(752 |
) |
||
Adjustments from equity method investments |
|
1,290 |
|
|
— |
|
|
1,290 |
|
||
Income tax on items above and discrete tax items |
|
(7,127 |
) |
|
— |
|
|
(7,127 |
) |
||
NCI impact on items above |
|
— |
|
|
(1,411 |
) |
|
(1,411 |
) |
||
Adjusted (Non-GAAP) |
$ |
106,264 |
|
$ |
(13,347 |
) |
$ |
92,917 |
|
$ |
0.98 |
|
|
|
|
|
|||||||
Weighted average shares outstanding – diluted |
|
94,911 |
|
|
|
|
|||||
Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited
|
Revenue for the Three Months Ended |
|||||||||||||||||
|
June 30, 2022 |
|
Impact of Foreign
|
|
Impact of Acquisitions
|
|
Like-for-like
|
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(U.S. Dollars in thousands) |
|||||||||||||||||
Fresh Fruit |
$ |
805,831 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
33,212 |
|
|
$ |
839,043 |
|
Diversified Fresh Produce - EMEA |
|
849,848 |
|
|
|
(1,201 |
) |
|
|
15,850 |
|
|
51,132 |
|
|
|
915,629 |
|
Diversified Fresh Produce - Americas & ROW |
|
448,200 |
|
|
|
(2,247 |
) |
|
|
— |
|
|
(28,308 |
) |
|
|
417,645 |
|
Intersegment |
|
(52,970 |
) |
|
|
— |
|
|
|
— |
|
|
21,827 |
|
|
|
(31,143 |
) |
Total |
$ |
2,050,909 |
|
|
$ |
(3,448 |
) |
|
$ |
15,850 |
|
$ |
77,863 |
|
|
$ |
2,141,174 |
|
|
Adjusted EBITDA for the Three Months Ended |
|||||||||||||||||
|
June 30, 2022 |
|
Impact of Foreign
|
|
Impact of Acquisitions
|
|
Like-for-like
|
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(U.S. Dollars in thousands) |
|||||||||||||||||
Fresh Fruit |
$ |
56,308 |
|
$ |
(100 |
) |
|
$ |
— |
|
$ |
9,608 |
|
|
$ |
65,816 |
||
Diversified Fresh Produce - EMEA |
|
38,434 |
|
|
(173 |
) |
|
|
513 |
|
|
3,829 |
|
|
|
42,603 |
||
Diversified Fresh Produce - Americas & ROW |
|
17,061 |
|
|
(99 |
) |
|
|
438 |
|
|
(3,138 |
) |
|
|
14,262 |
||
Total |
$ |
111,803 |
|
$ |
(372 |
) |
|
$ |
951 |
|
$ |
10,299 |
|
|
$ |
122,681 |
||
|
Revenue for the Six Months Ended |
|||||||||||||||||
|
June 30, 2022 |
|
Impact of Foreign
|
|
Impact of Acquisitions
|
|
Like-for-like
|
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(U.S. Dollars in thousands) |
|||||||||||||||||
Fresh Fruit |
$ |
1,555,634 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
82,319 |
|
|
$ |
1,637,953 |
|
Diversified Fresh Produce - EMEA |
|
1,641,003 |
|
|
|
(54,561 |
) |
|
|
18,102 |
|
|
109,185 |
|
|
|
1,713,729 |
|
Diversified Fresh Produce - Americas & ROW |
|
911,892 |
|
|
|
(5,033 |
) |
|
|
— |
|
|
(66,463 |
) |
|
|
840,396 |
|
Intersegment |
|
(87,389 |
) |
|
|
— |
|
|
|
— |
|
|
25,652 |
|
|
|
(61,737 |
) |
Total |
$ |
4,021,140 |
|
|
$ |
(59,594 |
) |
|
$ |
18,102 |
|
$ |
150,693 |
|
|
$ |
4,130,341 |
|
|
Adjusted EBITDA for the Six Months Ended |
|||||||||||||||||
|
June 30, 2022 |
|
Impact of Foreign
|
|
Impact of Acquisitions
|
|
Like-for-like
|
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(U.S. Dollars in thousands) |
|||||||||||||||||
Fresh Fruit |
$ |
116,705 |
|
$ |
45 |
|
|
$ |
— |
|
$ |
18,277 |
|
|
$ |
135,027 |
||
Diversified Fresh Produce - EMEA |
|
57,711 |
|
|
(1,801 |
) |
|
|
1,271 |
|
|
8,828 |
|
|
|
66,009 |
||
Diversified Fresh Produce - Americas & ROW |
|
29,269 |
|
|
(130 |
) |
|
|
566 |
|
|
(7,673 |
) |
|
|
22,032 |
||
Total |
$ |
203,685 |
|
$ |
(1,886 |
) |
|
$ |
1,837 |
|
$ |
19,432 |
|
|
$ |
223,068 |
||
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Debt Reconciliation
Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. The calculation of Net Debt as of June 30, 2023 is presented below. Net Debt as of June 30, 2023 was $1.0 billion.
|
June 30, 2023 |
|
December 31, 2022 |
||||
|
|
|
|
||||
|
(U.S. Dollars in thousands) |
||||||
Cash and cash equivalents (Reported GAAP) |
|
231,075 |
|
|
|
228,840 |
|
Debt (Reported GAAP): |
|
|
|
||||
Long-term debt, net |
|
(930,421 |
) |
|
|
(1,127,321 |
) |
Current maturities |
|
(268,203 |
) |
|
|
(97,435 |
) |
Bank overdrafts |
|
(20,285 |
) |
|
|
(8,623 |
) |
Total debt, net |
|
(1,218,909 |
) |
|
|
(1,233,379 |
) |
Less: Debt discounts and debt issuance costs (Reported GAAP) |
|
(16,125 |
) |
|
|
(17,874 |
) |
Total gross debt |
|
(1,235,034 |
) |
|
|
(1,251,253 |
) |
Net Debt (Non-GAAP) |
$ |
(1,003,959 |
) |
|
$ |
(1,022,413 |
) |
Supplemental Consolidated Income Statement by Quarter - for the Year Ended December 31, 2022 - Unaudited
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||||||||||
Revenues, net |
$ |
1,970,231 |
|
|
$ |
2,050,909 |
|
|
$ |
1,960,695 |
|
|
$ |
2,042,568 |
|
|
$ |
8,024,403 |
|
Cost of sales |
|
(1,818,436 |
) |
|
|
(1,885,400 |
) |
|
|
(1,829,233 |
) |
|
|
(1,891,456 |
) |
|
|
(7,424,525 |
) |
Gross profit |
|
151,795 |
|
|
|
165,509 |
|
|
|
131,462 |
|
|
|
151,112 |
|
|
|
599,878 |
|
Selling, marketing, general and administrative expenses |
|
(109,544 |
) |
|
|
(110,365 |
) |
|
|
(103,349 |
) |
|
|
(112,934 |
) |
|
|
(436,192 |
) |
Gain (loss) on disposal of businesses |
|
242 |
|
|
|
— |
|
|
|
— |
|
|
|
(50 |
) |
|
|
192 |
|
Impairment of property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(397 |
) |
|
|
(397 |
) |
Gain on asset sales |
|
495 |
|
|
|
7,926 |
|
|
|
767 |
|
|
|
2,596 |
|
|
|
11,784 |
|
Operating income |
|
42,988 |
|
|
|
63,070 |
|
|
|
28,880 |
|
|
|
40,327 |
|
|
|
175,265 |
|
Other income (expense), net |
|
2,464 |
|
|
|
8,102 |
|
|
|
9,199 |
|
|
|
(9,165 |
) |
|
|
10,600 |
|
Interest income |
|
1,584 |
|
|
|
1,410 |
|
|
|
1,427 |
|
|
|
1,986 |
|
|
|
6,407 |
|
Interest expense |
|
(11,616 |
) |
|
|
(10,833 |
) |
|
|
(15,677 |
) |
|
|
(18,245 |
) |
|
|
(56,371 |
) |
Income from continuing operations before income taxes and equity earnings |
|
35,420 |
|
|
|
61,749 |
|
|
|
23,829 |
|
|
|
14,903 |
|
|
|
135,901 |
|
Income tax (expense) benefit |
|
(7,358 |
) |
|
|
(5,300 |
) |
|
|
34,155 |
|
|
|
4,106 |
|
|
|
25,603 |
|
Equity method earnings |
|
577 |
|
|
|
3,151 |
|
|
|
300 |
|
|
|
2,698 |
|
|
|
6,726 |
|
Income from continuing operations |
|
28,639 |
|
|
|
59,600 |
|
|
|
58,284 |
|
|
|
21,707 |
|
|
|
168,230 |
|
Loss from discontinued operations, net of income taxes |
|
(25,230 |
) |
|
|
(11,195 |
) |
|
|
(11,704 |
) |
|
|
(8,318 |
) |
|
|
(56,447 |
) |
Net income |
|
3,409 |
|
|
|
48,405 |
|
|
|
46,580 |
|
|
|
13,389 |
|
|
|
111,783 |
|
Less: Net income attributable to noncontrolling interests |
|
(4,803 |
) |
|
|
(7,133 |
) |
|
|
(6,743 |
) |
|
|
(6,608 |
) |
|
|
(25,287 |
) |
Net (loss) income attributable to Dole plc |
$ |
(1,394 |
) |
|
$ |
41,272 |
|
|
$ |
39,837 |
|
|
$ |
6,781 |
|
|
$ |
86,496 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share - basic: |
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations |
$ |
0.26 |
|
|
$ |
0.55 |
|
|
$ |
0.54 |
|
|
$ |
0.16 |
|
|
$ |
1.51 |
|
Discontinued operations |
|
(0.27 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.09 |
) |
|
|
(0.60 |
) |
Net income (loss) per share attributable to Dole plc - basic |
$ |
(0.01 |
) |
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.07 |
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share - diluted: |
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations |
$ |
0.26 |
|
|
$ |
0.55 |
|
|
$ |
0.54 |
|
|
$ |
0.16 |
|
|
$ |
1.51 |
|
Discontinued operations |
|
(0.27 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.09 |
) |
|
|
(0.60 |
) |
Net income (loss) per share attributable to Dole plc - diluted |
$ |
(0.01 |
) |
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.07 |
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average shares: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
94,878 |
|
|
|
94,878 |
|
|
|
94,891 |
|
|
|
94,899 |
|
|
|
94,886 |
|
Diluted |
|
94,909 |
|
|
|
94,913 |
|
|
|
94,908 |
|
|
|
94,928 |
|
|
|
94,914 |
|
Supplemental Reconciliation from Net Income to Adjusted EBITDA by Quarter - for the Year Ended December 31, 2022 - Unaudited
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(U.S. Dollars in thousands) |
||||||||||||||||||
Net income (Reported GAAP) |
$ |
3,409 |
|
|
$ |
48,405 |
|
|
$ |
46,580 |
|
|
$ |
13,389 |
|
|
$ |
111,783 |
|
Loss from discontinued operations, net of income taxes |
|
25,230 |
|
|
|
11,195 |
|
|
|
11,704 |
|
|
|
8,318 |
|
|
|
56,447 |
|
Income from continuing operations (Reported GAAP) |
|
28,639 |
|
|
|
59,600 |
|
|
|
58,284 |
|
|
|
21,707 |
|
|
|
168,230 |
|
Income tax expense (benefit) |
|
7,358 |
|
|
|
5,300 |
|
|
|
(34,155 |
) |
|
|
(4,106 |
) |
|
|
(25,603 |
) |
Interest expense |
|
11,616 |
|
|
|
10,833 |
|
|
|
15,677 |
|
|
|
18,245 |
|
|
|
56,371 |
|
Mark to market losses (gains) |
|
(1,138 |
) |
|
|
(6,991 |
) |
|
|
2,310 |
|
|
|
8,868 |
|
|
|
3,049 |
|
(Gain) on asset sales |
|
— |
|
|
|
(7,816 |
) |
|
|
(530 |
) |
|
|
(1,970 |
) |
|
|
(10,316 |
) |
Impairment on property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
397 |
|
|
|
397 |
|
Incremental charges on biological assets and inventory from the Acquisition |
|
17,513 |
|
|
|
17,431 |
|
|
|
5,520 |
|
|
|
681 |
|
|
|
41,145 |
|
Other items |
|
(868 |
) |
|
|
116 |
|
|
|
(532 |
) |
|
|
656 |
|
|
|
(628 |
) |
Adjustments from equity method investments |
|
1,128 |
|
|
|
2,195 |
|
|
|
1,603 |
|
|
|
2,614 |
|
|
|
7,540 |
|
Adjusted EBIT (Non-GAAP) |
|
64,248 |
|
|
|
80,668 |
|
|
|
48,177 |
|
|
|
47,092 |
|
|
|
240,185 |
|
Depreciation |
|
22,533 |
|
|
|
25,696 |
|
|
|
25,315 |
|
|
|
25,159 |
|
|
|
98,703 |
|
Amortization of intangible assets |
|
2,842 |
|
|
|
2,773 |
|
|
|
2,633 |
|
|
|
2,645 |
|
|
|
10,893 |
|
Depreciation and amortization adjustments from equity method investments |
|
2,260 |
|
|
|
2,666 |
|
|
|
3,073 |
|
|
|
2,616 |
|
|
|
10,615 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
91,883 |
|
|
$ |
111,803 |
|
|
$ |
79,198 |
|
|
$ |
77,512 |
|
|
$ |
360,396 |
|
Supplemental Reconciliation from Net Income attributable to Dole plc shareholders to Adjusted Net Income by Quarter - for the Year Ended December 31, 2022 - Unaudited
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(U.S. Dollars and shares in thousands, except per share amounts) |
||||||||||||||||||
Net income (loss) attributable to Dole plc (Reported GAAP) |
$ |
(1,394 |
) |
|
$ |
41,272 |
|
|
$ |
39,837 |
|
|
$ |
6,781 |
|
|
$ |
86,496 |
|
Loss from discontinued operations, net of income taxes |
|
25,230 |
|
|
|
11,195 |
|
|
|
11,704 |
|
|
|
8,318 |
|
|
|
56,447 |
|
Income from continuing operations attributable to Dole plc |
|
23,836 |
|
|
|
52,467 |
|
|
|
51,541 |
|
|
|
15,099 |
|
|
|
142,943 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of intangible assets |
|
2,842 |
|
|
|
2,773 |
|
|
|
2,633 |
|
|
|
2,645 |
|
|
|
10,893 |
|
Mark to market (gains) losses |
|
(1,138 |
) |
|
|
(6,991 |
) |
|
|
2,310 |
|
|
|
8,868 |
|
|
|
3,049 |
|
(Gain) on asset sales |
|
— |
|
|
|
(7,816 |
) |
|
|
(530 |
) |
|
|
(1,970 |
) |
|
|
(10,316 |
) |
Incremental charges on biological assets and inventory from the Acquisition |
|
17,513 |
|
|
|
17,431 |
|
|
|
5,520 |
|
|
|
681 |
|
|
|
41,145 |
|
Other items |
|
(868 |
) |
|
|
116 |
|
|
|
(532 |
) |
|
|
1,053 |
|
|
|
(231 |
) |
Adjustments from equity method investments |
|
678 |
|
|
|
612 |
|
|
|
628 |
|
|
|
662 |
|
|
|
2,580 |
|
Income tax on items above and discrete tax items |
|
(1,931 |
) |
|
|
(5,196 |
) |
|
|
(34,501 |
) |
|
|
(8,876 |
) |
|
|
(50,504 |
) |
NCI impact on items above |
|
(458 |
) |
|
|
(953 |
) |
|
|
(878 |
) |
|
|
(898 |
) |
|
|
(3,187 |
) |
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) |
$ |
40,474 |
|
|
$ |
52,443 |
|
|
$ |
26,191 |
|
|
$ |
17,264 |
|
|
$ |
136,372 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted earnings per share – basic (Non-GAAP) |
$ |
0.43 |
|
|
$ |
0.55 |
|
|
$ |
0.28 |
|
|
$ |
0.18 |
|
|
$ |
1.44 |
|
Adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.43 |
|
|
$ |
0.55 |
|
|
$ |
0.28 |
|
|
$ |
0.18 |
|
|
$ |
1.44 |
|
Weighted average shares outstanding – basic |
|
94,878 |
|
|
|
94,878 |
|
|
|
94,891 |
|
|
|
94,899 |
|
|
|
94,886 |
|
Weighted average shares outstanding – diluted |
|
94,909 |
|
|
|
94,913 |
|
|
|
94,908 |
|
|
|
94,928 |
|
|
|
94,914 |
|
Supplemental Selected Segmental Financial Information by Quarter - for the Year Ended December 31, 2022 - Unaudited
Revenue by Segment:
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(U.S. Dollars in thousands) |
||||||||||||||||||
Fresh Fruit |
$ |
749,803 |
|
|
$ |
805,831 |
|
|
$ |
751,348 |
|
|
$ |
740,167 |
|
|
$ |
3,047,149 |
|
Diversified Fresh Produce - EMEA |
|
791,155 |
|
|
|
849,848 |
|
|
|
759,964 |
|
|
|
751,594 |
|
|
|
3,152,561 |
|
Diversified Fresh Produce - Americas & ROW |
|
463,692 |
|
|
|
448,200 |
|
|
|
479,839 |
|
|
|
573,936 |
|
|
|
1,965,667 |
|
Intersegment |
|
(34,419 |
) |
|
|
(52,970 |
) |
|
|
(30,456 |
) |
|
|
(23,129 |
) |
|
|
(140,974 |
) |
Total |
$ |
1,970,231 |
|
|
$ |
2,050,909 |
|
|
$ |
1,960,695 |
|
|
$ |
2,042,568 |
|
|
$ |
8,024,403 |
|
Adjusted EBITDA by Segment:
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(U.S. Dollars in thousands) |
||||||||||||||||||
Fresh Fruit |
$ |
60,397 |
|
$ |
56,308 |
|
$ |
49,382 |
|
|
$ |
39,460 |
|
$ |
205,547 |
||||
Diversified Fresh Produce - EMEA |
|
19,277 |
|
|
38,434 |
|
|
30,686 |
|
|
|
22,656 |
|
|
111,053 |
||||
Diversified Fresh Produce - Americas & ROW |
|
12,209 |
|
|
17,061 |
|
|
(870 |
) |
|
|
15,396 |
|
|
43,796 |
||||
Total |
$ |
91,883 |
|
$ |
111,803 |
|
$ |
79,198 |
|
|
$ |
77,512 |
|
$ |
360,396 |
||||
Non-GAAP Financial Measures
Dole plc’s results are determined in accordance with U.S. GAAP.
In addition to its results under U.S. GAAP, in this Press Release we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Net Debt, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.
Adjusted EBIT is calculated from GAAP net income by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; and (6) the Company’s share of these items from equity method investments.
Adjusted EBITDA is calculated from GAAP net income by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.
Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments accounted for under the equity method, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property and adding costs incurred for the cyber-related incident; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.
Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.
Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP debt discounts and debt issuance costs.
Dole is not able to provide a reconciliation for projected FY'23 results without taking unreasonable efforts.
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Contacts
Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
joregan@totalproduce.com
+353 1 887 2794
Media Contact:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130
