Cover Page
Cover Page - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-261 | |
Entity Registrant Name | ALICO, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-0906081 | |
Entity Address, Address Line One | 10070 Daniels Interstate Court | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Fort Myers | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33913 | |
City Area Code | 239 | |
Local Phone Number | 226-2000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ALCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,620,769 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000003545 | |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets: | ||
Cash | $ 18,632 | $ 1,062 |
Accounts receivable, net | 7,886 | 712 |
Inventories | 41,804 | 52,481 |
Income tax receivable | 0 | 1,200 |
Assets held for sale | 69 | 1,632 |
Prepaid expenses and other current assets | 3,426 | 1,718 |
Total current assets | 71,817 | 58,805 |
Restricted cash | 2,630 | 2,630 |
Property and equipment, net | 361,603 | 361,849 |
Goodwill | 2,246 | 2,246 |
Other non-current assets | 2,913 | 2,823 |
Total assets | 441,209 | 428,353 |
Current liabilities: | ||
Accounts payable | 7,041 | 6,311 |
Accrued liabilities | 3,633 | 5,363 |
Current portion of long-term debt | 1,410 | 2,566 |
Income tax payable | 15,552 | 0 |
Other current liabilities | 904 | 825 |
Total current liabilities | 28,540 | 15,065 |
Long-term debt, net | 83,299 | 101,410 |
Lines of credit | 0 | 24,722 |
Deferred income tax liabilities, net | 36,410 | 36,410 |
Other liabilities | 334 | 369 |
Total liabilities | 148,583 | 177,976 |
Commitments and Contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,616,081 and 7,610,551 shares outstanding at December 31, 2023 and September 30, 2023, respectively | 8,416 | 8,416 |
Additional paid in capital | 20,064 | 20,045 |
Treasury stock, at cost, 800,064 and 806,341 shares held at December 31, 2023 and September 30, 2023, respectively | (27,099) | (27,274) |
Retained earnings | 286,368 | 243,804 |
Total Alico stockholders' equity | 287,749 | 244,991 |
Noncontrolling interest | 4,877 | 5,386 |
Total stockholders' equity | 292,626 | 250,377 |
Total liabilities and stockholders' equity | $ 441,209 | $ 428,353 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 8,416,145 | 8,416,145 |
Common stock, shares outstanding (in shares) | 7,616,081 | 7,610,551 |
Treasury stock, shares (in shares) | 800,064 | 806,341 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating revenues: | ||
Total operating revenues | $ 13,985 | $ 10,588 |
Operating expenses: | ||
Total operating expenses | 28,240 | 14,389 |
Gross profit | (14,255) | (3,801) |
General and administrative expenses | 3,272 | 2,509 |
Loss from operations | (17,527) | (6,310) |
Other income (expense), net: | ||
Interest income | 95 | 0 |
Interest expense | (1,605) | (1,148) |
Gain on sale of real estate, property and equipment and assets held for sale | 77,025 | 3,189 |
Total other income (expense), net | 75,515 | 2,041 |
Income (loss) before income taxes | 57,988 | (4,269) |
Income tax provision (benefit) | 15,552 | (1,083) |
Net income (loss) | 42,436 | (3,186) |
Net loss attributable to noncontrolling interests | 509 | 36 |
Net income (loss) attributable to Alico, Inc. common stockholders | $ 42,945 | $ (3,150) |
Earnings per common share: | ||
Basic (in dollars per share) | $ 5.64 | $ (0.41) |
Diluted (in dollars per share) | $ 5.64 | $ (0.41) |
Weighted-average number of common shares outstanding: | ||
Basic (in shares) | 7,616 | 7,593 |
Diluted (in shares) | 7,616 | 7,593 |
Cash dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 |
Alico Citrus | ||
Operating revenues: | ||
Total operating revenues | $ 13,592 | $ 10,268 |
Operating expenses: | ||
Total operating expenses | 28,107 | 14,295 |
Land Management and Other Operations | ||
Operating revenues: | ||
Total operating revenues | 393 | 320 |
Operating expenses: | ||
Total operating expenses | $ 133 | $ 94 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest |
Beginning balance (in shares) at Sep. 30, 2022 | 8,416,000 | ||||||
Beginning balance at Sep. 30, 2022 | $ 248,865 | $ 8,416 | $ 19,784 | $ (27,948) | $ 243,490 | $ 243,742 | $ 5,123 |
Treasury stock, shares (in shares) at Sep. 30, 2022 | 829,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (3,186) | (3,150) | (3,150) | (36) | |||
Dividends | (380) | (380) | (380) | ||||
Stock-based compensation (in shares) | (6,000) | ||||||
Stock-based compensation | 305 | 159 | $ 146 | ||||
Stock-based compensation | 130 | 305 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 8,416,000 | ||||||
Ending balance at Dec. 31, 2022 | 245,604 | $ 8,416 | 19,943 | $ (27,802) | 239,960 | 240,517 | 5,087 |
Treasury stock, shares (in shares) at Dec. 31, 2022 | 823,000 | ||||||
Beginning balance (in shares) at Sep. 30, 2023 | 8,416,000 | ||||||
Beginning balance at Sep. 30, 2023 | $ 250,377 | $ 8,416 | 20,045 | $ (27,274) | 243,804 | 244,991 | 5,386 |
Treasury stock, shares (in shares) at Sep. 30, 2023 | 806,341 | 806,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | $ 42,436 | 42,945 | 42,945 | (509) | |||
Dividends | (381) | (381) | (381) | ||||
Stock-based compensation (in shares) | (6,000) | ||||||
Stock-based compensation | 194 | 19 | $ 175 | ||||
Stock-based compensation | 56 | 194 | |||||
Ending balance (in shares) at Dec. 31, 2023 | 8,416,000 | ||||||
Ending balance at Dec. 31, 2023 | $ 292,626 | $ 8,416 | $ 20,064 | $ (27,099) | $ 286,368 | $ 287,749 | $ 4,877 |
Treasury stock, shares (in shares) at Dec. 31, 2023 | 800,064 | 800,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net cash used in operating activities: | ||
Net income (loss) | $ 42,436 | $ (3,186) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 3,804 | 3,950 |
Amortization of debt issue costs | 120 | 36 |
Gain on sale of real estate, property and equipment and assets held for sale | (77,025) | (3,189) |
Loss on disposal of long-lived assets | 225 | 1,915 |
Inventory net realizable value adjustment | 10,846 | 0 |
Stock-based compensation expense | 194 | 305 |
Other | 36 | 8 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,174) | (4,045) |
Inventories | (169) | (1,316) |
Prepaid expenses | (1,708) | (122) |
Income tax receivable | 1,200 | (1,083) |
Other assets | 2 | 108 |
Accounts payable and accrued liabilities | (1,320) | (2,822) |
Income taxes payable | 15,552 | 0 |
Other liabilities | (188) | (224) |
Net cash used in operating activities | (13,169) | (9,665) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,490) | (3,453) |
Acquisition of citrus groves | 0 | (29) |
Net proceeds from sale of real estate, property and equipment and assets held for sale | 79,090 | 3,287 |
Change in deposits on purchase of citrus trees | (375) | (301) |
Net cash provided by (used in) investing activities | 75,225 | (496) |
Cash flows from financing activities: | ||
Repayments on revolving lines of credit | (44,032) | (8,902) |
Borrowings on revolving lines of credit | 19,310 | 23,019 |
Principal payments on term loans | (19,383) | (759) |
Dividends paid | (381) | (3,793) |
Net cash (used in) provided by financing activities | (44,486) | 9,565 |
Net increase (decrease) in cash and restricted cash | 17,570 | (596) |
Cash and restricted cash at beginning of the period | (21,262) | (269) |
Cash and restricted cash at end of the period | 21,262 | 269 |
Non-cash investing activities: | ||
Assets received in exchange for services | 298 | 0 |
Trees delivered in exchange for prior services | $ 176 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”), is a Florida agribusiness and land management company owning approximately 54,000 acres of land and also mineral rights throughout Florida. Alico holds these mineral rights on substantially all its owned acres, with additional mineral rights on other acres. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: (i) Alico Citrus and (ii) Land Management and Other Operations. Financial results are presented based upon these two business segments. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which are referred to herein as the “Financial Statements”, of Alico have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, these Financial Statements do not include all of the disclosures required for complete annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, these Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, as filed with the SEC on December 6, 2023 (the “2023 Annual Report on Form 10-K”). Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. However, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of Alico's fiscal year produce most of the Company's annual revenue. Working capital requirements are typically greater in the first and fourth quarters of the fiscal year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company’s significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2023 Annual Report on Form 10-K. Revenue Recognition The Company recognizes revenue under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when the company satisfies a performance obligation Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, revenues from grove management services, leasing revenue and other resource revenues. Most of the revenue is generated from the sale of citrus fruit to processing facilities, fresh fruit sales and grove management services. For fruit sales, the Company recognizes revenue in the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and when the Company has a right to payment. For the sale of fruit, the Company has identified one performance obligation, which is the delivery of fruit to the processing facility of the customer (or harvesting of the citrus in the case of fresh fruit) for each separate variety of fruit identified in the respective contract with the respective customer. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific respective contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since all these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues at the close of the harvesting season can result in either an increase or decrease to reported revenues. For the three months ended December 31, 2023 and 2022, the Company recognized revenues of $12,901 and $10,079, respectively, at a point in time. For the three months ended December 31, 2023 and 2022, the Company recognized revenues of $1,084 and $509, respectively, over time. Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are generally collected or paid thirty to sixty days after final market pricing is published. Receivables under those contracts where pricing is based off a cost-plus structure methodology are paid at the final prior year rate. Any adjustments to pricing because of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of December 31, 2023, and September 30, 2023, the Company had total receivables relating to sales of citrus of $7,134 and $394, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets. For grove management services, the Company has identified one performance obligation, which is the management of the third party’s groves. Grove management services include caretaking of the citrus groves, harvesting and hauling of citrus, management and coordination of citrus sales and other related activities. The Company is reimbursed for expenses incurred in the execution of its management duties and the Company receives a per acre management fee. The Company recognizes operating revenue, including a management fee, and corresponding operating expenses when such services are rendered and consumed. The Company recorded $691 and $189 of operating revenue relating to these grove management services, including the management fee, in the three months ended December 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. The Company recorded $368 and $67 of operating expenses relating to these grove management services in the three months ended December 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. Disaggregated Revenue Revenues disaggregated by significant products and services for the three months ended December 31, 2023 and 2022 are as follows: (in thousands) Three Months Ended 2023 2022 Alico Citrus Early and Mid-Season $ 12,395 $ 9,586 Fresh Fruit and Other 506 493 Grove Management Services 691 189 Total $ 13,592 $ 10,268 Land Management and Other Operations Land and Other Leasing $ 314 $ 281 Other 79 39 Total $ 393 $ 320 Total Revenues $ 13,985 $ 10,588 Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability into a three tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted market prices for identical assets and liabilities in active markets; • Level 2 – Inputs, other than the quoted prices for identical assets and liabilities in active markets, for which significant other observable market inputs are readily available; and • Level 3 – Unobservable inputs in which there is little or no market data, such as internally developed valuation models which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term and immediate nature of these financial instruments. The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: (in thousands) December 31, September 30, Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Current long-term debt $ 1,410 $ 1,388 $ 2,566 $ 2,325 Long-term debt $ 83,805 $ 77,015 $ 126,753 $ 115,851 As of December 31, 2023 and September 30, 2023 the Company did not have any assets held for sale that had been measured at fair value on a non-recurring basis. Accounting for government grants The Company recognizes government grants when there is reasonable assurance that: (1) the grant will be received and (2) all conditions will be met. For income-based grants, the Company recognizes the income on a systemic basis over the periods in which we recognize as expense the related costs for which the grant was intended to compensate. On December 31, 2023, the Company recognized $1,805 of grant money from the Citrus Research and Field Trial Foundation’s (“CRAFT”) program to assist citrus growers in the State of Florida using Oxytetracycline (“OTC”) and other approved therapies to combat the effect of “greening” of their citrus trees. These funds were recognized as a component of Inventories ($1,381 at December 31, 2023) on the Company’s Condensed Consolidated Balance Sheet and will be recognized as a reduction of Operating expenses ($424 during the three months ended December 31, 2023) on its Condensed Consolidated Statement of Operations, as its fruit is sold; in order to align it to the period over which the expense related to the OTC treatments is recognized. These grant monies were received in exchange for providing certain historical data to the CRAFT Foundation about its citrus groves. The Company may continue, but is not obligated, to participate in future CRAFT programs on the effects of the use of OTC on its Citrus Trees. In January 2024, the Company collected these grant monies from CRAFT. Concentrations Accounts receivable from the Company’s major customer as of December 31, 2023 and September 30, 2023, and revenue from such customer as of December 31, 2023 and 2022, are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue December 31, September 30, December 31, December 31, 2023 2023 2023 2022 2023 2022 Tropicana $ 5,048 $ — $ 10,875 $ 8,027 77.8 % 75.8 % The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. The overall increase in Tropicana revenue, as a percentage of sales, was primarily due to an increase in processed fruit sales during the current quarter. Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board – Accounting Standards Codification (“FASB ASC”) Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: (i) Alico Citrus and (ii) Land Management and Other Operations. Principles of Consolidation The Financial Statements include the accounts of Alico and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, Alico Ranch, LLC, Alico Natural Resources, LLC, 734 Citrus Holdings 1, LLC and subsidiaries (“Silver Nip”), Alico Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable. Noncontrolling Interest in Consolidated Subsidiary The Financial Statements include all assets and liabilities of the less-than-100%-owned subsidiary the Company controls, Citree. Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had a loss of $1,039 and a net loss of $73 for the three months ended December 31, 2023 and 2022, respectively, of which 51% is attributable to the Company. Recent Accounting Pronouncements The Company has reviewed other recently issued accounting standards which have not yet been adopted to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures. Recently Adopted Accounting Pronouncements None this period. |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Unharvested fruit crop on the trees $ 38,155 $ 50,699 Other 3,649 1,782 Total inventories $ 41,804 $ 52,481 The Company records its inventory at the lower of cost or net realizable value. For the three months ended December 31, 2023 and December 31, 2022, the Company recorded $10,846 and $0, respectively, for adjustments to reduce inventory to net realizable value. The adjustment for the three months ended December 31, 2023 was due to a significantly lower than anticipated harvest of the Early and Mid-Season crop, as a result of the continued recovery from the impacts of Hurricane Ian. The determination of the write down of inventory to net realizable value as of December 31, 2023 is based on management’s estimates that are inherently uncertain and subject to change. These estimates reflect management’s consideration of a number of factors, including patterns regarding the physical condition of the citrus trees, the results of previous harvests, weather patterns and events, and the use of OTC. As a result, we may experience adjustments to inventory provisions in future periods. In the three months ended December 31, 2023 and December 31, 2022, the Company received $0 and approximately $1,300 under the Florida Citrus Recovery Block Grant (“CRBG”) program. These federal relief proceeds are included as a reduction to operating expenses in the Condensed Consolidated Statements of Operations. In December 2022, the Consolidated Appropriations Act was signed into law by the federal government; however, the details of the mechanism and funding of any Hurricane Ian relief still remains unclear and, if available, the extent to which we will be eligible. We intend to take advantage of any such available programs as and when they become available. We are currently working with Florida Citrus Mutual, the industry trade group, and government agencies on the federal relief programs available as part of the Consolidated Appropriations Act. |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale at December 31, 2023 and September 30, 2023: (in thousands) Carrying Value December 31, September 30, Ranch $ 69 $ 1,632 Total assets held for sale $ 69 $ 1,632 During the three months ended December 31, 2023, the Company consummated the sale of approximately 17,556 acres of land for $79,090 and recognized a gain During the three months ended December 31, 2022, the Company sold approximately 609 acres to various third parties for $3,287 and recognized a gain Note 13. “Related Party Transactions” for further information. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Citrus trees $ 330,957 $ 328,421 Equipment and other facilities 57,796 57,779 Buildings and improvements 7,081 7,081 Total depreciable properties 395,834 393,281 Less: accumulated depreciation and depletion (147,204) (144,150) Net depreciable properties 248,630 249,131 Land and land improvements 112,973 112,718 Property and equipment, net $ 361,603 $ 361,849 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Accrued employee wages and benefits $ 1,149 $ 1,007 Accrued interest 765 1,102 Accrued insurance 684 345 Professional fees 443 307 Accrued dividends 381 381 Other accrued liabilities 211 87 Ad valorem taxes — 2,134 Total accrued liabilities $ 3,633 $ 5,363 |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lines of Credit | Long-Term Debt and Lines of Credit The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization at December 31, 2023 and September 30, 2023: (in thousands) December 31, 2023 September 30, 2023 Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 70,000 $ 70,000 Met Variable-Rate Term Loans — 19,094 Met Citree Term Loan 3,888 3,888 Pru Loans A & B 11,327 11,615 Deferred financing fees (506) (621) 84,709 103,976 Less current portion 1,410 2,566 Long-term debt $ 83,299 $ 101,410 The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at December 31, 2023 and September 30, 2023: (in thousands) December 31, 2023 September 30, 2023 Lines of Credit: RLOC $ — $ — WCLC — 24,722 Deferred financing fees (91) (95) Lines of Credit $ (91) $ 24,627 Future maturities of long-term debt and lines of credit as of December 31, 2023 are as follows: (in thousands) December 31, 2023 Due within one year $ 1,410 Due between one and two years 1,410 Due between two and three years 1,410 Due between three and four years 1,410 Due between four and five years 1,410 Due beyond five years 78,165 Total future maturities $ 85,215 Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended 2023 2022 Interest expense $ 1,605 $ 1,148 Interest capitalized 303 281 Total $ 1,908 $ 1,429 Debt The Company’s credit facilities consist of fixed interest rate term loans originally in the amount of $125,000 (“Met Fixed-Rate Term Loans”) variable interest rate term loans originally in the amount of $57,500 (“Met Variable-Rate Term Loans”), a $25,000 revolving line of credit (“RLOC”) with Metropolitan Life Insurance Company and New England Life Insurance Company (collectively “Met”), and a $70,000 WCLC with Rabo. At December 31, 2023 and September 30, 2023, $25,000 and $25,000 was available under the RLOC, respectively, and $69,752 and $45,030 was available under the WCLC, respectively. The term loans and RLOC are secured by real property. The security for the term loans and RLOC consists of approximately 38,200 gross acres of citrus groves and originally included 5,800 gross acres of ranch land. In April 2021, the 5,800 gross acres of ranch land was released as security against the term loans and RLOC and only the 38,200 gross acres of citrus groves remain as security for the term loans and RLOC. The WCLC is collateralized by the Company’s current assets and certain other personal property owned by the Company. The Met Fixed-Rate Term Loans bear, which bear interest at 3.85%, are interest-only with a balloon payment at maturity on November 1, 2029. The Met Variable-Rate Term Loans are subject to quarterly principal payments of $406 and bear interest at the One Month Term Secured Overnight Financing Rate ("SOFR") plus 175 basis points (the “SOFR spread”). Effective February 17, 2023, the Company agreed to defer the next three quarterly principal payments which were previously due May 2023, August 2023 and November 2023 to the maturity date of the loan. The SOFR spread is subject to adjustment by Met every 2 years beginning May 1, 2023, until maturity. Interest on the term loans is payable quarterly. The interest rates on the Met Variable-Rate Term Loans were 7.56% per annum and 7.52% per annum, as of December 31, 2023 and September 30, 2023, respectively and were set to mature on November 1, 2029. On December 26, 2023, the Company repaid the outstanding balance of $19,094, plus accrued interest, on these loans. The SOFR spread is subject to adjustment by lender every 2 years beginning May 1, 2023, until maturity on November 1, 2029. The RLOC is subject to an annual commitment fee of 25 basis points on the unused portion of the line of credit and is available for funding general corporate purposes. The variable interest rate was 7.56% per annum and 7.52% per annum as of December 31, 2023 and September 30, 2023, respectively. The WCLC is a revolving credit facility and is available for funding working capital and general corporate requirements. The WCLC agreement was amended on October 27, 2022, and the primary terms of the amendment were an extension of the maturity to November 1, 2025, and the conversion of the interest rate from LIBOR plus a spread to SOFR plus a spread, which spread is adjusted quarterly, based on the Company’s debt service coverage ratio for the preceding quarter and can vary from 175 to 250 basis points. There were no changes to the commitment amount. The rate at September 30, 2023 was SOFR plus 175 basis points. The variable interest rate was 7.11% per annum and 7.07% per annum as of December 31, 2023 and September 30, 2023, respectively. The WCLC agreement provides for Rabo to issue up to $2,000 in letters of credit on the Company’s behalf, of which $248 and $248 were issued as of December 31, 2023 and September 30, 2023, respectively. The WCLC is subject to a quarterly commitment fee on the daily unused availability under the line computed as the commitment amount less the aggregate of the outstanding loans and outstanding letters of credit. The commitment fee is adjusted quarterly based on The Company's debt service coverage ratio for the preceding quarter and can vary from a minimum of 20 basis points to a maximum of 30 basis points. Commitment fees were charged at 20 basis points; except from May 18, 2023 through August 8, 2023, when they were charged at 30 basis points. These credit facilities noted above are subject to various covenants including the following financial covenants: (i) minimum debt service coverage ratio of 1.10 to 1.00; (ii) tangible net worth of at least $160,000 increased annually by 10% of consolidated net income for the preceding years, or $174,628 for the year ended September 30, 2023; (iii) minimum current ratio of 1.50 to 1.00; (iv) debt to total assets ratio not greater than .625 to 1.00, and; (v) solely in the case of the WCLC, a limit on capital expenditures of $30,000 per fiscal year. As of December 31, 2023, the Company was in compliance with all of the financial covenants. Credit facilities also include a Met Life term loan collateralized by 1,200 gross acres of citrus grove owned by Citree (“Met Citree Loan”). This is a $5,000 credit facility that bears interest at a fixed rate of 5.28% per annum. Principal and interest payments are made on a quarterly basis. Effective February 17, 2023, the Company agreed to defer the next three quarterly principal payments which were previously due May 2023, August 2023 and November 2023 to the maturity date of the loan. The loan matures in February 2029. Silver Nip Citrus Debt There are two fixed-rate term loans, with an original combined balance of $27,550, which bear interest at 5.35% per annum (“Pru Loans A & B”). Principal of $290 is payable quarterly, together with accrued interest. The loans are collateralized by 5,700 acres of citrus groves in Collier, Hardee, Highlands and Polk Counties, Florida and mature on June 1, 2029 and June 1, 2033, respectively. The Pru Loans A & B are subject to an annual financial covenant whereby the consolidated current ratio requirement is 1.00 to 1.00. Silver Nip Citrus was in compliance with the current ratio covenant as of December 31, 2023. Deferred Financing Costs Costs incurred to obtain financing are deferred and amortized to “Interest expense” in the consolidated statement of operations over the related financing period using the effective interest method. The Company records debt issuance costs as a direct reduction of the carrying value of the related debt. Financing costs related to the undrawn RLOC are included in "Other non-current assets" in the consolidated balance sheet. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate for the three months ended December 31, 2023 was a provision of 26.8%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to state income taxes. Our effective tax rate for the three months ended December 31, 2022 was a provision of 24.3%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to state income taxes. |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Segments Total revenues represent sales to unaffiliated customers, as reported in the Condensed Consolidated Statements of Operations. Goods and services produced by these segments are sold to wholesalers and processors in the United States, who prepare the products for consumption. The Company evaluates the segments’ performance based on direct margins (gross profit) from operations before general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses. Information by operating segment is as follows: (in thousands) Three Months Ended 2023 2022 Revenues: Alico Citrus $ 13,592 $ 10,268 Land Management and Other Operations 393 320 Total revenues 13,985 10,588 Operating expenses: Alico Citrus 28,107 14,295 Land Management and Other Operations 133 94 Total operating expenses 28,240 14,389 Gross profit: Alico Citrus (14,515) (4,027) Land Management and Other Operations 260 226 Total gross profit $ (14,255) $ (3,801) Depreciation, depletion and amortization: Alico Citrus $ 3,727 $ 3,827 Land Management and Other Operations 20 9 Other Depreciation, Depletion and Amortization 57 114 Total depreciation, depletion and amortization $ 3,804 $ 3,950 (in thousands) December 31, September 30, Assets: Alico Citrus $ 429,466 $ 415,030 Land Management and Other Operations 10,257 11,722 Other Corporate Assets 1,486 1,601 Total Assets $ 441,209 $ 428,353 |
Leases
Leases | 3 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company determines whether an arrangement is a lease at inception. The Company’s leases consist of operating lease arrangements for certain office space, tractor leases and IT facilities. When these lease arrangements include lease and non-lease components, the Company accounts for lease components and non-lease components (e.g., common area maintenance) separately based on their relative standalone prices. Any lease arrangements with an initial term of one year or less are not recorded on the Company’s Condensed Consolidated Balance Sheets, and it recognizes lease cost for these lease arrangements on a straight-line basis over the applicable lease term. Many lease arrangements provide the options to exercise one or more renewal terms or to terminate the lease arrangement. When the options are reasonably certain to be exercised, the Company includes these options when it will be reasonably certain to exercise them in the lease term used to establish the right-of-use assets and lease liabilities. Generally, lease agreements do not include an option to purchase the leased asset, residual value guarantees or material restrictive covenants. As most of our lease arrangements do not provide an implicit interest rate, the Company applies an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments. No lease costs associated with finance leases and sale-leaseback transactions occurred and our lease income associated with lessor and sublease arrangements are not material to our Condensed Consolidated Financial Statements. Our operating leases cost components are reported in our Condensed Consolidated Statements of Operations as follows: (in thousands) Three Months Ended December 31, Operating lease components 2023 2022 Operating leases costs recorded in general and administrative expenses $ 37 $ 30 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: December 31, 2023 Weighted-average remaining lease term 1.6 years Weighted-average discount rate 5.44 % |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stock-based Compensation | Note 11. Stock-based Compensation Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. The Company’s 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the 2015 Plan (paid in restricted stock and stock options). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations. Stock Compensation – Board of Directors The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $138 and $156 for the three months ended December 31, 2023 and 2022, respectively. Restricted Stock Stock compensation expense related to the Restricted Stock was $56 and $130 for the three months ended December 31, 2023 and 2022, respectively. There was $320 and $376 of total unrecognized stock compensation costs related to unvested stock compensation for the Restricted Stock grants at December 31, 2023 and September 30, 2023, respectively. Restricted Stock Awards Restricted Stock Awards Shares Weighted- Outstanding at September 30, 2023 17,540 $ 37.82 Granted — — Vested — — Forfeited (5) 32.30 Outstanding at December 31, 2023 (a) 17,535 $ 37.82 a. The weighted average remaining contractual term is 1.5 years and the aggregate intrinsic value of RSAs expected to vest is $510. Stock Option Grants Number of Weighted Weighted Aggregate Vested and outstanding – December 31, 2023 38,000 $ 33.75 3.0 — Stock compensation expense related to the options of $0 and $18 was recognized for the three months ended December 31, 2023 and December 31, 2022, respectively. At December 31, 2023 and September 30, 2023, there were no unrecognized stock compensation costs related to unvested share-based compensation for the option grants. Forfeitures of RSAs and stock options were recognized as incurred. Total stock-based compensation expense for the three months ended December 31, 2023 and 2022, which was recognized in general and administrative expense, was $56 and $130, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments The Company enters into contracts for the purchase of citrus trees during the normal course of its business. As of December 31, 2023, the Company had $3,735 relating to outstanding commitments for these purchases that will be paid upon delivery of the remaining citrus trees. Letters of Credit The Company had outstanding standby letters of credit in the total amount of $248 and $248 at December 31, 2023 and September 30, 2023, respectively, to secure its various contractual obligations. Legal Proceedings From time to time, Alico may be involved in litigation relating to claims arising out of its operations in the normal course of business. There are no current legal proceedings to which the Company is a party or of which any of its property is subject that it believes will have a material adverse effect on its financial condition. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Lease Agreement On January 1, 2022, Mr. Kiernan, the Company’s President and CEO, entered into a Hunting Lease Agreement and Real Estate Purchase and Sale Option Agreement, with the Company (the “Kiernan Lease Agreement”). Under the Kiernan Lease Agreement, the Company leased approximately 93 acres of Company owned, largely unimproved land (the “Land”) to Mr. Kiernan for a three-year term commencing on January 1, 2022, and ending on January 1, 2025, with a yearly rent of $1,860 (in whole dollars). Additionally, under the terms of the Kiernan Lease Agreement, the Company granted to Mr. Kiernan an option to purchase the Land from the Company, exercisable only during the one-year period January 1, 2022, through January 1, 2023, and at a price of $480 ($5,161 per acre), which price is based on an independent appraisal obtained by the Company. On August 26, 2022, Mr. Kiernan exercised his option to purchase the land. Pursuant to the exercise of the option, the Company sold 85 acres to Mr. Kiernan on October 20, 2022 for $439 ($5,161 per acre). |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net income attributable to Alico, Inc. common stockholders | $ 42,945 | $ (3,150) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which are referred to herein as the “Financial Statements”, of Alico have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, these Financial Statements do not include all of the disclosures required for complete annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, these Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, as filed with the SEC on December 6, 2023 (the “2023 Annual Report on Form 10-K”). |
Seasonality | Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of Alico's fiscal year produce most of the Company's annual revenue. Working capital requirements are typically greater in the first and fourth quarters of the fiscal year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when the company satisfies a performance obligation Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, revenues from grove management services, leasing revenue and other resource revenues. Most of the revenue is generated from the sale of citrus fruit to processing facilities, fresh fruit sales and grove management services. For fruit sales, the Company recognizes revenue in the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and when the Company has a right to payment. For the sale of fruit, the Company has identified one performance obligation, which is the delivery of fruit to the processing facility of the customer (or harvesting of the citrus in the case of fresh fruit) for each separate variety of fruit identified in the respective contract with the respective customer. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific respective contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since all these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues at the close of the harvesting season can result in either an increase or decrease to reported revenues. For the three months ended December 31, 2023 and 2022, the Company recognized revenues of $12,901 and $10,079, respectively, at a point in time. For the three months ended December 31, 2023 and 2022, the Company recognized revenues of $1,084 and $509, respectively, over time. Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are generally collected or paid thirty to sixty days after final market pricing is published. Receivables under those contracts where pricing is based off a cost-plus structure methodology are paid at the final prior year rate. Any adjustments to pricing because of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of December 31, 2023, and September 30, 2023, the Company had total receivables relating to sales of citrus of $7,134 and $394, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets. For grove management services, the Company has identified one performance obligation, which is the management of the third party’s groves. Grove management services include caretaking of the citrus groves, harvesting and hauling of citrus, management and coordination of citrus sales and other related activities. The Company is reimbursed for expenses incurred in the execution of its management duties and the Company receives a per acre management fee. The Company recognizes operating revenue, including a management fee, and corresponding operating expenses when such services are rendered and consumed. The Company recorded $691 and $189 of operating revenue relating to these grove management services, including the management fee, in the three months ended December 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. The Company recorded $368 and $67 of operating expenses relating to these grove management services in the three months ended December 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. |
Fair Value Measurement | Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability into a three tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted market prices for identical assets and liabilities in active markets; • Level 2 – Inputs, other than the quoted prices for identical assets and liabilities in active markets, for which significant other observable market inputs are readily available; and • Level 3 – Unobservable inputs in which there is little or no market data, such as internally developed valuation models which require the reporting entity to develop its own assumptions. |
Concentrations | The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. The overall increase in Tropicana revenue, as a percentage of sales, was primarily due to an increase in processed fruit sales during the current quarter. |
Segments | Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board – Accounting Standards Codification (“FASB ASC”) Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: (i) Alico Citrus and (ii) Land Management and Other Operations. |
Principle of Consolidation and Noncontrolling Interest in Consolidated Subsidiary | Principles of Consolidation The Financial Statements include the accounts of Alico and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, Alico Ranch, LLC, Alico Natural Resources, LLC, 734 Citrus Holdings 1, LLC and subsidiaries (“Silver Nip”), Alico Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation. Noncontrolling Interest in Consolidated Subsidiary The Financial Statements include all assets and liabilities of the less-than-100%-owned subsidiary the Company controls, Citree. Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had a loss of $1,039 and a net loss of $73 for the three months ended December 31, 2023 and 2022, respectively, of which 51% is attributable to the Company. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable. |
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed other recently issued accounting standards which have not yet been adopted to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures. Recently Adopted Accounting Pronouncements None this period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenue | Revenues disaggregated by significant products and services for the three months ended December 31, 2023 and 2022 are as follows: (in thousands) Three Months Ended 2023 2022 Alico Citrus Early and Mid-Season $ 12,395 $ 9,586 Fresh Fruit and Other 506 493 Grove Management Services 691 189 Total $ 13,592 $ 10,268 Land Management and Other Operations Land and Other Leasing $ 314 $ 281 Other 79 39 Total $ 393 $ 320 Total Revenues $ 13,985 $ 10,588 |
Schedule of Short-Term Debt | The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: (in thousands) December 31, September 30, Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Current long-term debt $ 1,410 $ 1,388 $ 2,566 $ 2,325 Long-term debt $ 83,805 $ 77,015 $ 126,753 $ 115,851 |
Schedule of Revenue by Major Customers by Reporting Segments | Accounts receivable from the Company’s major customer as of December 31, 2023 and September 30, 2023, and revenue from such customer as of December 31, 2023 and 2022, are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue December 31, September 30, December 31, December 31, 2023 2023 2023 2022 2023 2022 Tropicana $ 5,048 $ — $ 10,875 $ 8,027 77.8 % 75.8 % |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Unharvested fruit crop on the trees $ 38,155 $ 50,699 Other 3,649 1,782 Total inventories $ 41,804 $ 52,481 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of assets held for sale | In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale at December 31, 2023 and September 30, 2023: (in thousands) Carrying Value December 31, September 30, Ranch $ 69 $ 1,632 Total assets held for sale $ 69 $ 1,632 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | Property and equipment, net consists of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Citrus trees $ 330,957 $ 328,421 Equipment and other facilities 57,796 57,779 Buildings and improvements 7,081 7,081 Total depreciable properties 395,834 393,281 Less: accumulated depreciation and depletion (147,204) (144,150) Net depreciable properties 248,630 249,131 Land and land improvements 112,973 112,718 Property and equipment, net $ 361,603 $ 361,849 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consist of the following at December 31, 2023 and September 30, 2023: (in thousands) December 31, September 30, Accrued employee wages and benefits $ 1,149 $ 1,007 Accrued interest 765 1,102 Accrued insurance 684 345 Professional fees 443 307 Accrued dividends 381 381 Other accrued liabilities 211 87 Ad valorem taxes — 2,134 Total accrued liabilities $ 3,633 $ 5,363 |
Long-Term Debt and Lines of C_2
Long-Term Debt and Lines of Credit (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net of current portion | The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization at December 31, 2023 and September 30, 2023: (in thousands) December 31, 2023 September 30, 2023 Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 70,000 $ 70,000 Met Variable-Rate Term Loans — 19,094 Met Citree Term Loan 3,888 3,888 Pru Loans A & B 11,327 11,615 Deferred financing fees (506) (621) 84,709 103,976 Less current portion 1,410 2,566 Long-term debt $ 83,299 $ 101,410 |
Schedule of lines of credit | The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at December 31, 2023 and September 30, 2023: (in thousands) December 31, 2023 September 30, 2023 Lines of Credit: RLOC $ — $ — WCLC — 24,722 Deferred financing fees (91) (95) Lines of Credit $ (91) $ 24,627 |
Schedule of future maturities of debt and lines of credit | Future maturities of long-term debt and lines of credit as of December 31, 2023 are as follows: (in thousands) December 31, 2023 Due within one year $ 1,410 Due between one and two years 1,410 Due between two and three years 1,410 Due between three and four years 1,410 Due between four and five years 1,410 Due beyond five years 78,165 Total future maturities $ 85,215 |
Schedule of interest costs expensed and capitalized | Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended 2023 2022 Interest expense $ 1,605 $ 1,148 Interest capitalized 303 281 Total $ 1,908 $ 1,429 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of information by business segment | Information by operating segment is as follows: (in thousands) Three Months Ended 2023 2022 Revenues: Alico Citrus $ 13,592 $ 10,268 Land Management and Other Operations 393 320 Total revenues 13,985 10,588 Operating expenses: Alico Citrus 28,107 14,295 Land Management and Other Operations 133 94 Total operating expenses 28,240 14,389 Gross profit: Alico Citrus (14,515) (4,027) Land Management and Other Operations 260 226 Total gross profit $ (14,255) $ (3,801) Depreciation, depletion and amortization: Alico Citrus $ 3,727 $ 3,827 Land Management and Other Operations 20 9 Other Depreciation, Depletion and Amortization 57 114 Total depreciation, depletion and amortization $ 3,804 $ 3,950 (in thousands) December 31, September 30, Assets: Alico Citrus $ 429,466 $ 415,030 Land Management and Other Operations 10,257 11,722 Other Corporate Assets 1,486 1,601 Total Assets $ 441,209 $ 428,353 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of lease cost | Our operating leases cost components are reported in our Condensed Consolidated Statements of Operations as follows: (in thousands) Three Months Ended December 31, Operating lease components 2023 2022 Operating leases costs recorded in general and administrative expenses $ 37 $ 30 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: December 31, 2023 Weighted-average remaining lease term 1.6 years Weighted-average discount rate 5.44 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | Restricted Stock Awards Restricted Stock Awards Shares Weighted- Outstanding at September 30, 2023 17,540 $ 37.82 Granted — — Vested — — Forfeited (5) 32.30 Outstanding at December 31, 2023 (a) 17,535 $ 37.82 a. The weighted average remaining contractual term is 1.5 years and the aggregate intrinsic value of RSAs expected to vest is $510. Stock Option Grants Number of Weighted Weighted Aggregate Vested and outstanding – December 31, 2023 38,000 $ 33.75 3.0 — |
Description of Business and B_3
Description of Business and Basis of Presentation - Narrative (Details) | 3 Months Ended |
Dec. 31, 2023 a Segment classification | |
Property Plant And Equipment [Line Items] | |
Number of business segments | Segment | 2 |
Land | |
Property Plant And Equipment [Line Items] | |
Area of land owned (in acres) | a | 54,000 |
Number of primary classifications | classification | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Property Plant And Equipment [Line Items] | |||
Accounts receivable, net | $ 7,886 | $ 712 | |
Total operating revenues | 13,985 | $ 10,588 | |
Proceeds from grower's support payments | $ 1,805 | ||
Number of business segments | Segment | 2 | ||
Net Income (loss) attributable to subsidiary | $ (509) | (36) | |
Citree | |||
Property Plant And Equipment [Line Items] | |||
Net Income (loss) attributable to subsidiary | $ (1,039) | (73) | |
Ownership interest (as a percent) | 51% | ||
Transferred at Point in Time | |||
Property Plant And Equipment [Line Items] | |||
Revenue recognized | $ 12,901 | 10,079 | |
Transferred over Time | |||
Property Plant And Equipment [Line Items] | |||
Revenue recognized | 1,084 | 509 | |
Operating Expense | |||
Property Plant And Equipment [Line Items] | |||
Proceeds from grower's support payments | 424 | ||
Inventories | |||
Property Plant And Equipment [Line Items] | |||
Proceeds from grower's support payments | 1,381 | ||
Citrus | |||
Property Plant And Equipment [Line Items] | |||
Accounts receivable, net | 7,134 | $ 394 | |
Grove Management Services | |||
Property Plant And Equipment [Line Items] | |||
Total operating revenues | 691 | 189 | |
Operating expenses | $ 368 | $ 67 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | $ 13,985 | $ 10,588 |
Alico Citrus | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 13,592 | 10,268 |
Land Management and Other Operations | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 393 | 320 |
Early and Mid-Season | Alico Citrus | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 12,395 | 9,586 |
Fresh Fruit and Other | Alico Citrus | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 506 | 493 |
Grove Management Services | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 691 | 189 |
Grove Management Services | Alico Citrus | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 189 | |
Land and Other Leasing | Land Management and Other Operations | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | 314 | 281 |
Other | Land Management and Other Operations | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenues | $ 79 | $ 39 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of short-term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Carrying Amount | ||
Current long-term debt | $ 1,410 | $ 2,566 |
Long-term debt | 84,709 | 103,976 |
Fair Value, Inputs, Level 2 | ||
Carrying Amount | ||
Long-term debt | 83,805 | 126,753 |
Estimated Fair Value | ||
Current long-term debt | 1,388 | 2,325 |
Long-term debt | $ 77,015 | $ 115,851 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies -Schedule of revenues and accounts receivable from major customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Concentration Risk [Line Items] | |||
Accounts Receivable | $ 7,886 | $ 712 | |
Tropicana | |||
Concentration Risk [Line Items] | |||
Accounts Receivable | 5,048 | $ 0 | |
Revenue | $ 10,875 | $ 8,027 | |
Tropicana | Total Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
% of Total Revenue | 77.80% | 75.80% |
Inventories - Schedule of inven
Inventories - Schedule of inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Unharvested fruit crop on the trees | $ 38,155 | $ 50,699 |
Other | 3,649 | 1,782 |
Total inventories | $ 41,804 | $ 52,481 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory [Line Items] | ||
Insurance proceeds for crop claims | $ 0 | $ 1,300 |
Year-End Adjustment | ||
Inventory [Line Items] | ||
Inventory casualty loss | $ 10,846 | $ 0 |
Assets Held for Sale - Schedule
Assets Held for Sale - Schedule of assets held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 69 | $ 1,632 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 69 | 1,632 |
Discontinued Operations, Held-for-sale | Ranch | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 69 | $ 1,632 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) | 3 Months Ended | |||
Oct. 20, 2022 USD ($) | Dec. 31, 2023 USD ($) a | Dec. 31, 2022 USD ($) a | Sep. 30, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of land sold | a | 85 | |||
Gains on sale of real estate, property and equipment and assets held for sale | $ 77,025,000 | $ 3,189,000 | ||
Long-term debt | $ 84,709,000 | $ 103,976,000 | ||
Consideration received | $ 439,000 | |||
Land sold price per acre | $ 5,161 | |||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gains on sale of real estate, property and equipment and assets held for sale | Gains on sale of real estate, property and equipment and assets held for sale | ||
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of land sold | a | 17,556 | 609 | ||
Gains on sale of real estate, property and equipment and assets held for sale | $ 79,090,000 | $ 3,287,000 | ||
Gain (loss) on disposal of discontinued operation | 77,025,000 | $ 3,189,000 | ||
Long-term debt | $ 19,094,000 | |||
Discontinued Operations, Disposed of by Sale | Ranch | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of land sold | a | 17,229 | |||
Gains on sale of real estate, property and equipment and assets held for sale | $ 77,631,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 361,603 | $ 361,849 |
Citrus trees | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 330,957 | 328,421 |
Equipment and other facilities | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 57,796 | 57,779 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,081 | 7,081 |
Depreciable properties | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 395,834 | 393,281 |
Less: accumulated depreciation and depletion | (147,204) | (144,150) |
Property and equipment, net | 248,630 | 249,131 |
Land and land improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 112,973 | $ 112,718 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Loss on disposal of property and equipment | $ 225 | $ 1,915 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Payables and Accruals [Abstract] | ||
Ad valorem taxes | $ 0 | $ 2,134 |
Accrued interest | 765 | 1,102 |
Accrued employee wages and benefits | 1,149 | 1,007 |
Accrued dividends | 381 | 381 |
Accrued insurance | 684 | 345 |
Professional fees | 443 | 307 |
Other accrued liabilities | 211 | 87 |
Total accrued liabilities | $ 3,633 | $ 5,363 |
Long-Term Debt and Lines of C_3
Long-Term Debt and Lines of Credit - Schedule of long-term debt, net of current portion (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Debt Instrument [Line Items] | ||
Deferred financing fees | $ (506) | $ (621) |
Long-term debt | 84,709 | 103,976 |
Less current portion | (1,410) | (2,566) |
Long-term debt, net | 83,299 | 101,410 |
Met Fixed-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion: | 70,000 | 70,000 |
Met Variable-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion: | 0 | 19,094 |
Met Citree Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion: | 3,888 | 3,888 |
Pru Loans A & B | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion: | 11,327 | 11,615 |
Term Loans and PRU Loans | ||
Debt Instrument [Line Items] | ||
Less current portion | (1,410) | (2,566) |
Long-term debt, net | $ 83,299 | $ 101,410 |
Long-Term Debt and Lines of C_4
Long-Term Debt and Lines of Credit - Schedule of lines of credit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Line of Credit Facility [Line Items] | ||
Deferred financing fees | $ (506) | $ (621) |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Deferred financing fees | (91) | (95) |
Lines of Credit | (91) | 24,627 |
Line of Credit | RLOC | ||
Line of Credit Facility [Line Items] | ||
Lines of Credit | 0 | 0 |
Line of Credit | WCLC | ||
Line of Credit Facility [Line Items] | ||
Lines of Credit | $ 0 | $ 24,722 |
Long-Term Debt and Lines of C_5
Long-Term Debt and Lines of Credit - Schedule of future maturities of debt and lines of credit (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Due within one year | $ 1,410 |
Due between one and two years | 1,410 |
Due between two and three years | 1,410 |
Due between three and four years | 1,410 |
Due between four and five years | 1,410 |
Due beyond five years | 78,165 |
Total future maturities | $ 85,215 |
Long-Term Debt and Lines of C_6
Long-Term Debt and Lines of Credit - Schedule of interest costs expensed and capitalized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 1,605 | $ 1,148 |
Interest capitalized | 303 | 281 |
Total | $ 1,908 | $ 1,429 |
Long-Term Debt and Lines of C_7
Long-Term Debt and Lines of Credit - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 26, 2023 USD ($) | Oct. 27, 2022 | Dec. 31, 2023 USD ($) a Loan | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Apr. 30, 2021 a | |
Debt Instrument [Line Items] | |||||||
Adjusted fixed interest rate | 3.85% | ||||||
Fixed interest rate | 5.35% | ||||||
Minimum debt service coverage ratio | 1.10 | ||||||
Tangible net worth | $ 160,000,000 | ||||||
Percentage of consolidated net income | 10% | ||||||
Annual increase of tangible net worth | $ 174,628,000 | ||||||
Minimum current ratio | 1.50 | ||||||
Debt to total assets ratio | 0.625 | ||||||
Limit on capital expenditures | $ 30,000,000 | ||||||
Long-term debt | $ 84,709,000 | 103,976,000 | |||||
Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Covenant ratio | 1 | ||||||
Grove Management Services | |||||||
Debt Instrument [Line Items] | |||||||
Area of land (in acres) | a | 38,200 | ||||||
Farm and Ranch Land | |||||||
Debt Instrument [Line Items] | |||||||
Area of land (in acres) | a | 5,800 | ||||||
Met Fixed-Rate Term Loans | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Quarterly principal payments | $ 290,000 | ||||||
Area of property that served as collateral (in acres) | a | 5,700 | ||||||
Number of fixed rate term loans | Loan | 2 | ||||||
Long-term debt | $ 27,550,000 | ||||||
Revolving Credit Facility | Met Fixed-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | 125,000,000 | ||||||
Revolving Credit Facility | Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | 57,500,000 | ||||||
RLOC | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | 25,000,000 | ||||||
Outstanding standby letters of credit | 25,000,000 | $ 25,000,000 | |||||
Quarterly principal payments | $ 406,000 | ||||||
LIBOR spread (as a percent) | 0.25% | ||||||
Debt prepayment | $ 19,094,000 | ||||||
RLOC | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread subject to adjustment period | 2 years | 2 years | |||||
RLOC | London Interbank Offered Rate (LIBOR) 1 | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | ||||||
RLOC | Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 7.56% | 7.52% | |||||
WCLC | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 70,000,000 | ||||||
Availability under line of credit | $ 69,752,000 | $ 45,030,000 | |||||
LIBOR spread (as a percent) | 0.20% | ||||||
Variable interest rate | 7.11% | 7.07% | |||||
WCLC | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 0.20% | ||||||
WCLC | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 0.30% | ||||||
WCLC | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 2,000,000 | ||||||
WCLC | SOFR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | 1.75% | |||||
WCLC | SOFR | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 2.50% | ||||||
Metlife Term Loan | Citree | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 5,000,000 | ||||||
Fixed interest rate | 5.28% | ||||||
Area of property that served as collateral (in acres) | a | 1,200 | ||||||
Financial Standby Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letter of credit outstanding | $ 248,000 | $ 248,000 | |||||
Financial Standby Letter of Credit | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letter of credit outstanding | $ 248,000 | $ 248,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation | 26.80% | 24.30% |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of information by business segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Revenues: | |||
Total operating revenues | $ 13,985 | $ 10,588 | |
Operating expenses: | |||
Total operating expenses | 28,240 | 14,389 | |
Gross profit: | |||
Total gross profit | (14,255) | (3,801) | |
Depreciation, depletion and amortization: | |||
Depreciation, depletion and amortization | 3,804 | 3,950 | |
Assets: | |||
Total Assets | 441,209 | $ 428,353 | |
Alico Citrus | |||
Revenues: | |||
Total operating revenues | 13,592 | 10,268 | |
Operating expenses: | |||
Total operating expenses | 28,107 | 14,295 | |
Land Management and Other Operations | |||
Revenues: | |||
Total operating revenues | 393 | 320 | |
Operating expenses: | |||
Total operating expenses | 133 | 94 | |
Operating Segments | Alico Citrus | |||
Gross profit: | |||
Total gross profit | (14,515) | (4,027) | |
Depreciation, depletion and amortization: | |||
Depreciation, depletion and amortization | 3,727 | 3,827 | |
Assets: | |||
Total Assets | 429,466 | 415,030 | |
Operating Segments | Land Management and Other Operations | |||
Gross profit: | |||
Total gross profit | 260 | 226 | |
Depreciation, depletion and amortization: | |||
Depreciation, depletion and amortization | 20 | 9 | |
Assets: | |||
Total Assets | 10,257 | 11,722 | |
Segment Reconciling Items | |||
Depreciation, depletion and amortization: | |||
Depreciation, depletion and amortization | 57 | $ 114 | |
Other Corporate Assets | |||
Assets: | |||
Total Assets | $ 1,486 | $ 1,601 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating leases costs recorded in general and administrative expenses | $ 37 | $ 30 |
Leases - Lease Terms (Details)
Leases - Lease Terms (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term | 1 year 7 months 6 days |
Weighted-average discount rate | 5.44% |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Feb. 27, 2015 | |
Class Of Stock [Line Items] | ||||
Stock compensation expense | $ 56 | $ 130 | ||
Board Of Directors Fees | ||||
Class Of Stock [Line Items] | ||||
Stock compensation expense | 138 | 156 | ||
Total Alico, Inc. Equity | ||||
Class Of Stock [Line Items] | ||||
Stock compensation expense | 194 | 305 | ||
Restricted Stock | ||||
Class Of Stock [Line Items] | ||||
Stock compensation expense | 56 | 130 | ||
Unrecognized expense | 320 | $ 376 | ||
Options | ||||
Class Of Stock [Line Items] | ||||
Stock compensation expense | $ 0 | $ 18 | ||
2015 Option Grants | ||||
Class Of Stock [Line Items] | ||||
Number of shares authorized to be repurchased (up to) (in shares) | 1,250,000 | |||
2015 Option Grants | Minimum | ||||
Class Of Stock [Line Items] | ||||
Award vesting period | 1 year | |||
2015 Option Grants | Maximum | ||||
Class Of Stock [Line Items] | ||||
Award vesting period | 6 years |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Nonvested Shares (Details) - Restricted Stock $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Outstanding (in shares) | shares | 17,540 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (5) |
Ending Outstanding and expected to vest (in shares) | shares | 17,535 |
Weighted- Average Grant Date Fair Value | |
Beginning Outstanding (in dollars per share) | $ / shares | $ 37.82 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 32.30 |
Ending Outstanding (in dollars per share) | $ / shares | $ 37.82 |
Weighted average remaining contractual terms | 1 year 6 months |
Aggregate intrinsic value of Restricted Stock Awards expected to vest | $ | $ 510 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Vested and Outstanding (Details) | 3 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Equity [Abstract] | |
Number of options (in shares) | shares | 38,000 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 33.75 |
Weighted Average Remaining Contractual Term (years) | 3 years |
Aggregate Intrinsic Value | $ | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Loss Contingencies [Line Items] | ||
Outstanding purchase commitments | $ 3,735 | |
Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Letter of credit outstanding | $ 248 | $ 248 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | Oct. 20, 2022 USD ($) a | Jan. 01, 2022 USD ($) a | Dec. 31, 2022 a |
Related Party Transaction [Line Items] | |||
Area of land sold | a | 85 | ||
Consideration received | $ 439,000 | ||
Land sold price per acre | $ 5,161 | ||
Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Area of land sold | a | 85 | 93 | |
Operating leases, term of contract | 3 years | ||
Payments for rent | $ 1,860 | ||
Purchase option term | 1 year | ||
Option amount to repurchase | $ 480,000 | ||
Repurchase price per acre | $ 5,161 | ||
Consideration received | $ 439,000 | ||
Land sold price per acre | $ 5,161 |
Uncategorized Items - alco-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 3,692,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 865,000 |