Date: | February 29, 2024 | DOLE PLC | |||||||||
(Registrant) | |||||||||||
By: /s/ Jacinta Devine | |||||||||||
Name: Jacinta Devine | |||||||||||
Title: Chief Financial Officer | |||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||||||||||||||||||||
(U.S. Dollars in millions, except per share amounts) | |||||||||||||||||||||||
Revenue |
2,072 | 2,043 | 8,245 | 8,024 | |||||||||||||||||||
Income from Continuing Operations2 | 23.1 | 21.7 | 177.5 | 168.2 | |||||||||||||||||||
Net Income | 28.9 | 13.4 | 155.7 | 111.8 | |||||||||||||||||||
Net Income attributable to Dole plc | 22.3 | 6.8 | 124.1 | 86.5 | |||||||||||||||||||
Diluted EPS from Continuing Operations | 0.17 | 0.16 | 1.53 | 1.51 | |||||||||||||||||||
Diluted EPS | 0.23 | 0.07 | 1.30 | 0.91 | |||||||||||||||||||
Adjusted EBITDA1 |
76.9 | 77.5 | 385.1 | 360.4 | |||||||||||||||||||
Adjusted Net Income1 |
14.8 | 17.3 | 118.1 | 136.4 | |||||||||||||||||||
Adjusted Diluted EPS1 |
0.16 | 0.18 | 1.24 | 1.44 |
Three Months Ended | |||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
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(U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
Fresh Fruit | $ | 748,703 | $ | 28,792 | $ | 740,167 | $ | 39,460 | |||||||||||||||
Diversified Fresh Produce - EMEA | 862,865 | 32,638 | 751,594 | 22,656 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 489,761 | 15,427 | 573,936 | 15,396 | |||||||||||||||||||
Intersegment | (29,074) | — | (23,129) | — | |||||||||||||||||||
Total | $ | 2,072,255 | $ | 76,857 | $ | 2,042,568 | $ | 77,512 |
Year Ended | |||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
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(U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
Fresh Fruit | $ | 3,135,866 | $ | 208,930 | $ | 3,047,149 | $ | 205,547 | |||||||||||||||
Diversified Fresh Produce - EMEA | 3,432,945 | 133,570 | 3,152,561 | 111,053 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,800,168 | 42,618 | 1,965,667 | 43,796 | |||||||||||||||||||
Intersegment | (123,711) | — | (140,974) | — | |||||||||||||||||||
Total | $ | 8,245,268 | $ | 385,118 | $ | 8,024,403 | $ | 360,396 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||
(U.S. Dollars and shares in thousands, except per share amounts) |
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Revenues, net | $ | 2,072,255 | $ | 2,042,568 | $ | 8,245,268 | $ | 8,024,403 | |||||||||||||||
Cost of sales | (1,920,077) | (1,891,456) | (7,551,098) | (7,424,525) | |||||||||||||||||||
Gross profit | 152,178 | 151,112 | 694,170 | 599,878 | |||||||||||||||||||
Selling, marketing, general and administrative expenses | (119,334) | (112,934) | (473,903) | (436,192) | |||||||||||||||||||
Gain on disposal of businesses | — | (50) | — | 192 | |||||||||||||||||||
Impairment and asset write-downs of property, plant and equipment | (2,217) | (397) | (2,217) | (397) | |||||||||||||||||||
Gain on asset sales | 10,666 | 2,596 | 54,108 | 11,784 | |||||||||||||||||||
Operating income | 41,293 | 40,327 | 272,158 | 175,265 | |||||||||||||||||||
Other (expense) income, net | (2,922) | (9,165) | 4,799 | 10,600 | |||||||||||||||||||
Interest income | 2,823 | 1,986 | 10,083 | 6,407 | |||||||||||||||||||
Interest expense | (18,754) | (18,245) | (81,113) | (56,371) | |||||||||||||||||||
Income from continuing operations before income taxes and equity earnings | 22,440 | 14,903 | 205,927 | 135,901 | |||||||||||||||||||
Income tax (expense) benefit | (2,987) | 4,106 | (43,591) | 25,603 | |||||||||||||||||||
Equity method earnings | 3,683 | 2,698 | 15,191 | 6,726 | |||||||||||||||||||
Income from continuing operations | 23,136 | 21,707 | 177,527 | 168,230 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 5,798 | (8,318) | (21,818) | (56,447) | |||||||||||||||||||
Net income | 28,934 | 13,389 | 155,709 | 111,783 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | (6,597) | (6,608) | (31,646) | (25,287) | |||||||||||||||||||
Net income attributable to Dole plc | $ | 22,337 | $ | 6,781 | $ | 124,063 | $ | 86,496 | |||||||||||||||
Income (loss) per share - basic: | |||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | 0.16 | $ | 1.54 | $ | 1.51 | |||||||||||||||
Discontinued operations | 0.06 | (0.09) | (0.23) | (0.60) | |||||||||||||||||||
Net income per share attributable to Dole plc - basic | $ | 0.24 | $ | 0.07 | $ | 1.31 | $ | 0.91 | |||||||||||||||
Income (loss) per share - diluted: | |||||||||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.16 | $ | 1.53 | $ | 1.51 | |||||||||||||||
Discontinued operations | 0.06 | (0.09) | (0.23) | (0.60) | |||||||||||||||||||
Net income per share attributable to Dole plc - diluted | $ | 0.23 | $ | 0.07 | $ | 1.30 | $ | 0.91 | |||||||||||||||
Weighted-average shares: | |||||||||||||||||||||||
Basic | 94,929 | 94,899 | 94,917 | 94,886 | |||||||||||||||||||
Diluted | 95,187 | 94,928 | 95,118 | 94,914 |
December 31, 2023 |
December 31, 2022 | ||||||||||
ASSETS | (U.S. Dollars in thousands) | ||||||||||
Cash and cash equivalents | $ | 275,580 | $ | 228,840 | |||||||
Short-term investments | 5,899 | 5,367 | |||||||||
Trade receivables, net of allowances for credit losses of $18,360 and $18,001, respectively | 538,177 | 610,384 | |||||||||
Grower advance receivables, net of allowances of $19,839 and $15,817, respectively | 109,958 | 106,864 | |||||||||
Other receivables, net of allowances of $13,227 and $14,538, respectively | 117,069 | 132,947 | |||||||||
Inventories, net of allowances of $4,792 and $4,186, respectively | 378,592 | 394,150 | |||||||||
Prepaid expenses | 61,724 | 48,995 | |||||||||
Other current assets | 17,401 | 15,034 | |||||||||
Fresh Vegetables current assets held for sale | 414,457 | 62,252 | |||||||||
Other assets held-for-sale | 1,832 | 645 | |||||||||
Total current assets | 1,920,689 | 1,605,478 | |||||||||
Long-term investments | 15,970 | 16,498 | |||||||||
Investments in unconsolidated affiliates | 131,704 | 124,234 | |||||||||
Actively marketed property | 13,781 | 31,007 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $444,775 and $375,721, respectively | 1,102,234 | 1,116,124 | |||||||||
Operating lease right-of-use assets | 340,458 | 293,658 | |||||||||
Goodwill | 513,312 | 497,453 | |||||||||
DOLE brand | 306,280 | 306,280 | |||||||||
Other intangible assets, net of accumulated amortization of $134,420 and $120,315, respectively | 41,232 | 50,990 | |||||||||
Fresh Vegetables non-current assets held for sale | — | 343,828 | |||||||||
Other assets | 109,048 | 142,180 | |||||||||
Deferred tax assets, net | 66,485 | 64,112 | |||||||||
Total assets | $ | 4,561,193 | $ | 4,591,842 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Accounts payable | $ | 670,904 | $ | 640,620 | |||||||
Income taxes payable | 22,917 | 11,558 | |||||||||
Accrued liabilities | 357,427 | 381,688 | |||||||||
Bank overdrafts | 11,488 | 8,623 | |||||||||
Current portion of long-term debt, net | 222,940 | 97,435 | |||||||||
Current maturities of operating leases | 63,653 | 57,372 | |||||||||
Payroll and other tax | 27,791 | 27,187 | |||||||||
Contingent consideration | 1,788 | 1,791 | |||||||||
Pension and postretirement benefits | 16,570 | 17,287 | |||||||||
Fresh Vegetables current liabilities held for sale | 291,342 | 199,255 | |||||||||
Dividends payable and other current liabilities | 29,892 | 17,698 | |||||||||
Total current liabilities | 1,716,712 | 1,460,514 | |||||||||
Long-term debt, net | 845,013 | 1,127,321 | |||||||||
Operating leases, less current maturities | 287,991 | 246,723 | |||||||||
Deferred tax liabilities, net | 92,653 | 118,403 | |||||||||
Income taxes payable, less current portion | 16,664 | 30,458 | |||||||||
Contingent consideration, less current portion | 7,327 | 5,022 | |||||||||
Pension and postretirement benefits, less current portion | 121,689 | 124,646 | |||||||||
Fresh Vegetables non-current liabilities held for sale | — | 116,380 | |||||||||
Other long-term liabilities | 52,295 | 43,390 | |||||||||
Total liabilities | $ | 3,140,344 | $ | 3,272,857 | |||||||
Redeemable noncontrolling interests | 34,185 | 32,311 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of December 31, 2023 and December 31, 2022, respectively | 949 | 949 | |||||||||
Additional paid-in capital | 796,800 | 795,063 | |||||||||
Retained earnings | 562,562 | 469,249 | |||||||||
Accumulated other comprehensive loss | (110,791) | (104,133) | |||||||||
Total equity attributable to Dole plc | 1,249,520 | 1,161,128 | |||||||||
Equity attributable to noncontrolling interests | 137,144 | 125,546 | |||||||||
Total equity | 1,386,664 | 1,286,674 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,561,193 | $ | 4,591,842 |
Year Ended | |||||||||||
December 31, 2023 |
December 31, 2022 | ||||||||||
Operating Activities | (U.S. Dollars in thousands) | ||||||||||
Net income | $ | 155,709 | $ | 111,783 | |||||||
Loss from discontinued operations, net of income taxes | 21,818 | 56,447 | |||||||||
Income from continuing operations | 177,527 | 168,230 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 104,168 | 109,596 | |||||||||
Incremental charges on purchase accounting valuation of biological assets and inventory | — | 41,145 | |||||||||
Net gain on sale of assets | (54,108) | (11,784) | |||||||||
Stock-based compensation expense | 6,045 | 4,500 | |||||||||
Equity method earnings | (15,191) | (6,726) | |||||||||
Amortization of debt discounts and debt issuance costs | 6,390 | 6,213 | |||||||||
Deferred tax benefit | (12,600) | (31,061) | |||||||||
Pension and other postretirement benefit plan expense | 7,735 | 3,151 | |||||||||
Dividends received from equity method investees | 9,388 | 9,817 | |||||||||
Other | 4,268 | 7,164 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net of allowances | 58,794 | 55,150 | |||||||||
Inventories | 20,688 | (31,685) | |||||||||
Prepaids, other current assets and other assets | (27,521) | (11,073) | |||||||||
Accounts payable, accrued liabilities and other liabilities | 13,022 | 10,975 | |||||||||
Net cash provided by operating activities - continuing operations | 298,605 | 323,612 | |||||||||
Investing Activities | |||||||||||
Sales of assets | 83,557 | 36,676 | |||||||||
Capital expenditures | (78,041) | (85,564) | |||||||||
Acquisitions, net of cash acquired | (1,263) | (4,886) | |||||||||
Insurance proceeds | 1,054 | 2,278 | |||||||||
Purchases of investments | (1,153) | (458) | |||||||||
Net sales (purchases) of investments in unconsolidated affiliates | 1,013 | (3,029) | |||||||||
Other | 57 | 912 | |||||||||
Net cash provided by (used in) investing activities - continuing operations | 5,224 | (54,071) | |||||||||
Financing Activities | |||||||||||
Proceeds from borrowings and overdrafts | 1,407,970 | 1,293,280 | |||||||||
Repayments on borrowings and overdrafts | (1,576,067) | (1,411,467) | |||||||||
Payment of debt issuance costs | (44) | (304) | |||||||||
Dividends paid to shareholders | (30,373) | (30,364) | |||||||||
Dividends paid to noncontrolling interests | (28,522) | (21,632) | |||||||||
Other noncontrolling interest activity, net | (1,300) | — | |||||||||
Payments of contingent consideration | (1,662) | (2,909) | |||||||||
Net cash used in financing activities - continuing operations | (229,998) | (173,396) | |||||||||
Effect of foreign currency exchange rate changes on cash | 5,448 | (20,712) | |||||||||
Net cash used in operating activities - discontinued operations | (22,622) | (84,720) | |||||||||
Net cash used in investing activities - discontinued operations | (8,492) | (12,434) | |||||||||
Cash used in discontinued operations, net | (31,114) | (97,154) | |||||||||
Increase (decrease) in cash and cash equivalents | 48,165 | (21,721) | |||||||||
Cash and cash equivalents at beginning of period, including discontinued operations | 228,840 | 250,561 | |||||||||
Cash and cash equivalents at end of period, including discontinued operations | $ | 277,005 | $ | 228,840 | |||||||
Supplemental cash flow information: | |||||||||||
Income tax payments, net of refunds | $ | (63,969) | $ | (50,469) | |||||||
Interest payments on borrowings | $ | (82,367) | $ | (53,404) | |||||||
Non-cash Investing and Financing Activities: | |||||||||||
Accrued property, plant and equipment | $ | (1,465) | $ | (488) |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
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(U.S. Dollars in thousands) | |||||||||||||||||||||||
Net income (Reported GAAP) | $ | 28,934 | $ | 13,389 | $ | 155,709 | $ | 111,783 | |||||||||||||||
(Income) loss from discontinued operations, net of income taxes | (5,798) | 8,318 | 21,818 | 56,447 | |||||||||||||||||||
Income from continuing operations (Reported GAAP) | 23,136 | 21,707 | 177,527 | 168,230 | |||||||||||||||||||
Income tax expense (benefit) | 2,987 | (4,106) | 43,591 | (25,603) | |||||||||||||||||||
Interest expense | 18,754 | 18,245 | 81,113 | 56,371 | |||||||||||||||||||
Mark to market losses | 5,450 | 8,868 | 2,524 | 3,049 | |||||||||||||||||||
Gain on asset sales | (9,139) | (1,970) | (52,495) | (10,316) | |||||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | 681 | — | 41,145 | |||||||||||||||||||
Cyber-related incident | — | — | 5,321 | — | |||||||||||||||||||
Other items4,5 | 1,833 | 1,053 | 2,918 | (231) | |||||||||||||||||||
Adjustments from equity method investments | 4,309 | 2,614 | 10,714 | 7,540 | |||||||||||||||||||
Adjusted EBIT (Non-GAAP) | 47,330 | 47,092 | 271,213 | 240,185 | |||||||||||||||||||
Depreciation | 24,788 | 25,159 | 93,970 | 98,703 | |||||||||||||||||||
Amortization of intangible assets | 2,472 | 2,645 | 10,198 | 10,893 | |||||||||||||||||||
Depreciation and amortization adjustments from equity method investments | 2,267 | 2,616 | 9,737 | 10,615 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 76,857 | $ | 77,512 | $ | 385,118 | $ | 360,396 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
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(U.S. Dollars and shares in thousands, except per share amounts) |
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Net income attributable to Dole plc (Reported GAAP) | $ | 22,337 | $ | 6,781 | $ | 124,063 | $ | 86,496 | |||||||||||||||
(Income) loss from discontinued operations, net of income taxes | (5,798) | 8,318 | 21,818 | 56,447 | |||||||||||||||||||
Income from continuing operations attributable to Dole plc | 16,539 | 15,099 | 145,881 | 142,943 | |||||||||||||||||||
Amortization of intangible assets | 2,472 | 2,645 | 10,198 | 10,893 | |||||||||||||||||||
Mark to market losses | 5,450 | 8,868 | 2,524 | 3,049 | |||||||||||||||||||
Gain on asset sales | (9,139) | (1,970) | (52,495) | (10,316) | |||||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | 681 | — | 41,145 | |||||||||||||||||||
Cyber-related incident | — | — | 5,321 | — | |||||||||||||||||||
Other items6,7 | 1,833 | 1,053 | 2,918 | (231) | |||||||||||||||||||
Adjustments from equity method investments | 604 | 662 | 1,956 | 2,580 | |||||||||||||||||||
Income tax on items above and discrete tax items | (1,709) | (8,876) | 5,243 | (50,504) | |||||||||||||||||||
NCI impact on items above | (1,220) | (898) | (3,494) | (3,187) | |||||||||||||||||||
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) | $ | 14,830 | $ | 17,264 | $ | 118,052 | $ | 136,372 | |||||||||||||||
Adjusted earnings per share – basic (Non-GAAP) | $ | 0.16 | $ | 0.18 | $ | 1.24 | $ | 1.44 | |||||||||||||||
Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.16 | $ | 0.18 | $ | 1.24 | $ | 1.44 | |||||||||||||||
Weighted average shares outstanding – basic | 94,929 | 94,899 | 94,917 | 94,886 | |||||||||||||||||||
Weighted average shares outstanding – diluted | 95,187 | 94,928 | 95,118 | 94,914 |
Three Months Ended December 31, 2023
(U.S. Dollars in thousands)
|
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Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administration expenses | Other operating charges8 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 2,072,255 | (1,920,077) | 152,178 | 7.3 | % | (119,334) | 8,449 | $ | 41,293 | |||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 2,472 | — | 2,472 | |||||||||||||||||
Mark to market losses | — | (189) | (189) | — | — | (189) | |||||||||||||||||
Gain on asset sales | — | — | — | — | (9,139) | (9,139) | |||||||||||||||||
Cyber-related incident | — | — | — | — | — | — | |||||||||||||||||
Other items | — | 2,120 | 2,120 | (34) | — | 2,086 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,072,255 | (1,918,146) | 154,109 | 7.4 | % | (116,896) | (690) | $ | 36,523 |
Three Months Ended December 31, 2022
(U.S. Dollars in thousands)
|
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Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administration expenses | Other operating charges9 |
Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 2,042,568 | (1,891,456) | 151,112 | 7.4 | % | (112,934) | 2,149 | $ | 40,327 | |||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 2,645 | — | 2,645 | |||||||||||||||||
Mark to market losses | — | 476 | 476 | — | — | 476 | |||||||||||||||||
Gain on asset sales | — | — | — | — | (1,970) | (1,970) | |||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | 681 | 681 | — | — | 681 | |||||||||||||||||
Other items | — | (452) | (452) | — | 961 | 509 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,042,568 | (1,890,751) | 151,817 | 7.4 | % | (110,289) | 1,140 | $ | 42,668 |
Three Months Ended December 31, 2023
(U.S. Dollars in thousands)
|
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Other (expense) income, net | Interest income | Interest expense | Income tax (expense) | Equity earnings | Income from continuing operations | Income from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | (2,922) | 2,823 | (18,754) | (2,987) | 3,683 | 23,136 | $ | 5,798 | ||||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | (5,798) | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 2,472 | — | ||||||||||||||||
Mark to market losses | 5,639 | — | — | — | — | 5,450 | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (9,139) | — | ||||||||||||||||
Cyber-related incident | — | — | — | — | — | — | — | ||||||||||||||||
Other items | (253) | — | — | — | — | 1,833 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 604 | 604 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (1,610) | (99) | (1,709) | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,464 | 2,823 | (18,754) | (4,597) | 4,188 | 22,647 | $ | — |
Three Months Ended December 31, 2022
(U.S. Dollars in thousands)
|
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Other expense, net | Interest income | Interest expense | Income tax benefit (expense) | Equity earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | (9,165) | 1,986 | (18,245) | 4,106 | 2,698 | 21,707 | $ | (8,318) | ||||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 8,318 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 2,645 | — | ||||||||||||||||
Mark to market losses | 8,392 | — | — | — | — | 8,868 | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (1,970) | — | ||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | — | — | — | — | 681 | — | ||||||||||||||||
Other items | — | — | — | — | 544 | 1,053 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 662 | 662 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (8,777) | (99) | (8,876) | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | (773) | 1,986 | (18,245) | (4,671) | 3,805 | 24,770 | $ | — |
Three Months Ended December 31, 2023
(U.S. Dollars and shares in thousands, except per share amounts)
|
||||||||||||||
Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
Reported (GAAP) | $ | 28,934 | (6,597) | $ | 22,337 | $ | 0.23 | |||||||
(Income) loss from discontinued operations, net of income taxes | (5,798) | — | (5,798) | |||||||||||
Amortization of intangible assets | 2,472 | — | 2,472 | |||||||||||
Mark to market losses | 5,450 | — | 5,450 | |||||||||||
Gain on asset sales | (9,139) | — | (9,139) | |||||||||||
Cyber-related incident | — | — | — | |||||||||||
Other items | 1,833 | — | 1,833 | |||||||||||
Adjustments from equity method investments | 604 | — | 604 | |||||||||||
Income tax on items above and discrete tax items | (1,709) | — | (1,709) | |||||||||||
NCI impact on items above | — | (1,220) | (1,220) | |||||||||||
Adjusted (Non-GAAP) | $ | 22,647 | (7,817) | $ | 14,830 | $ | 0.16 | |||||||
Weighted average shares outstanding – diluted | 95,187 |
Three Months Ended December 31, 2022
(U.S. Dollars and shares in thousands, except per share amounts)
|
||||||||||||||
Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
Reported (GAAP) | $ | 13,389 | (6,608) | $ | 6,781 | $ | 0.07 | |||||||
(Income) loss from discontinued operations, net of income taxes | 8,318 | — | 8,318 | |||||||||||
Amortization of intangible assets | 2,645 | — | 2,645 | |||||||||||
Mark to market losses | 8,868 | — | 8,868 | |||||||||||
Gain on asset sales | (1,970) | — | (1,970) | |||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | 681 | — | 681 | |||||||||||
Other items | 1,053 | — | 1,053 | |||||||||||
Adjustments from equity method investments | 662 | — | 662 | |||||||||||
Income tax on items above and discrete tax items | (8,876) | — | (8,876) | |||||||||||
NCI impact on items above | — | (898) | (898) | |||||||||||
Adjusted (Non-GAAP) | $ | 24,770 | (7,506) | $ | 17,264 | $ | 0.18 | |||||||
Weighted average shares outstanding – diluted | 94,928 |
Year Ended December 31, 2023
(U.S. Dollars in thousands)
|
|||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administration expenses | Other operating charges10 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 8,245,268 | (7,551,098) | 694,170 | 8.4 | % | (473,903) | 51,891 | $ | 272,158 | |||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 10,198 | — | 10,198 | |||||||||||||||||
Mark to market losses | — | (2,638) | (2,638) | — | — | (2,638) | |||||||||||||||||
Gain on asset sales | — | — | — | — | (52,495) | (52,495) | |||||||||||||||||
Cyber-related incident | — | — | — | 5,321 | — | 5,321 | |||||||||||||||||
Other items | — | 3,205 | 3,205 | (34) | — | 3,171 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 8,245,268 | (7,550,531) | 694,737 | 8.4 | % | (458,418) | (604) | $ | 235,715 |
Year Ended December 31, 2022
(U.S. Dollars in thousands)
|
|||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administration expenses | Other operating charges11 |
Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 8,024,403 | (7,424,525) | 599,878 | 7.5 | % | (436,192) | 11,579 | $ | 175,265 | |||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 10,893 | — | 10,893 | |||||||||||||||||
Mark to market losses | — | 2,848 | 2,848 | — | — | 2,848 | |||||||||||||||||
Gain on asset sales | — | — | — | — | (10,316) | (10,316) | |||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | 41,145 | 41,145 | — | — | 41,145 | |||||||||||||||||
Other items | — | (452) | (452) | (910) | 587 | (775) | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 8,024,403 | (7,380,984) | 643,419 | 8.0 | % | (426,209) | 1,850 | $ | 219,060 |
Year Ended December 31, 2023
(U.S. Dollars in thousands)
|
|||||||||||||||||||||||
Other income, net | Interest income | Interest expense | Income tax (expense) | Equity earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 4,799 | 10,083 | (81,113) | (43,591) | 15,191 | 177,527 | $ | (21,818) | ||||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 21,818 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 10,198 | — | ||||||||||||||||
Mark to market losses | 5,162 | — | — | — | — | 2,524 | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (52,495) | — | ||||||||||||||||
Cyber-related incident | — | — | — | — | — | 5,321 | — | ||||||||||||||||
Other items | (253) | — | — | — | — | 2,918 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 1,956 | 1,956 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | 5,643 | (400) | 5,243 | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 9,708 | 10,083 | (81,113) | (37,948) | 16,747 | 153,192 | $ | — |
Year Ended December 31, 2022
(U.S. Dollars in thousands)
|
|||||||||||||||||||||||
Other income, net | Interest income | Interest expense | Income tax expense | Equity earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 10,600 | 6,407 | (56,371) | 25,603 | 6,726 | 168,230 | $ | (56,447) | ||||||||||||||
(Income) loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 56,447 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 10,893 | — | ||||||||||||||||
Mark to market losses | 201 | — | — | — | — | 3,049 | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (10,316) | — | ||||||||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | — | — | — | — | — | 41,145 | — | ||||||||||||||||
Other items | — | — | — | — | 544 | (231) | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 2,580 | 2,580 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (50,097) | (407) | (50,504) | — | ||||||||||||||||
NCI impact on items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 10,801 | 6,407 | (56,371) | (24,494) | 9,443 | 164,846 | $ | — |
Year Ended December 31, 2023
(U.S. Dollars and shares in thousands, except per share amounts)
|
||||||||||||||
Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
Reported (GAAP) | $ | 155,709 | (31,646) | $ | 124,063 | $ | 1.30 | |||||||
(Income) loss from discontinued operations, net of income taxes | 21,818 | — | 21,818 | |||||||||||
Amortization of intangible assets | 10,198 | — | 10,198 | |||||||||||
Mark to market losses | 2,524 | — | 2,524 | |||||||||||
Gain on asset sales | (52,495) | — | (52,495) | |||||||||||
Cyber-related incident | 5,321 | — | 5,321 | |||||||||||
Other items | 2,918 | — | 2,918 | |||||||||||
Adjustments from equity method investments | 1,956 | — | 1,956 | |||||||||||
Income tax on items above and discrete tax items | 5,243 | — | 5,243 | |||||||||||
NCI impact on items above | — | (3,494) | (3,494) | |||||||||||
Adjusted (Non-GAAP) | $ | 153,192 | (35,140) | $ | 118,052 | $ | 1.24 | |||||||
Weighted average shares outstanding – diluted | 95,118 |
Year Ended December 31, 2022
(U.S. Dollars and shares in thousands, except per share amounts)
|
||||||||||||||
Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
Reported (GAAP) | $ | 111,783 | (25,287) | $ | 86,496 | $ | 0.91 | |||||||
(Income) loss from discontinued operations, net of income taxes | 56,447 | — | 56,447 | |||||||||||
Amortization of intangible assets | 10,893 | — | 10,893 | |||||||||||
Mark to market losses | 3,049 | — | 3,049 | |||||||||||
Gain on asset sales | (10,316) | — | (10,316) | |||||||||||
Incremental charges on biological assets and inventory related costs due to acquisition of Legacy Dole | 41,145 | — | 41,145 | |||||||||||
Other items | (231) | — | (231) | |||||||||||
Adjustments from equity method investments | 2,580 | — | 2,580 | |||||||||||
Income tax on items above and discrete tax items | (50,504) | — | (50,504) | |||||||||||
NCI impact on items above | — | (3,187) | (3,187) | |||||||||||
Adjusted (Non-GAAP) | $ | 164,846 | (28,474) | $ | 136,372 | $ | 1.44 | |||||||
Weighted average shares outstanding – diluted | 94,914 |
Revenue for the Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | December 31, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 740,167 | $ | — | $ | — | $ | 8,536 | $ | 748,703 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 751,594 | 33,388 | 12,170 | 65,713 | 862,865 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 573,936 | 55 | — | (84,230) | 489,761 | ||||||||||||||||||||||||
Intersegment | (23,129) | — | — | (5,945) | (29,074) | ||||||||||||||||||||||||
Total | $ | 2,042,568 | $ | 33,443 | $ | 12,170 | $ | (15,926) | $ | 2,072,255 |
Adjusted EBITDA for the Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | December 31, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 39,460 | $ | (82) | $ | — | $ | (10,586) | $ | 28,792 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 22,656 | 1,132 | 376 | 8,474 | 32,638 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 15,396 | (15) | (529) | 575 | 15,427 | ||||||||||||||||||||||||
Total | $ | 77,512 | $ | 1,035 | $ | (153) | $ | (1,537) | $ | 76,857 |
Revenue for the Year Ended | |||||||||||||||||||||||||||||
December 31, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | December 31, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 3,047,149 | $ | — | $ | — | $ | 88,717 | $ | 3,135,866 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 3,152,561 | 33,200 | 35,812 | 211,372 | 3,432,945 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,965,667 | (6,469) | — | (159,030) | 1,800,168 | ||||||||||||||||||||||||
Intersegment | (140,974) | — | 17,263 | (123,711) | |||||||||||||||||||||||||
Total | $ | 8,024,403 | $ | 26,731 | $ | 35,812 | $ | 158,322 | $ | 8,245,268 |
Adjusted EBITDA for the Year Ended | |||||||||||||||||||||||||||||
December 31, 2022 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | December 31, 2023 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 205,547 | $ | (412) | $ | — | $ | 3,795 | $ | 208,930 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 111,053 | 1,345 | 1,834 | 19,338 | 133,570 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 43,796 | (260) | 969 | (1,887) | 42,618 | ||||||||||||||||||||||||
Total | $ | 360,396 | $ | 673 | $ | 2,803 | $ | 21,246 | $ | 385,118 |
December 31, 2023 |
December 31, 2022 |
||||||||||
(U.S. Dollars in thousands) |
|||||||||||
Cash and cash equivalents (Reported GAAP) | $ | 275,580 | $ | 228,840 | |||||||
Debt (Reported GAAP): | |||||||||||
Long-term debt, net | (845,013) | (1,127,321) | |||||||||
Current maturities | (222,940) | (97,435) | |||||||||
Bank overdrafts | (11,488) | (8,623) | |||||||||
Total debt, net | (1,079,441) | (1,233,379) | |||||||||
Less: Debt discounts and debt issuance costs (Reported GAAP) | (14,395) | (17,874) | |||||||||
Total gross debt | (1,093,836) | (1,251,253) | |||||||||
Net Debt (Non-GAAP) |
$ | (818,256) | $ | (1,022,413) |
Year Ended | |||||||||||
December 31, 2023 |
December 31, 2022 |
||||||||||
(U.S. Dollars in thousands) |
|||||||||||
Net cash provided by operating activities - continuing operations (Reported GAAP) | $ | 298,605 | $ | 323,612 | |||||||
Less: Capital expenditures (Reported GAAP)12 | (78,041) | (85,564) | |||||||||
Free cash flow from continuing operations (Non-GAAP) |
$ | 220,564 | $ | 238,048 |