Mission Produce (AVO) 10-Q 9 Mar 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 31, 2023	Mar. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2023
Document Transition Report	false
Entity File Number	001-39561
Entity Registrant Name	MISSION PRODUCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3847744
Entity Address, Address Line One	2710 Camino Del Sol
Entity Address, City or Town	Oxnard
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93030
City Area Code	805
Local Phone Number	981-3650
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,733,090
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001802974
Current Fiscal Year End Date	--10-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Current Assets:
Cash and cash equivalents	$ 39.2	$ 52.8
Restricted cash	1	1.1
Accounts receivable
Trade, net of allowances of $0.3 and $0.3, respectively	64.3	62.9
Grower and fruit advances	1.8	1.8
Other	11.2	17.3
Inventory	76.8	73.1
Prepaid expenses and other current assets	10.1	11.1
Income taxes receivable	11.2	8
Total current assets	215.6	228.1
Property, plant and equipment, net	511.6	489.7
Operating lease right-of-use assets	74.2	65.4
Equity method investees	25.5	27.1
Deferred income tax assets, net	8.3	8.1
Intangible asset, net	39.4	39.4
Intangible asset, net	0.8	2
Other assets	21.6	19.7
Total assets	897	879.5
Liabilities
Accounts payable	30.5	34.4
Accrued expenses	29.4	30.1
Income taxes payable	0.5	1
Grower payables	25.4	24.3
Short-term borrowings	0	2.5
Long-term debt—current portion	3.6	3.5
Operating leases—current portion	4.9	4.7
Finance leases—current portion	1.2	1.2
Total current liabilities	95.5	101.7
Long-term debt, net of current portion	146	136.9
Operating leases, net of current portion	72.6	63.9
Finance leases, net of current portion	15.3	1.4
Income taxes payable	3.1	3.1
Deferred income tax liabilities, net	29	29.4
Other long-term liabilities	21.4	20.2
Total liabilities	382.9	356.6
Commitments and contingencies
Shareholders’ Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,733,090 and 70,669,535 shares issued and outstanding as of January 31, 2023 and October 31, 2022, respectively)	0.1	0.1
Additional paid-in capital	229.6	229.3
Accumulated other comprehensive loss	(1.2)	(1.7)
Retained earnings	265.6	274.4
Mission Produce shareholders' equity	494.1	502.1
Noncontrolling interest	20	20.8
Total equity	514.1	522.9
Total liabilities and equity	$ 897	$ 879.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.3	$ 0.3
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	70,733,090	70,669,535
Common stock, shares outstanding (in shares)	70,733,090	70,669,535

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Net sales	$ 213.5	$ 216.6
Cost of sales	204.5	216.1
Gross profit	9	0.5
Selling, general and administrative expenses	19.1	18.7
Operating loss	(10.1)	(18.2)
Interest expense	(2.4)	(0.9)
Equity method income	1	1.6
Other (expense) income, net	(0.8)	1.6
Loss before income taxes	(12.3)	(15.9)
Income tax benefit	(1.7)	(2.5)
Net loss	(10.6)	(13.4)
Net loss attributable to noncontrolling interest	(1.8)	0
Net loss attributable to Mission Produce	$ (8.8)	$ (13.4)
Net loss per share attributable to Mission Produce:
Basic (in dollars per share)	$ (0.12)	$ (0.19)
Diluted (in dollars per share)	$ (0.12)	$ (0.19)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (10.6)	$ (13.4)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	0.5	(0.3)
Total comprehensive loss, net of tax	(10.1)	(13.7)
Comprehensive loss attributable to noncontrolling interest	(1.8)	0
Comprehensive loss attributable to Mission Produce	$ (8.3)	$ (13.7)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Noncontrolling interest
Beginning balance (in shares) at Oct. 31, 2021		70,631,525
Beginning balance at Oct. 31, 2021	$ 534.2	$ 0.1	$ 225.6	$ (0.5)	$ 309	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Net loss	(13.4)				(13.4)
Other comprehensive income (loss)	(0.3)			(0.3)
Ending balance (in shares) at Jan. 31, 2022		70,631,525
Ending balance at Jan. 31, 2022	521.3	$ 0.1	226.4	(0.8)	295.6	0
Beginning balance (in shares) at Oct. 31, 2022		70,669,535
Beginning balance at Oct. 31, 2022	522.9	$ 0.1	229.3	(1.7)	274.4	20.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.7		0.7
Exercise of stock options (in shares)		8,500
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes (in shares)		55,055
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes	(0.4)		(0.4)
Contributions from noncontrolling interest holders	1					1
Net loss	(10.6)				(8.8)	(1.8)
Other comprehensive income (loss)	0.5			0.5
Ending balance (in shares) at Jan. 31, 2023		70,733,090
Ending balance at Jan. 31, 2023	$ 514.1	$ 0.1	$ 229.6	$ (1.2)	$ 265.6	$ 20

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Operating Activities
Net loss	$ (10.6)	$ (13.4)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	9.3	4.5
Amortization of debt issuance costs	0.1	0.1
Equity method income	(1)	(1.6)
Noncash lease expense	1.4	1.2
Stock-based compensation	0.7	0.8
Dividends received from equity method investees	2.7	2.2
Gain (Loss) on Sale of Assets and Asset Impairment Charges	0.3	0.1
Deferred income taxes	(0.5)	0
Unrealized losses (gains) on derivative financial instruments	0.1	(0.8)
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(1.2)	(27.6)
Grower fruit advances	0	(2.9)
Other receivables	6.1	3.1
Inventory	(3.8)	(29.8)
Prepaid expenses and other current assets	0.8	0.1
Income taxes receivable	(3.2)	(4.2)
Other assets	(1.2)	0.6
Accounts payable and accrued expenses	(1.7)	13.3
Income taxes payable	(0.5)	(0.1)
Grower payables	1.1	15.1
Operating lease liabilities	(1.4)	(0.7)
Other long-term liabilities	1.2	(1.4)
Net cash used in operating activities	(1.3)	(41.4)
Investing Activities
Purchases of property, plant and equipment	(17.6)	(20.9)
Investment in equity method investees	(0.3)	0
Loan repayments from equity method investees	0	1
Other	0	(0.2)
Net cash used in investing activities	(17.9)	(20.1)
Financing Activities
Borrowings on revolving credit facility	10	0
Repayment of short-term borrowings	(2.5)	0
Principal payments on long-term debt obligations	(0.9)	(2.2)
Principal payments on finance lease obligations	(1.7)	(0.3)
Taxes paid related to shares withheld from the settlement of equity awards	(0.4)	0
Contributions from noncontrolling interest holders	1	0
Net cash provided by (used in) financing activities	5.5	(2.5)
Net decrease in cash, cash equivalents and restricted cash	(13.7)	(64)
Cash, cash equivalents and restricted cash, beginning of period	53.9	92.2
Cash, cash equivalents and restricted cash, end of period	40.2	28.2
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	39.2	25.3
Restricted cash	1	2.9
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 40.2	$ 28.2

General

General	3 Months Ended
	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Business Mission Produce, Inc. together with its consolidated subsidiaries (“Mission,” “the Company,” “we,” “us” or “our”), is a global leader in the avocado industry. The Company’s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados and a small amount of other fruits for distribution to domestic and international markets. We report our results of operations in three operating segments: Marketing and Distribution, International Farming and Blueberries (see Note 11). Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries and variable interest entity (“VIE”) for which we are the primary beneficiary and have a controlling interest. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2022. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2023. Consolidation of VIE On May 1, 2022, a reconsideration event occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method of accounting, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling financial interest. Based on this conclusion, Moruga was prospectively consolidated on May 1, 2022. Recently issued accounting standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Topic 405), which among other things, requires certain disclosures for a buyer in a supplier finance program. Some of the amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and others are required to be adopted for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In March 2022, the FASB issued ASU, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows.

Inventory

Inventory	3 Months Ended
	Jan. 31, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Major classes of inventory were as follows: (In millions) January 31, 2023 October 31, 2022 Finished goods $ 28.9 $ 33.8 Crop growing costs 28.3 19.5 Packaging and supplies 19.6 19.8 Inventory $ 76.8 $ 73.1 Inventory at October 31, 2022 included a $0.7 million adjustment to increase inventories recognized in the business combination with Moruga to their fair value as of May 1, 2022. These inventories, including the fair value adjustment, were recognized in cost of sales as the underlying inventories were sold.

Goodwill and Intangible Asset,

Goodwill and Intangible Asset, net	3 Months Ended
	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Asset, net	Goodwill and Intangible Asset, net Goodwill (In millions) International Farming Blueberries Total Goodwill as of January 31, 2023 and October 31, 2022 $ 26.9 $ 12.5 $ 39.4 Goodwill is tested for impairment on an annual basis in the fourth quarter, or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Intangible asset, net (In millions) January 31, 2023 October 31, 2022 Intangible asset, gross $ 2.8 $ 2.8 Accumulated amortization (2.0) (0.8) Intangible asset, net $ 0.8 $ 2.0 The intangible asset, net consists of a distributor relationship entirely attributed to the business combination with Moruga on May 1, 2022. The intangible asset has an amortizable life of 2 years, to be recognized in selling, general and administrative expenses coinciding with the timing of the estimated revenues. Amortization expense was $1.2 million for the three months ended January 31, 2023. The remaining amortization expense is expected to be recognized as follows. (In millions) Remaining 2023 Year Ending October 31, 2024 Estimated annual amortization expense $ 0.2 $ 0.6

Details of Certain Account Bala

Details of Certain Account Balances	3 Months Ended
	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Certain Account Balances	Details of Certain Account Balances Accrued expenses (In millions) January 31, 2023 October 31, 2022 Employee-related $ 13.1 $ 16.3 Freight 7.9 6.2 Outside fruit purchase 1.3 1.0 Legal settlement 0.8 0.8 Other 6.3 5.8 Accrued expenses $ 29.4 $ 30.1 Other long-term liabilities (In millions) January 31, 2023 October 31, 2022 Uncertain tax positions (1) $ 18.3 $ 17.1 Employee-related 1.3 1.2 Other 1.8 1.9 Other long-term liabilities $ 21.4 $ 20.2 (1) Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest. Other expense (income), net Three Months Ended (In millions) 2023 2022 Losses (gains) on derivative financial instruments $ 0.1 $ (0.8) Foreign currency transaction loss (gain) 0.9 (0.5) Interest income (0.2) (0.1) Other — (0.2) Other expense (income), net $ 0.8 $ (1.6)

Debt

Debt	3 Months Ended
	Jan. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Credit facility Long-term debt under our syndicated credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) January 31, 2023 October 31, 2022 Revolving line of credit. The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.42% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027 $ 50.0 $ 40.0 Senior term loan (A-1). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.41% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027. 49.4 50.0 Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.66% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029. 49.9 50.0 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both January 31, 2023 and October 31, 2022. Principal is due July 2024. 0.8 1.0 Total long-term debt 150.1 141.0 Less debt issuance costs (0.5) (0.6) Long-term debt, net of debt issuance costs 149.6 140.4 Less current portion of long-term debt (3.6) (3.5) Long-term debt, net of current portion $ 146.0 $ 136.9 The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of January 31, 2023, the Company was in compliance with all covenants of the credit facility. Other The Company may issue standby letters of credit through banking institutions. As of January 31, 2023, total letters of credit outstanding were $0.7 million. Certain of our consolidated subsidiaries may also enter into short-term bank borrowings from time to time. As of October 31, 2022, short-term borrowings outstanding were $2.5 million with a variable interest rate of 6.65%, all of which was repaid in the three months ended January 31, 2023. Interest rate swaps

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is involved from time to time in claims, proceedings, and litigation, including the following: On April 23, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Los Angeles against us alleging violation of certain wage and labor laws in California, including failure to pay all overtime wages, minimum wage violations, and meal and rest period violations, among others. Additionally, on June 10, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Ventura against us alleging similar violations of certain wage and labor laws. The plaintiffs in both cases seek damages primarily consisting of class certification and payment of wages earned and owed, plus other consequential and special damages. While the Company believes that it did not violate any wage or labor laws, it nevertheless decided to settle these class action lawsuits. In May 2021, the plaintiffs in both class action lawsuits and the Company agreed preliminarily to a comprehensive settlement to resolve both class action cases for a total of $0.8 million, which the Company recorded as a loss contingency in selling, general and administrative expenses in the consolidated statements of income during the three months ended April 30, 2021. The parties executed a stipulation of settlement agreement on such terms in November 2021. This preliminary settlement was approved by the applicable courts in October 2022. In the course of preparing to send out notices to the settlement class, issues arose regarding the nature and scope of the settlement, specifically with respect to the universe of participants in the settlement class, which the parties have been unable to resolve to-date. The parties intend to petition the court to enforce the terms of the settlement as each party has understood them to be. An informal conference before the judge is scheduled for March 2023.

Income Taxes

Income Taxes	3 Months Ended
	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax benefit recorded for the three months ended January 31, 2023 and 2022 differs from the income taxes expected at the U.S. federal statutory tax rate of 21.0%, primarily due to income attributable to foreign jurisdictions which is taxed at different rates, changes in foreign exchange rates taxable in foreign jurisdictions, state taxes, nondeductible tax items, changes in uncertain tax positions (“UTP”), and changes in tax law affecting the rate in future years.As of January 31, 2023, the Company had $16.0 million accrued in UTP on income taxes, of which $8.9 million relates to interest and penalties, inclusive of inflationary adjustments. The period for assessing interest and penalties has expired. However, the Company continues to record certain statutory adjustments related to inflation. Changes in the UTP related to changes in foreign exchange rates during the period are included in other (expense) income, net in the condensed consolidated statements of loss.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jan. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: January 31, 2023 October 31, 2022 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mutual funds $ 1.3 $ 1.3 $ — $ — $ 1.2 $ 1.2 $ — $ — Interest rate swap 2.0 — 2.0 — $ 2.6 — 2.6 — Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust included in other assets in our condensed consolidated balance sheets. The funds are measured at quoted prices in active markets, which is equivalent to their fair value.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jan. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended 2023 2022 Numerator: Net loss attributable to Mission Produce (in millions) $ (8.8) $ (13.4) Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,688,785 70,631,525 Effect of dilutive stock options — — Effect of dilutive RSUs — — Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,688,785 70,631,525 Earnings per share Basic $ (0.12) $ (0.19) Diluted $ (0.12) $ (0.19) Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows: Three Months Ended 2023 2022 Anti-dilutive stock options 547,187 2,185,487 Anti-dilutive RSUs 287,780 135,893

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jan. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions with related parties included in the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheets January 31, 2023 October 31, 2022 (In millions) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Accounts receivable Accounts payable & accrued expenses Equity method investees: Mr. Avocado $ 0.4 $ — $ — $ — $ 1.5 $ — Other: Directors/Officers (1) 0.1 15.4 1.1 14.3 0.1 2.5 Employees (2) — — 0.6 — — 0.4 Condensed Consolidated Statements of Loss Three Months Ended Three Months Ended (In millions) Net sales Cost of sales Interest expense Net sales Cost of sales Other income (expense) Equity method investees: Henry Avocado $ — $ — $ — $ — $ 0.2 $ — Mr. Avocado 0.1 — — 0.4 — — Moruga (3) — — — 3.4 — 0.4 Other: Directors/Officers (1) 0.2 0.2 0.3 0.4 0.1 — Employees (2) — 2.2 — — 1.7 — (1) The Company purchases from and sells avocados to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. In November 2022, Moruga entered into a long-term land lease with a company owned by one of our directors. The rental rate in the lease was comparable to market rates and reflective of an arms-length transaction. The lease was accounted for as a finance lease right-of-use asset and is included in property, plant and equipment, net in the condensed consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the condensed consolidated statements of loss. The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.2 million for the three months ended January 31, 2023, and included as part of net loss attributable to noncontrolling interest in the condensed consolidated statements of loss. (2) The Company utilizes a small number of transportation vendors in Mexico having full or partial ownership by some of our employees. The Company also purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other transportation carriers and growers.

Segment and Revenue Information

Segment and Revenue Information	3 Months Ended
	Jan. 31, 2023
Segment Reporting [Abstract]
Segment and Revenue Information	Segment and Revenue Information We have three operating segments which are also reportable segments. Our reportable segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. After the consolidation of Moruga on May 1, 2022 (refer to Note 1 for more information), the information used by the CEO changed to include the results of Moruga, and as such, we determined our reportable segments to be: • Marketing and Distribution . Our Marketing and Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network. • International Farming . International Farming owns and operates orchards from which substantially all fruit produced is sold to our Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for our Blueberries segment, as well as for third-party producers of other crops during the avocado off-harvest season. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America. • Blueberries. The Blueberries segment represents the results of Moruga, subsequent to its consolidation on May 1, 2022. Moruga’s farming activities include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all of blueberries produced are sold to a single distributor under an exclusive marketing agreement. The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted EBITDA. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), certain noncash and nonrecurring ERP costs, transaction costs, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest, all of which are excluded from the results the CEO reviews uses to assess segment performance and results. We believe that adjusted EBITDA by segment provides useful information for analyzing the underlying business results as well as allowing investors a means to evaluate the financial results of each reportable segment in relation to the Company as a whole. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. Net sales from each of our reportable segments were as follows. Marketing and Distribution International Farming Blueberries Total Marketing and Distribution International Farming Total Three Months Ended (In millions) 2023 2022 Third party sales $ 181.8 $ 1.9 $ 29.8 $ 213.5 $ 212.3 $ 4.3 $ 216.6 Affiliated sales — 3.8 — 3.8 — (1.0) (1.0) Total segment sales 181.8 5.7 29.8 217.3 212.3 3.3 215.6 Intercompany eliminations — (3.8) — (3.8) — 1.0 1.0 Total net sales $ 181.8 $ 1.9 $ 29.8 $ 213.5 $ 212.3 $ 4.3 $ 216.6 Supplemental sales information is as follows. Three Months Ended (In millions) 2023 2022 By type Avocado $ 174.0 $ 209.1 Blueberry (1) 29.8 — Mango 7.3 3.0 Other 2.4 4.5 Total net sales $ 213.5 $ 216.6 By customer location United States $ 174.6 $ 178.1 Rest of world 38.9 38.5 Total net sales $ 213.5 $ 216.6 (1) Blueberry sales are generated entirely by our Blueberries segment, and are therefore reported prospectively from May 1, 2022. Adjusted EBITDA (as defined above) for each of our reportable segments was as follows: Three Months Ended (In millions) 2023 2022 Marketing and Distribution adjusted EBITDA $ 4.6 $ (7.7) International Farming adjusted EBITDA (1.8) (2.7) Blueberries adjusted EBITDA (0.5) — Total reportable segment adjusted EBITDA $ 2.3 $ (10.4) Net loss (10.6) (13.4) Interest expense 2.4 0.9 Income tax benefit (1.7) (2.5) Depreciation and amortization (1) 9.3 4.5 Equity method income (1.0) (1.6) Stock-based compensation 0.7 0.8 Asset impairment and disposals, net of insurance recoveries 0.3 0.1 Farming costs for nonproductive orchards 0.4 0.5 ERP costs (2) 0.6 1.5 Transaction costs 0.1 0.4 Amortization of inventory adjustment recognized from business combination 0.7 — Other expense (income) 0.8 (1.6) Noncontrolling interest (3) 0.3 — Total adjusted EBITDA $ 2.3 $ (10.4) (1) Includes depreciation and amortization of purchase accounting assets of $1.6 million and $0.1 million for the three months ended January 31, 2023 and 2022, respectively. (2) Includes recognition of deferred implementation costs for both periods, and for the three months ended January 31, 2022, non-recurring post-implementation process reengineering costs are also included. (3) Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

General (Policies)

General (Policies)	3 Months Ended
	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries and variable interest entity (“VIE”) for which we are the primary beneficiary and have a controlling interest. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2022. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2023.
Consolidation of VIE	Consolidation of VIE On May 1, 2022, a reconsideration event occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method of accounting, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling financial interest. Based on this conclusion, Moruga was prospectively consolidated on May 1, 2022.
Recently issued accounting standards	Recently issued accounting standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Topic 405), which among other things, requires certain disclosures for a buyer in a supplier finance program. Some of the amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and others are required to be adopted for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In March 2022, the FASB issued ASU, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jan. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventory	Major classes of inventory were as follows: (In millions) January 31, 2023 October 31, 2022 Finished goods $ 28.9 $ 33.8 Crop growing costs 28.3 19.5 Packaging and supplies 19.6 19.8 Inventory $ 76.8 $ 73.1

Goodwill and Intangible Asset_2

Goodwill and Intangible Asset, net (Tables)	3 Months Ended
	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(In millions) International Farming Blueberries Total Goodwill as of January 31, 2023 and October 31, 2022 $ 26.9 $ 12.5 $ 39.4
Schedule of Finite-Lived Intangible Assets	(In millions) January 31, 2023 October 31, 2022 Intangible asset, gross $ 2.8 $ 2.8 Accumulated amortization (2.0) (0.8) Intangible asset, net $ 0.8 $ 2.0
Schedule of Estimated annual amortization expense	The remaining amortization expense is expected to be recognized as follows. (In millions) Remaining 2023 Year Ending October 31, 2024 Estimated annual amortization expense $ 0.2 $ 0.6

Details of Certain Account Ba_2

Details of Certain Account Balances (Tables)	3 Months Ended
	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Liabilities	Accrued expenses (In millions) January 31, 2023 October 31, 2022 Employee-related $ 13.1 $ 16.3 Freight 7.9 6.2 Outside fruit purchase 1.3 1.0 Legal settlement 0.8 0.8 Other 6.3 5.8 Accrued expenses $ 29.4 $ 30.1
Other Noncurrent Liabilities	Other long-term liabilities (In millions) January 31, 2023 October 31, 2022 Uncertain tax positions (1) $ 18.3 $ 17.1 Employee-related 1.3 1.2 Other 1.8 1.9 Other long-term liabilities $ 21.4 $ 20.2 (1) Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest.
Schedule of Other Income (Expense), Net	Other expense (income), net Three Months Ended (In millions) 2023 2022 Losses (gains) on derivative financial instruments $ 0.1 $ (0.8) Foreign currency transaction loss (gain) 0.9 (0.5) Interest income (0.2) (0.1) Other — (0.2) Other expense (income), net $ 0.8 $ (1.6)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jan. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Under Credit Facility	Long-term debt under our syndicated credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) January 31, 2023 October 31, 2022 Revolving line of credit. The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.42% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027 $ 50.0 $ 40.0 Senior term loan (A-1). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.41% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027. 49.4 50.0 Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2023 and October 31, 2022, the interest rate was 6.66% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029. 49.9 50.0 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both January 31, 2023 and October 31, 2022. Principal is due July 2024. 0.8 1.0 Total long-term debt 150.1 141.0 Less debt issuance costs (0.5) (0.6) Long-term debt, net of debt issuance costs 149.6 140.4 Less current portion of long-term debt (3.6) (3.5) Long-term debt, net of current portion $ 146.0 $ 136.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jan. 31, 2023
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis	Financial assets measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: January 31, 2023 October 31, 2022 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mutual funds $ 1.3 $ 1.3 $ — $ — $ 1.2 $ 1.2 $ — $ — Interest rate swap 2.0 — 2.0 — $ 2.6 — 2.6 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jan. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended 2023 2022 Numerator: Net loss attributable to Mission Produce (in millions) $ (8.8) $ (13.4) Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,688,785 70,631,525 Effect of dilutive stock options — — Effect of dilutive RSUs — — Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,688,785 70,631,525 Earnings per share Basic $ (0.12) $ (0.19) Diluted $ (0.12) $ (0.19)
Schedule of Equity Awards Excluded from Computation of Diluted EPS	Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows: Three Months Ended 2023 2022 Anti-dilutive stock options 547,187 2,185,487 Anti-dilutive RSUs 287,780 135,893

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Jan. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transactions with related parties included in the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheets January 31, 2023 October 31, 2022 (In millions) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Accounts receivable Accounts payable & accrued expenses Equity method investees: Mr. Avocado $ 0.4 $ — $ — $ — $ 1.5 $ — Other: Directors/Officers (1) 0.1 15.4 1.1 14.3 0.1 2.5 Employees (2) — — 0.6 — — 0.4 Condensed Consolidated Statements of Loss Three Months Ended Three Months Ended (In millions) Net sales Cost of sales Interest expense Net sales Cost of sales Other income (expense) Equity method investees: Henry Avocado $ — $ — $ — $ — $ 0.2 $ — Mr. Avocado 0.1 — — 0.4 — — Moruga (3) — — — 3.4 — 0.4 Other: Directors/Officers (1) 0.2 0.2 0.3 0.4 0.1 — Employees (2) — 2.2 — — 1.7 — (1) The Company purchases from and sells avocados to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. In November 2022, Moruga entered into a long-term land lease with a company owned by one of our directors. The rental rate in the lease was comparable to market rates and reflective of an arms-length transaction. The lease was accounted for as a finance lease right-of-use asset and is included in property, plant and equipment, net in the condensed consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the condensed consolidated statements of loss. The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.2 million for the three months ended January 31, 2023, and included as part of net loss attributable to noncontrolling interest in the condensed consolidated statements of loss. (2) The Company utilizes a small number of transportation vendors in Mexico having full or partial ownership by some of our employees. The Company also purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other transportation carriers and growers.

Segment and Revenue Informati_2

Segment and Revenue Information (Tables)	3 Months Ended
	Jan. 31, 2023
Segment Reporting [Abstract]
Schedule of Net Sales by Segment	Net sales from each of our reportable segments were as follows. Marketing and Distribution International Farming Blueberries Total Marketing and Distribution International Farming Total Three Months Ended (In millions) 2023 2022 Third party sales $ 181.8 $ 1.9 $ 29.8 $ 213.5 $ 212.3 $ 4.3 $ 216.6 Affiliated sales — 3.8 — 3.8 — (1.0) (1.0) Total segment sales 181.8 5.7 29.8 217.3 212.3 3.3 215.6 Intercompany eliminations — (3.8) — (3.8) — 1.0 1.0 Total net sales $ 181.8 $ 1.9 $ 29.8 $ 213.5 $ 212.3 $ 4.3 $ 216.6 Supplemental sales information is as follows. Three Months Ended (In millions) 2023 2022 By type Avocado $ 174.0 $ 209.1 Blueberry (1) 29.8 — Mango 7.3 3.0 Other 2.4 4.5 Total net sales $ 213.5 $ 216.6 By customer location United States $ 174.6 $ 178.1 Rest of world 38.9 38.5 Total net sales $ 213.5 $ 216.6
Reconciliation of Revenue from Segments to Consolidated	Adjusted EBITDA (as defined above) for each of our reportable segments was as follows: Three Months Ended (In millions) 2023 2022 Marketing and Distribution adjusted EBITDA $ 4.6 $ (7.7) International Farming adjusted EBITDA (1.8) (2.7) Blueberries adjusted EBITDA (0.5) — Total reportable segment adjusted EBITDA $ 2.3 $ (10.4) Net loss (10.6) (13.4) Interest expense 2.4 0.9 Income tax benefit (1.7) (2.5) Depreciation and amortization (1) 9.3 4.5 Equity method income (1.0) (1.6) Stock-based compensation 0.7 0.8 Asset impairment and disposals, net of insurance recoveries 0.3 0.1 Farming costs for nonproductive orchards 0.4 0.5 ERP costs (2) 0.6 1.5 Transaction costs 0.1 0.4 Amortization of inventory adjustment recognized from business combination 0.7 — Other expense (income) 0.8 (1.6) Noncontrolling interest (3) 0.3 — Total adjusted EBITDA $ 2.3 $ (10.4) (1) Includes depreciation and amortization of purchase accounting assets of $1.6 million and $0.1 million for the three months ended January 31, 2023 and 2022, respectively. (2) Includes recognition of deferred implementation costs for both periods, and for the three months ended January 31, 2022, non-recurring post-implementation process reengineering costs are also included. (3) Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

General (Details)

General (Details)	3 Months Ended
	Jan. 31, 2023 Segment	Jan. 31, 2023 segment
Business Acquisition [Line Items]
Number of operating segments	3	3
Moruga
Business Acquisition [Line Items]
Ownership interest	60%	60%

Inventory - Major Classes of In

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2022	Jan. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 33.8	$ 28.9
Crop growing costs	19.5	28.3
Packaging and supplies	19.8	19.6
Inventory	73.1	$ 76.8
Inventory purchase accounting adjustment	$ 0.7

Goodwill and Intangible Asset_3

Goodwill and Intangible Asset, net - Goodwill (Details) $ in Millions	Jan. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 39.4
Goodwill, ending balance	39.4
International Farming
Goodwill [Roll Forward]
Goodwill, beginning balance	26.9
Goodwill, ending balance	26.9
Blueberries
Goodwill [Roll Forward]
Goodwill, beginning balance	12.5
Goodwill, ending balance	$ 12.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Asset, net - Intangible asset, net (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, gross	$ 2.8	$ 2.8
Accumulated amortization	(2)	(0.8)
Intangible asset, net	$ 0.8	$ 2

Goodwill and Intangible Asset_5

Goodwill and Intangible Asset, net - Narrative (Details) $ in Millions	3 Months Ended
	Jan. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortizable life	2 years
Amortization expense	$ 1.2

Goodwill and Intangible Asset_6

Goodwill and Intangible Asset, net - Estimated annual amortization expense (Details) $ in Millions	Jan. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2023	$ 0.2
Year Ending October 31, 2024	$ 0.6

Details of Certain Account Ba_3

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 13.1	$ 16.3
Freight	7.9	6.2
Outside fruit purchase	1.3	1
Legal settlement	0.8	0.8
Other	6.3	5.8
Accrued expenses	29.4	30.1
Uncertain tax positions	18.3	17.1
Employee-related	1.3	1.2
Other	1.8	1.9
Other long-term liabilities	$ 21.4	$ 20.2

Details of Certain Account Ba_4

Details of Certain Account Balances - Other income (expense), net (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Losses (gains) on derivative financial instruments	$ 0.1	$ (0.8)
Foreign currency transaction loss (gain)	0.9	(0.5)
Interest income	(0.2)	(0.1)
Other	0	(0.2)
Other expense (income), net	$ 0.8	$ (1.6)

Debt - Long Term Debt Under Cre

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 150.1	$ 141
Less debt issuance costs	(0.5)	(0.6)
Long-term debt, net of debt issuance costs	149.6	140.4
Less current portion of long-term debt	(3.6)	(3.5)
Long-term debt, net of current portion	146	136.9
Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 50	$ 40
Interest rate	6.42%	5.34%
Senior Term Loan A-1 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 49.4	$ 50
Interest rate	6.41%	5.58%
Senior Term Loan A-2 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 49.9	$ 50
Interest rate	6.66%	5.83%
Notes Payable, BoA | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 0.8	$ 1
Interest rate	3.96%	3.96%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	3 Months Ended
	Jan. 31, 2023 USD ($) derivativeInstrument	Oct. 31, 2022 USD ($)
Derivative [Line Items]
Letters of credit outstanding	$ 0.7
Short-Term Debt		$ 2.5
Percentage bearing variable interest rate		6.65%
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | derivativeInstrument	4
Notional amount	$ 100
Interest Rate Swap | Minimum | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	1.75%
Interest Rate Swap | Maximum | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	2.57%

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	1 Months Ended
	May 31, 2021 USD ($)
Class Action V. Mission Produce | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 0.8

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Jan. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax provision	$ 16
Penalties and interest accrued	$ 8.9

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.3	$ 1.2
Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	2	2.6
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.3	1.2
Quoted Prices in Active Markets (Level 1) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0	0
Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	2	2.6
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0	0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	$ 0	$ 0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Numerator:
Net income attributable to Mission Produce	$ (8.8)	$ (13.4)
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,688,785	70,631,525
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,688,785	70,631,525
Earnings per share
Basic (in dollars per share)	$ (0.12)	$ (0.19)
Diluted (in dollars per share)	$ (0.12)	$ (0.19)
Stock Options
Denominator:
Effect of dilutive securities (in shares)	0	0
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	0	0

Earnings Per Share - Awards Exc

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	547,187	2,185,487
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	287,780	135,893

Related Party Transactions - Ba

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 0.4	$ 1.5
Property, plant and equipment, net	0
Accounts payable & accrued expenses	0	0
Finance lease liabilities	0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.1	0.1
Property, plant and equipment, net	15.4
Accounts payable & accrued expenses	1.1	2.5
Finance lease liabilities	14.3
Employees
Related Party Transaction [Line Items]
Accounts receivable	0	0
Property, plant and equipment, net	0
Accounts payable & accrued expenses	0.6	$ 0.4
Finance lease liabilities	$ 0

Related Party Transactions - St

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Related Party Transaction [Line Items]
Lease cost, portion attributable to noncontrolling interest	$ 0.2
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Net sales	0	$ 0
Cost of sales	0	0.2
Interest expense	0
Other income (expense)		0
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Net sales	0.1	0.4
Cost of sales	0	0
Interest expense	0
Other income (expense)		0
Equity Method Investees | Moruga
Related Party Transaction [Line Items]
Net sales	0	3.4
Cost of sales	$ 0	0
Other income (expense)		0.4
Interest rate	6.50%
Equity Method Investees | Copaltas
Related Party Transaction [Line Items]
Interest expense	$ 0
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.2	0.4
Cost of sales	0.2	0.1
Interest expense	0.3
Other income (expense)		0
Employees
Related Party Transaction [Line Items]
Net sales	0	0
Cost of sales	2.2	1.7
Interest expense	$ 0
Other income (expense)		$ 0

Segment and Revenue Informati_3

Segment and Revenue Information - Narrative (Details) - 3 months ended Jan. 31, 2023	Segment	segment
Segment Reporting [Abstract]
Number of operating segments	3	3
Number of reportable segments		3

Segment and Revenue Informati_4

Segment and Revenue Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 213.5	$ 216.6
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	174.6	178.1
Rest of world
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	38.9	38.5
Avocado
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	174	209.1
Blueberry
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	29.8	0
Mango
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.3	3
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	2.4	4.5
Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	217.3	215.6
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(3.8)	1
Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	213.5	216.6
Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	3.8	(1)
Marketing and Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	181.8	212.3
Marketing and Distribution | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	181.8	212.3
Marketing and Distribution | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0
Marketing and Distribution | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	181.8	212.3
Marketing and Distribution | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.9	4.3
International Farming | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	5.7	3.3
International Farming | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(3.8)	1
International Farming | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.9	4.3
International Farming | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	3.8	$ (1)
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	29.8
Blueberries | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	29.8
Blueberries | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0
Blueberries | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	29.8
Blueberries | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 0

Segment and Revenue Informati_5

Segment and Revenue Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Segment Reporting Information [Line Items]
Net loss	$ (10.6)	$ (13.4)
Interest expense	2.4	0.9
Income tax benefit	(1.7)	(2.5)
Depreciation and amortization	9.3	4.5
Equity method income	(1)	(1.6)
Stock-based compensation	0.7	0.8
Asset impairment and disposals, net of insurance recoveries	0.3	0.1
Farming costs for nonproductive orchards	0.4	0.5
ERP costs	0.6	1.5
Transaction costs	0.1	0.4
Amortization of inventory adjustment recognized from business combination	0.7	0
Other expense (income)	0.8	(1.6)
Noncontrolling interest	0.3	0
Moruga
Segment Reporting Information [Line Items]
Depreciation and amortization	1.6	0.1
Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	2.3	(10.4)
Marketing and Distribution | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	4.6	(7.7)
International Farming adjusted EBITDA | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	(1.8)	(2.7)
Blueberries adjusted EBITDA | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ (0.5)	$ 0