← LEIFRAS Co., Ltd.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $8.1m | ($105k) | ($170k) | ($157k) | ($220k) | ($117k) | ($140.1m) | $245.3m | $418.6m | $2.8m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | $418.6m | $438.5m | |
| Depreciation, Depletion and Amortization | $5.3m | $6.5m | $7.3m | — | — | — | — | — | $122.0m | $804k | |
| Amortization | — | — | — | — | — | — | — | — | $32.2m | $128k | |
| Depreciation | $5.3m | $6.5m | $7.3m | — | — | — | — | — | — | $110k | |
| Depreciation, Depletion and Amortization, Nonproduction | — | — | — | — | — | — | — | — | $27.2m | $804k | |
| Depreciation Expense | — | $6.5m | $7.3m | $8.6m | $10.1m | $9.8m | $9.8m | $92.4m | $122.0m | $126.1m | |
| Amortization of deferred financing costs | $49k | $90k | $30k | $30k | — | — | — | — | — | — | |
| Deferred Income Tax Expense (Benefit) | — | — | — | — | — | — | — | — | ($37.4m) | $323k | |
| Deferred income taxes | $6.2m | $2.3m | ($7.3m) | ($773k) | ($2.1m) | ($189k) | $548k | ($1.9m) | ($2.1m) | ($4.7m) | |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | — | — | — | — | $0 | $0 | |
| Provision for inventory impairment | — | — | — | — | — | — | — | $2.1m | $3.2m | $601k | |
| Impairment of intangible asset | — | — | — | — | — | — | $0 | $0 | $643k | $0 | |
| Impairment of real estate development assets | $0 | $120k | $1.6m | $0 | $0 | — | — | — | — | — | |
| Gain (Loss) on Disposition of Assets | — | — | — | — | — | — | — | — | ($190k) | ($4k) | |
| Gain (Loss) on Disposition of Intangible Assets | — | — | — | — | — | — | — | — | — | ($3k) | |
| Income Tax Expense (Benefit) | — | — | — | — | — | — | — | — | $119.3m | $1.1m | |
| Loss on disposal of property and equipment | $26.8m | $0 | $0 | — | — | — | — | $651k | $190k | $248k | |
| Income Tax Expense | — | — | — | — | $0 | $0 | $0 | $10.2m | $236.7m | $144.6m | |
| Interest Expense | $1.4m | $1.6m | $110k | $65k | $62k | $32k | $0 | $12.4m | $15.5m | $14.8m | |
| Gain on remeasurement of previously held equity method investment | — | — | — | — | — | — | — | $0 | $0 | ($2.9m) | |
| Cash distributions from equity investments | $642k | $712k | $526k | $351k | $0 | $219k | $483k | $220k | $15.0m | $10.1m | |
| Equity investment contributions and capitalized interest | ($2.9m) | ($7.5m) | ($3.5m) | $4.0m | ($2.8m) | $0 | ($48k) | ($847k) | ($693k) | ($2.7m) | |
| Cash distributions from equity investment | — | $0 | $0 | $283k | $0 | $106k | $0 | $0 | $148k | $297k | |
| Cancellation of loan guarantee related to equity investment | — | — | — | — | — | — | $0 | $0 | $1.1m | $0 | |
| Contribution of real estate development to equity investment | — | — | — | — | $0 | $0 | $8.0m | $0 | $0 | — | |
| Accrued equity investment contribution | $325k | $0 | $0 | — | — | — | — | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | — | — | — | — | — | — | — | — | $100.8m | $1.4m | |
| Increase (Decrease) in Inventories | — | — | — | — | — | — | — | — | $7.1m | ($15k) | |
| Increase (Decrease) in Accounts Payable | — | — | — | — | — | — | — | — | ($3.2m) | $182k | |
| Asset Retirement Obligation, Accretion Expense | — | — | — | — | — | — | — | — | $98k | $2k | |
| Goodwill | — | — | — | — | — | — | — | — | $179k | $179k | |
| Nonoperating Income (Expense) | — | — | — | — | — | — | — | — | $18.2m | ($131k) | |
| Provision for Doubtful Accounts (CF) | — | — | — | — | — | — | — | $1.5m | $2.0m | $8.6m | |
| Loss on disposal of intangible assets | ($995k) | $0 | $0 | — | — | — | — | $61k | — | $412k | |
| Unrealized (gain) loss on short-term investment | — | — | — | — | — | — | — | ($175k) | $88k | — | |
| Stock-Based Compensation Expense | $1.3m | $1.3m | $1.4m | $1.8m | $90k | $0 | $140.0m | $6.8m | $0 | $3.1m | |
| Other non-cash income | ($23k) | ($23k) | ($192k) | ($198k) | — | — | — | ($53.2m) | ($2.6m) | ($165k) | |
| Accounts receivable, net | ($1.9m) | ($1.6m) | ($3.2m) | ($4.0m) | ($309k) | ($5.1m) | $1.8m | ($140.3m) | ($100.8m) | ($221.3m) | |
| Inventories | $72k | $193k | ($746k) | $1.4m | $359k | ($639k) | ($1.1m) | $4.7m | ($7.1m) | $2.3m | |
| Prepaid expenses | — | ($129) | $129 | — | — | — | — | ($15.4m) | ($74.4m) | $24.0m | |
| Long-term deposits | — | — | — | — | — | — | — | ($12.5m) | ($13.1m) | $190k | |
| Other current assets | — | — | — | — | — | — | — | ($5.7m) | ($5.9m) | ($3.8m) | |
| Other non-current assets | — | — | — | — | — | — | — | $5.9m | ($11.8m) | ($5.4m) | |
| Accounts payable | $808k | $471k | $707k | $3.4m | ($5.5m) | $5.4m | $1.9m | $40.2m | ($3.2m) | $28.6m | |
| Accrued liabilities | $1.2m | ($1.3m) | $2.6m | $1.5m | ($685k) | ($730k) | $3.3m | $324.8m | ($86.5m) | $51.3m | |
| Change in Deferred Revenue | — | — | — | — | — | — | — | ($2.6m) | $19.8m | $8.6m | |
| Income tax payable | — | — | $6k | $24k | $39k | — | $0 | $149.5m | ($80.0m) | ($31.9m) | |
| Amount due to a director | — | — | — | — | — | — | — | — | $1.0m | ($1.0m) | |
| Other current liabilities | — | — | — | — | — | — | — | $28.4m | $29.7m | ($22.2m) | |
| Purchase of intangible assets | — | — | — | — | — | — | — | ($1.0m) | ($19.1m) | ($10.9m) | |
| Payment of finance lease liabilities | — | — | — | — | — | — | — | ($39.8m) | ($65.9m) | ($91.1m) | |
| Proceeds from bank loans | — | — | — | — | — | — | — | $378.0m | $250.0m | — | |
| Repayment of bank loans | — | — | — | — | — | — | — | ($313.5m) | ($338.8m) | ($830.8m) | |
| Repayment of bond payable | — | — | — | — | — | — | — | ($40.0m) | ($40.0m) | ($40.0m) | |
| Payment of deferred IPO costs | — | — | — | — | — | — | — | ($5.7m) | ($151.7m) | ($133.8m) | |
| Cash at the beginning of the year | — | $38k | $492k | $609k | $616k | $501k | $0 | $2.7b | $2.5b | $2.5b | |
| Gain on asset retirement obligations | — | — | — | — | — | — | — | — | $0 | ($84k) | |
| Accounts payable and accrued liabilities | — | $8k | $6k | $4k | $666 | ($2k) | $2k | $10k | ($4k) | ($5k) | |
| Accrued interest | — | — | — | — | $39k | $58k | $57k | $59k | $53k | $50k | |
| Advances from related party | — | ($114k) | $24k | — | $0 | $6k | $33k | $34k | $42k | $30k | |
| Conversion of convertible notes into common shares | — | — | — | — | $6k | $0 | $1k | $0 | $19k | $0 | |
| Net Loss | $8.1m | $6.5m | $20.2m | ($5.5m) | ($17.9m) | ($3.9m) | ($474k) | ($103k) | ($91k) | ($16.4m) | |
| Bank indebtedness | — | — | — | — | $322 | $0 | — | — | — | — | |
| Reclass from accounts payable to promissory note payable | — | — | — | — | $7k | $0 | — | — | — | — | |
| Net Change in Cash | — | $1k | $4k | ($5k) | ($387) | — | — | — | — | — | |
| Purchase (Sale) and improvements of unproven oil and gas assets | — | ($28k) | ($235) | — | — | — | — | — | — | — | |
| Loss on disposal of asset | — | $300k | $153k | ($1.1m) | $502k | $109k | ($4.5m) | ($28.8m) | ($507k) | $706k | |
| Gain on sales of water rights | — | — | — | — | — | — | — | $0 | $0 | ($1.5m) | |
| Gain on legal settlement | — | — | — | — | — | $0 | $0 | ($853k) | $0 | $0 | |
| Non-cash lease expense | — | — | $0 | $0 | $470k | $520k | $442k | $1.6m | $1.8m | $2.0m | |
| Equity in earnings of investments, net | ($634k) | ($49k) | ($583k) | ($3.1m) | ($339k) | ($3.2m) | ($1.3m) | ($5.3m) | ($18.4m) | ($798k) | |
| Other, net | $23k | $23k | ($64k) | ($393k) | $671k | $335k | $1.8m | $168k | $1k | $3k | |
| Prepaid expenses and other current assets | $78k | $138k | $99k | ($2.5m) | ($44k) | ($1.0m) | ($325k) | $1.5m | $353k | ($332k) | |
| Other assets | $312k | $275k | ($134k) | ($7k) | $411k | ($5k) | ($134k) | $1.2m | ($160k) | ($343k) | |
| Income taxes receivable | — | — | — | — | — | — | — | ($1.0m) | $1.3m | ($640k) | |
| Other long-term liabilities | $129k | $199k | ($2k) | $117k | ($242k) | ($512k) | ($49k) | ($2.7m) | ($1.8m) | $1.1m | |
| Net proceeds from sales of assets | — | $0 | $0 | $4.0m | $6.3m | $119k | $19.3m | $98.5m | $1.0m | $411k | |
| Net proceeds from legal settlement | — | — | — | — | — | $0 | $0 | $853k | $0 | $0 | |
| Net proceeds from sale of real estate development assets | — | $0 | $1.5m | $2.9m | $0 | $0 | $7.9m | $2.6m | $0 | $0 | |
| Proceeds from sales of water rights | — | — | — | — | — | — | — | $0 | $0 | $1.7m | |
| Cash distributions from Trapani Fresh | — | — | — | — | $0 | $0 | $122k | $122k | $122k | $41k | |
| Cash paid to acquire additional shares of Limco Del Mar, net of cash received | — | — | — | — | — | — | — | $0 | $0 | ($4.1m) | |
| Collection on notes receivable | — | $0 | $200k | $150k | $1.8m | $25k | $2.8m | $155k | $132k | $68k | |
| Investments in mutual water companies and water rights | ($296k) | ($359k) | ($343k) | ($472k) | ($64k) | ($653k) | ($506k) | ($523k) | ($526k) | ($514k) | |
| Borrowings of long-term debt | $157.4m | $181.4m | $167.4m | $122.9m | $121.1m | $102.2m | $146.9m | $57.9m | $175.7m | $170.1m | |
| Principal paid on finance leases and equipment financings | — | — | — | — | — | ($18k) | ($377k) | ($491k) | ($698k) | ($1.0m) | |
| Exchange of common stock | ($190k) | ($294k) | ($656k) | ($605k) | ($213k) | ($700k) | ($1.5m) | ($567k) | ($2.3m) | ($2.0m) | |
| Other | — | — | — | — | — | — | — | $0 | $0 | ($155k) | |
| Capital expenditures accrued but not paid at period-end | $594k | $427k | $399k | $1.3m | $4.3m | $657k | $430k | $309k | $382k | $636k | |
| Gain on disposal of assets, net | $125k | $300k | $178k | — | — | $109k | ($4.5m) | ($28.8m) | ($507k) | — | |
| Proceeds from equipment financings | — | — | — | — | $0 | $0 | $1.0m | $0 | $0 | — | |
| Reduction of net payables to related parties | — | — | — | — | $0 | $0 | $2.4m | $0 | $0 | — | |
| Reduction of note receivable | $0 | $0 | $79k | $89k | $0 | $0 | $388k | $0 | $0 | — | |
| Income taxes payable | ($2.8m) | $2.2m | $192k | ($601k) | ($4.9m) | $5.9m | $0 | ($1.0m) | — | — | |
| Loss on stock in Calavo Growers, Inc. | — | $0 | ($4.2m) | $2.1m | $6.3m | $0 | $0 | — | — | — | |
| Net proceeds from sale of stock in Calavo Growers, Inc. | $4.0m | $0 | $4.7m | $4.8m | $11.0m | $0 | $0 | — | — | — | |
| Loan to Limoneira Lewis Community Builders, LLC | — | — | $0 | $0 | ($1.8m) | $0 | $0 | — | — | — | |
| Principal paid on finance lease and equipment financings | — | — | — | — | $0 | ($18k) | ($377k) | — | — | — | |
| Purchase of treasury stock | — | — | $0 | $0 | ($3.5m) | $0 | $0 | — | — | — | |
| Payments of deferred financing costs | ($65k) | ($108k) | $0 | ($35k) | ($66k) | $0 | $0 | — | — | — | |
| Agriculture property acquisition | — | — | ($13.1m) | ($397k) | $0 | $0 | — | — | — | — | |
| Business combination | $0 | ($5.7m) | ($25.0m) | ($15.0m) | $0 | $0 | — | — | — | — | |
| Principal paid on finance lease | — | — | — | $0 | $0 | ($18k) | — | — | — | — | |
| Decrease in real estate development and sale-leaseback deferral | — | $7.0m | $27.9m | ($58.3m) | $0 | $0 | — | — | — | — | |
| Account receivable and receivables/other from related parties | — | — | ($3.2m) | ($4.0m) | ($309k) | — | — | — | — | — | |
| Accrued liabilities and payables to related parties | — | — | $2.6m | $1.5m | ($685k) | — | — | — | — | — | |
| Purchase of real estate development parcel | $0 | $0 | ($1.4m) | $0 | $0 | — | — | — | — | — | |
| Unrealized holding gain on Calavo investment | ($2.7m) | ($4.4m) | ($6.8m) | $0 | $0 | — | — | — | — | — | |
| Increase in equity in investments and other long-term liabilities | $0 | $0 | $1.1m | $0 | $0 | — | — | — | — | — | |
| Non-cash receipt of note receivable | $0 | $0 | $3.0m | $0 | $0 | — | — | — | — | — | |
| Non-cash issuance of notes payable | $0 | $0 | $1.4m | $0 | $0 | — | — | — | — | — | |
| Gain on sales of real estate development assets | $0 | $0 | ($25k) | ($405k) | — | — | — | — | — | — | |
| Unrealized loss on stock in Calavo Growers, Inc. | — | $0 | $0 | $2.1m | — | — | — | — | — | — | |
| Agriculture property acquisitions | ($15.1m) | $0 | ($13.1m) | ($397k) | — | — | — | — | — | — | |
| Conversion of preferred stock to common stock | $50k | $1.4m | $0 | $0 | — | — | — | — | — | — | |
| Gain on sale of stock in Calavo Growers, Inc. | ($3.4m) | $0 | ($4.2m) | — | — | — | — | — | — | — | |
| Fair value adjustment of contingent consideration | ($300k) | $0 | $0 | — | — | — | — | — | — | — | |
| Net proceeds from sales of real estate development assets | $0 | $0 | $1.5m | — | — | — | — | — | — | — | |
| Proceeds from sale of LLC Interest | $18.0m | $0 | $0 | — | — | — | — | — | — | — | |
| Net proceeds from sale of conservation easement | $995k | $0 | $0 | — | — | — | — | — | — | — | |
| Collections of installments on note receivable | $0 | $0 | $200k | — | — | — | — | — | — | — | |
| Tax provision of stock grant vesting | ($86k) | $0 | $0 | — | — | — | — | — | — | — | |
| Cash at beginning of year | $39k | $38k | $492k | — | — | — | — | — | — | — | |
| Increase in real estate development and sale-leaseback deferral | $3.3m | $7.0m | $27.9m | — | — | — | — | — | — | — | |
| Settlement of lease obligation related to agriculture property acquisition | ($739k) | $0 | $0 | — | — | — | — | — | — | — | |
| Accrued Series B-2 Convertible Preferred Stock dividends | $0 | $0 | $0 | — | — | — | — | — | — | — | |
| Donation of common stock | $0 | $0 | — | — | — | — | — | — | — | — | |
| Net proceeds from sale of Wilson Ranch | $0 | $0 | — | — | — | — | — | — | — | — | |
| Other Operating Income (Expense), Net | — | — | — | — | — | — | — | — | $17.4m | ($158k) | |
| Net Cash Provided by (Used in) Operating Activities | $14.3m | ($98k) | ($50k) | ($35k) | ($28k) | ($29k) | ($33k) | $677.9m | $207.1m | $3.0m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | ($16.3m) | ($12.9m) | ($13.9m) | ($15.9m) | ($10.6m) | ($9.8m) | ($10.1m) | ($3.8m) | $15.1m | $272k | |
| Net Cash from Investing Activities | ($11.5m) | ($28k) | ($235) | ($23.7m) | $0 | $0 | $0 | $90.6m | ($9.2m) | ($18.3m) | |
| Net Cash Provided by (Used in) Investing Activities | ($11.5m) | — | — | — | — | — | — | ($4.8m) | ($51.4m) | ($341k) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Debt Issuance | — | — | $30k | $30k | $28k | $22k | $0 | — | — | — | |
| Repayments of long-term debt | ($156.4m) | ($168.9m) | ($193.7m) | ($94.0m) | ($104.1m) | ($95.1m) | ($173.8m) | ($122.9m) | ($176.1m) | ($138.2m) | |
| Proceeds from Sale of common stock | $0 | $0 | $64.1m | $0 | $0 | — | — | — | — | — | |
| Dividends paid – common | ($3) | ($3) | ($4) | ($5) | ($5) | ($5) | ($5) | ($5) | ($5) | ($5) | |
| Dividends paid – preferred | ($1) | ($1) | ($1) | ($1) | ($1) | ($1) | ($1) | ($1) | ($1) | ($1) | |
| Net Cash from Financing Activities | — | $55k | $270k | $30k | $28k | — | — | — | — | $658.7m | |
| Net cash (used in) provided by financing activities | ($2.8m) | $8.4m | $32.5m | $22.4m | $7.4m | $534k | ($33.5m) | ($71.9m) | — | — | |
| Net Cash Provided by (Used in) Financing Activities | — | $127k | $54k | $30k | $28k | $29k | $33k | ($21.0m) | ($346.4m) | ($2.8m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | — | — | — | $49k | |
| Effect of Exchange Rate on Cash | — | $8k | ($21k) | ($137k) | ($5k) | $36k | ($328k) | ($11k) | ($11k) | $7.7m | |
| Effect of exchange rate changes on cash | $0 | $8k | ($21k) | — | — | — | — | — | — | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | — | — | — | — | — | ($190.7m) | ($92k) | |
| Net increase (decrease) in cash | ($1k) | $454k | $117k | $7k | ($115k) | ($62k) | $418k | $652.2m | ($190.7m) | ($14.5m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | — | — | $16.2m | $16.1m | |
| Net changes in cash and cash equivalents | — | — | — | — | ($387) | $0 | $0 | $0 | $0 | $0 | |
| Cash and cash equivalents, beginning of period | — | $1k | $1k | $5k | $387 | $0 | $0 | — | — | — | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | — | — | — | — | $15.5m | $95k | |
| Income Taxes Paid, Net | $2.1m | ($540k) | $210k | $130k | ($1.2m) | ($5.9m) | $83k | $7.2m | $236.7m | $922k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.