Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 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 | 7,605,189 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000003545 | |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 148 | $ 865 |
Accounts receivable, net | 8,970 | 324 |
Inventories | 23,407 | 27,682 |
Income tax receivable | 2,855 | 1,116 |
Assets held for sale | 159 | 205 |
Prepaid expenses and other current assets | 1,434 | 1,424 |
Total current assets | 36,973 | 31,616 |
Property and equipment, net | 369,101 | 372,479 |
Goodwill | 2,246 | 2,246 |
Other non-current assets | 3,241 | 2,914 |
Total assets | 411,561 | 409,255 |
Current liabilities: | ||
Accounts payable | 8,017 | 3,366 |
Accrued liabilities | 3,785 | 9,062 |
Long-term debt, current portion | 1,629 | 3,035 |
Other current liabilities | 880 | 1,062 |
Total current liabilities | 14,311 | 16,525 |
Long-term debt: | ||
Principal amount, net of current portion | 103,550 | 103,661 |
Less: deferred financing costs, net | (684) | (748) |
Long-term debt less current portion and deferred financing costs, net | 102,866 | 102,913 |
Lines of credit | 21,122 | 4,928 |
Deferred income tax liabilities, net | 35,641 | 35,589 |
Other liabilities | 300 | 435 |
Total liabilities | 174,240 | 160,390 |
Commitments and Contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ||
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,599,492 and 7,586,995 shares outstanding at March 31, 2023 and September 30, 2022, respectively | 8,416 | 8,416 |
Additional paid in capital | 19,985 | 19,784 |
Treasury stock, at cost, 816,653 and 829,150 shares held at March 31, 2023 and September 30, 2022, respectively | (27,616) | (27,948) |
Retained earnings | 231,793 | 243,490 |
Total Alico stockholders' equity | 232,578 | 243,742 |
Noncontrolling interest | 4,743 | 5,123 |
Total stockholders' equity | 237,321 | 248,865 |
Total liabilities and stockholders' equity | $ 411,561 | $ 409,255 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 |
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) | 7,599,492 | 7,586,995 |
Treasury stock at cost, shares (in shares) | 816,653 | 829,150 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating revenues: | ||||
Total operating revenues | $ 21,294 | $ 49,641 | $ 31,882 | $ 64,978 |
Operating expenses: | ||||
Total operating expenses | 27,622 | 45,642 | 42,011 | 59,168 |
Gross (loss) profit | (6,328) | 3,999 | (10,129) | 5,810 |
General and administrative expenses | 2,667 | 2,538 | 5,176 | 5,122 |
(Loss) income from operations | (8,995) | 1,461 | (15,305) | 688 |
Other income (expense), net: | ||||
Interest expense | (1,274) | (870) | (2,422) | (1,771) |
Gain on sale of real estate, property and equipment and assets held for sale | 1,574 | 26,604 | 4,763 | 35,049 |
Other income, net | 30 | 1 | 30 | 10 |
Total other income , net | 330 | 25,735 | 2,371 | 33,288 |
(Loss) income before income taxes | (8,665) | 27,196 | (12,934) | 33,976 |
Income tax (benefit) provision | (534) | 6,579 | (1,617) | 3,279 |
Net (loss) income | (8,131) | 20,617 | (11,317) | 30,697 |
Net loss attributable to noncontrolling interests | 344 | 85 | 380 | 136 |
Net (loss) income attributable to Alico, Inc. common stockholders | $ (7,787) | $ 20,702 | $ (10,937) | $ 30,833 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ (1.02) | $ 2.74 | $ (1.44) | $ 4.09 |
Diluted (in dollars per share) | $ (1.02) | $ 2.74 | $ (1.44) | $ 4.08 |
Weighted-average number of common shares outstanding: | ||||
Basic | 7,599 | 7,552 | 7,596 | 7,543 |
Diluted (in shares) | 7,599 | 7,556 | 7,596 | 7,548 |
Cash dividends declared per common share | $ 0.05 | $ 0.50 | $ 0.10 | $ 1 |
Alico Citrus | ||||
Operating revenues: | ||||
Total operating revenues | $ 20,937 | $ 49,032 | $ 31,205 | $ 63,780 |
Operating expenses: | ||||
Total operating expenses | 27,520 | 45,490 | 41,815 | 58,876 |
Water Resources and Other Operations | ||||
Operating revenues: | ||||
Total operating revenues | 357 | 609 | 677 | 1,198 |
Operating expenses: | ||||
Total operating expenses | $ 102 | $ 152 | $ 196 | $ 292 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Total | Directors | Executives and Managers | Employees | Common stock | Additional Paid in Capital | Additional Paid in Capital Directors | Additional Paid in Capital Executives and Managers | Additional Paid in Capital Employees | Treasury Stock | Treasury Stock Directors | Treasury Stock Executives and Managers | Treasury Stock Employees | Retained Earnings | Total Alico, Inc. Equity | Total Alico, Inc. Equity Directors | Total Alico, Inc. Equity Executives and Managers | Total Alico, Inc. Equity Employees | Non-controlling Interest |
Beginning balance at Sep. 30, 2021 | $ 250,117 | $ 8,416 | $ 19,989 | $ (29,853) | $ 246,163 | $ 244,715 | $ 5,402 | ||||||||||||
Beginning balance (in shares) at Sep. 30, 2021 | 8,416 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | 30,697 | 30,833 | 30,833 | 136 | |||||||||||||||
Dividends | (7,546) | (7,546) | (7,546) | ||||||||||||||||
Exercise of stock options | 170 | 15 | 155 | 170 | |||||||||||||||
Stock-based compensation | $ 348 | $ 255 | $ 27 | $ 50 | $ 112 | $ (203) | $ 298 | $ 143 | $ 230 | $ 348 | $ 255 | $ 27 | |||||||
Ending balance at Mar. 31, 2022 | 274,068 | $ 8,416 | 19,963 | (29,027) | 269,450 | 268,802 | 5,266 | ||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 8,416 | ||||||||||||||||||
Beginning balance at Dec. 31, 2021 | 256,972 | $ 8,416 | 20,080 | (29,399) | 252,524 | 251,621 | 5,351 | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 8,416 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | 20,617 | 20,702 | 20,702 | 85 | |||||||||||||||
Dividends | (3,776) | (3,776) | (3,776) | ||||||||||||||||
Stock-based compensation | 169 | 59 | 27 | 27 | 59 | (203) | 142 | 230 | 169 | 59 | 27 | ||||||||
Ending balance at Mar. 31, 2022 | 274,068 | $ 8,416 | 19,963 | (29,027) | 269,450 | 268,802 | 5,266 | ||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 8,416 | ||||||||||||||||||
Beginning balance at Sep. 30, 2022 | 248,865 | $ 8,416 | 19,784 | (27,948) | 243,490 | 243,742 | 5,123 | ||||||||||||
Beginning balance (in shares) at Sep. 30, 2022 | 8,416 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (11,317) | (10,937) | (10,937) | (380) | |||||||||||||||
Dividends | (760) | 760 | 760 | ||||||||||||||||
Stock-based compensation | 313 | 163 | $ 57 | (18) | 163 | $ 56 | 331 | $ 1 | 313 | 163 | $ 57 | ||||||||
Ending balance at Mar. 31, 2023 | 237,321 | $ 8,416 | 19,985 | (27,616) | 231,793 | 232,578 | 4,743 | ||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 8,416 | ||||||||||||||||||
Beginning balance at Dec. 31, 2022 | 245,604 | $ 8,416 | 19,943 | (27,802) | 239,960 | 240,517 | 5,087 | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 8,416 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (8,131) | (7,787) | (7,787) | (344) | |||||||||||||||
Dividends | (380) | 380 | 380 | ||||||||||||||||
Stock-based compensation | $ 156 | $ 72 | $ (30) | $ 72 | $ 186 | $ 156 | $ 72 | ||||||||||||
Ending balance at Mar. 31, 2023 | $ 237,321 | $ 8,416 | $ 19,985 | $ (27,616) | $ 231,793 | $ 232,578 | $ 4,743 | ||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 8,416 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per common share | $ 0.05 | $ 0.50 | $ 0.10 | $ 1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net cash (used in ) provided by perating activities: | ||
Net (loss) income | $ (11,317) | $ 30,697 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation, depletion and amortization | 7,847 | 7,668 |
Debt issue costs expense | 71 | 85 |
Gain on sale of real estate, property and equipment and assets held for sale | (4,763) | (35,049) |
Loss on disposal of long-lived assets | 4,032 | 909 |
Inventory net realizable value adjustment | 1,616 | |
Deferred income tax benefit | 52 | (4,746) |
Stock-based compensation expense | 533 | 630 |
Other | 18 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,646) | (6,422) |
Inventories | 2,659 | 10,194 |
Prepaid expenses | (10) | (74) |
Income tax receivable | (1,739) | 3,233 |
Other assets | 211 | (653) |
Accounts payable and accrued liabilities | 2,681 | (2,015) |
Income taxes payable | 4,072 | |
Other liabilities | (355) | 269 |
Net cash (used in) provided by operating activities | (7,110) | 8,798 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (8,445) | (10,428) |
Acquisition of citrus groves | (29) | (136) |
Net proceeds from sale of real estate, property and equipment and assets held for sale | 4,927 | 36,657 |
Notes receivable | (570) | |
Change in deposits on purchase of citrus trees | 6 | (95) |
Net cash (used in) provided by investing activities | (4,111) | 25,998 |
Cash flows from financing activities: | ||
Repayments on revolving lines of credit | (24,995) | (46,470) |
Borrowings on revolving lines of credit | 41,189 | 46,470 |
Principal payments on term loans | (1,517) | (2,143) |
Exercise of stock options | 170 | |
Dividends paid | (4,173) | (7,533) |
Net cash provided by (used in) financing activities | 10,504 | (9,506) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (717) | 25,290 |
Cash and cash equivalents and restricted cash at beginning of the period | 865 | 886 |
Cash and cash equivalents and restricted cash at end of the period | $ 148 | $ 26,176 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. 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 73,000 acres of land and approximately 90,000 acres of 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 Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements,” have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. These Financial Statements do not include all the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the 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 fiscal year ended September 30, 2022, as filed with the SEC on December 13, 2022. The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited. 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. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2023. During the audit of our financial statements for the period ending September 30, 2022, the Company discovered an error in the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019. As disclosed in the Company’s audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, this error was corrected and resulted in a cumulative increase in the Company’s Retained Earnings of approximately $ 2,512,000 . As a result, the Retained Earnings balances at September 30, 2021, December 31, 2021, and March 31, 2022 are captioned as Restated in the accompanying Condensed Consolidated Statements of Changes in Equity (Unaudited). 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, 734 Citrus Holdings, 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. Revenue Recognition 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. 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 March 31, 2023, and September 30, 2022, the Company had total receivables relating to sales of citrus of approximately $ 8,738,000 and $ 124,000 , 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. In June 2022, the Company was notified by a group of third-party grove owners, who are affiliated with each other, for which the Company was managing groves that such third-party grove owners were terminating the property management agreement dated as of July 16, 2020 with the Company as such third-party grove owners decided to exit the citrus business. As a result, all services relating to this caretaking management initiative and the accompanying management fee and reimbursed costs associated with performing caretaking management services ceased as of June 10, 2022. The Company recorded approximately $ 0 and $ 7,200,000 of operating revenue relating to these grove management services, including the management fee, in the six months ended March 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. The Company recorded approximately $ 0 and $ 6,700,000 of operating expenses relating to these grove management services in the six months ended March 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 and six months ended March 31, 2023 and 2022 are as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Alico Citrus Early and Mid-Season $ 2,368 $ 17,909 $ 11,954 $ 28,287 Valencias 17,930 25,854 17,930 25,854 Fresh Fruit 74 350 522 1,229 Grove Management Services 362 4,416 551 7,834 Other 203 503 248 576 Total $ 20,937 $ 49,032 $ 31,205 $ 63,780 Land Management and Other Operations Land and Other Leasing $ 273 $ 442 $ 554 $ 970 Other 84 167 123 228 Total $ 357 $ 609 $ 677 $ 1,198 Total Revenues $ 21,294 $ 49,641 $ 31,882 $ 64,978 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 net loss of approximately $ 703,000 and approximately $ 174,000 for the three months ended March 31, 2023 and 2022, respectively, and a net loss of approximately $ 776,000 and approximately $ 278,000 for the six months ended March 31, 2023 and 2022, respectively, of which 51 % is attributable to the Company. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. The Company’s floating rate notes and variable funding notes have historically borne interest at fluctuating interest rates based on LIBOR. Because LIBOR will cease to exist, the Company renegotiated its variable rate loan agreements, to instead utilize fluctuating interest rates based on the 30 day Secured Overnight Financing Rate (SOFR), some with the change having taken effect in late fiscal year 2022, and one with the change having taken effect in early fiscal year 2023. ASU 2020-04 was effective March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the sunset date from December 31, 2022 to December 31, 2024. The Company is currently assessing the impact of adopting this standard and the impact on its condensed consolidated financial statements. 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 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The Company adopted ASU 2019-12 effective October 1, 2021, and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. The COVID-19 Pandemic Measures imposed by federal, state, and local governments throughout the United States in response to the COVID-19 Pandemic had a significant adverse impact upon many sectors of the economy, including certain agriculture businesses. While epidemiological conditions in the United States have improved as of March 31, 2023, and certain restrictions on social and commercial activity have been relaxed, a resurgence of the virus, such as variant BA.5, could cause epidemiological and macroeconomic conditions to deteriorate and more severe restrictions to be put in place. It is not possible for the Company to predict the duration or magnitude of any adverse effects due to a resurgence at this time. We will continue to monitor the COVID-19 pandemic and its impacts on our business, financial condition, and results of operations. To date, the Company has experienced no material adverse impacts from this pandemic. Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported. 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. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2. Inventories Inventories consist of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Unharvested fruit crop on the trees $ 22,017 $ 26,717 Other 1,390 965 Total inventories $ 23,407 $ 27,682 The Company records its inventory at the lower of cost or net realizable value. For the six months ended March 31, 2023 and the fiscal year ended September 30, 2022, the Company recorded approximately $ 1,616,000 and approximately $ 6,676,000 , respectively, for adjustments to reduce inventory to net realizable value, as a result of the impact of Hurricane Ian, which adversely impacted the Company’s unharvested citrus crop as of March 31, 2023 and September 30, 2022. The Company, for the fiscal year ended September 30, 2022, recorded a casualty loss to reduce the carrying value of the unharvested fruit crop on trees inventory by approximately $ 14,900,000 . No additional casualty loss was recorded for the six months ended March 31, 2023. In the three and six months ended March 31, 2023, the Company received insurance proceeds relating to Hurricane Ian of approximately $ 4,759,000 for crop claims, which have been recorded in operating expenses. The Company has additional crop insurance claims outstanding and is awaiting determination of the additional proceeds to be received. The Company was eligible for Hurricane Irma federal relief programs for block grants that were being administered through the State of Florida. During the fiscal years ended September 30, 2022, 2021 and 2020, the Company received approximately $ 1,123,000 , $ 4,299,000 and $ 4,629,000 , respectively, under the Florida Citrus Recovery Block Grant (“CRBG”) program. The Company received the remaining portion during the first quarter ended December 31, 2022, of approximately $ 1,266,000 . 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 remain unclear and, if available, the extent to which the Company will be eligible. The Company intends to take advantage of any such available programs as and when they become available. The Company is 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 | 6 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets Held for Sale | Note 3. 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 March 31, 2023 and September 30, 2022: (in thousands) Carrying Value March 31, September 30, 2023 2022 Ranch $ 159 $ 205 Total assets held for sale $ 159 $ 205 During the second quarter 2023, the company sold approximately 279 acres to various third parties for approximately $ 1,596,000 and recognized a gain of approximately $ 1,500,000 . During the first quarter 2023, the company sold approximately 609 acres to various third parties for approximately $ 3,300,000 and recognized a gain of approximately $ 3,200,000 . One of these sales transactions was a sale of approximately 85 acres to Mr. John E. Kiernan, the Company’s President and CEO, on October 20, 2022, for approximately $ 438,900 ($ 5,161 per acre). On January 1, 2022, Mr. Kiernan 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 was leasing what was originally estimated to be 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 , and with a yearly rent of $ 1,860 . Additionally, under the terms of the Kiernan Lease Agreement, the Company had 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 $ 480,000 ($ 5,161 per acre), which price was based on an independent appraisal obtained by the Company and dated as of November 11, 2021. On August 26, 2022, Mr. Kiernan exercised his option to purchase the Land. Pursuant to exercise of the option, the Company sold what turned out to be a parcel of approximately 85 acres to Mr. Kiernan. On May 31, 2022, the Company sold approximately 400 acres of Alico Ranch to a third party for approximately $ 1,900,000 and recognized a gain of $ 1,700,000 . During April 2022, the Company sold approximately 788 acres from the Alico Ranch to third parties for approximately $ 4,100,000 and recognized a gain of approximately $ 3,900,000 . One of these sales transactions, consisting of approximately 142 acres, was sold to an employee of the Company for approximately $ 651,000 . On March 15, 2022, the Company sold approximately 6,286 acres from the Alico Ranch to third parties for approximately $ 28,288,000 and recognized a gain of approximately $ 26,554,000 . On December 3, 2021, the State of Florida purchased, under the Florida Forever program, approximately 1,638 acres of the Alico Ranch for approximately $ 5,675,000 pursuant to an option agreement entered into between the State of Florida and the Company. The Company recognized a gain of approximately $ 5,570,000 . During November 2021, the Company sold approximately 302 acres from the Alico Ranch to various third parties for approximately $ 1,458,000 and recognized a gain of approximately $ 1,400,000 . |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | Note 4. Property and Equipment, Net Property and equipment, net consists of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Citrus trees $ 330,884 $ 329,582 Equipment and other facilities 58,773 58,021 Buildings and improvements 7,081 7,374 Total depreciable properties 396,738 394,977 Less: accumulated depreciation and depletion ( 141,139 ) ( 135,990 ) Net depreciable properties 255,599 258,987 Land and land improvements 113,502 113,492 Property and equipment, net $ 369,101 $ 372,479 For the six months ended March 31, 2023 and fiscal year ended September 30, 2022, the Company did no t record any impairments. The Company recorded a casualty loss of approximately $ 1,400,000 for the year ended September 30, 2022 with respect to one of its groves, which sustained tree loss of approximately $ 1,300,000 , and damage to one of its buildings of approximately $ 100,000 , as a direct result of Hurricane Ian. In connection with the State of Florida’s condemnation of a certain portion of Alico’s property in October 2021, the Company received approximately $ 1,450,000 , all of which was recognized as a gain. |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 6 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lines of Credit | Note 5. Long-Term Debt and Lines of Credit The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization at March 31, 2023 and September 30, 2022: March 31, 2023 September 30, 2022 (in thousands) Principal Deferred Principal Deferred Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 70,000 $ 392 $ 70,000 $ 435 Met Variable-Rate Term Loans 19,094 102 19,906 113 Met Citree Term Loan 3,888 25 4,013 27 Pru Loans A & B 12,197 165 12,777 173 105,179 684 106,696 748 Less current portion 1,629 — 3,035 — Long-term debt $ 103,550 $ 684 $ 103,661 $ 748 The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at March 31, 2023 and September 30, 2022: March 31, 2023 September 30, 2022 (in thousands) Principal Deferred Principal Deferred Lines of Credit: RLOC $ — $ 104 $ — $ 110 WCLC 21,122 — 4,928 — Lines of Credit $ 21,122 $ 104 $ 4,928 $ 110 Future maturities of long-term debt and lines of credit as of March 31, 2023 are as follows: (in thousands) March 31, 2023 Due within one year $ 1,629 Due between one and two years 3,035 Due between two and three years 24,157 Due between three and four years 3,035 Due between four and five years 3,035 Due beyond five years 91,410 Total future maturities $ 126,301 Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest expense $ 1,274 $ 870 $ 2,422 $ 1,771 Interest capitalized 333 328 614 631 Total $ 1,607 $ 1,198 $ 3,036 $ 2,402 Debt The Company's credit facilities consist of (i) fixed interest rate term loans originally in the amount of $ 125,000,000 (“Met Fixed-Rate Term Loans”), (ii) prior to the satisfaction of one such loan, variable interest rate term loans originally in the amount of $ 57,500,000 (“Met Variable-Rate Term Loans”), (iii) a $ 25,000,000 revolving line of credit (“RLOC”) with Metropolitan Life Insurance Company and New England Life Insurance Company (collectively “Met”), and (iv) a $ 70,000,000 working capital line of credit (“WCLC”) with Rabo Agrifinance, Inc. (“Rabo”). 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. The WCLC is collateralized by the Company’s current assets and certain other personal property owned by the Company. Initially, the Met Fixed-Rate Term Loans were subject to quarterly principal payments of $ 1,562,500 and bore interest at 4.15 % per annum. Effective May 1, 2021, the Company modified its Met Fixed-Rate Term Loans, which, in the aggregate, have a balance of $ 70,000,000 after the prepayment of $ 10,312,500 made in April 2021, to be interest-only with a balloon payment to be paid at maturity on November 1, 2029. The interest rate on these Met Fixed-Rate Term Loans, which were bearing interest at 4.15 %, was adjusted to 3.85 %. As part of this modification, the Company no longer has the prepayment option previously allowed under the arrangement. The Met Variable-Rate Term Loans are subject to quarterly principal payments of $ 406,250 and historically bore an interest rate equal to 90-day LIBOR plus 165 basis points (the “LIBOR 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. For the fiscal year ended September 30, 2022, the LIBOR rate was effective from October 1, 2021 through July 31, 2022.The LIBOR spread was subject to adjustment by Met beginning May 1, 2017 and was subject to further adjustment every two years thereafter until maturity. No adjustment was made at May 1, 2019, or at May 1, 2021. Effective August 1, 2022, the interest rate was renegotiated to the One Month Term Secured Overnight Financing Rate (SOFR) plus 175 basis points (the “SOFR spread”). 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 6.42 % per annum and 4.27 % per annum, as of March 31, 2023 and September 30, 2022, respectively. The Met Variable-Rate Term Loans mature on November 1, 2029. With respect to the RLOC, for the fiscal year ended September 30, 2022, the LIBOR-based rate was effective from October 1, 2021 through July 31, 2022 and bore interest at a floating rate equal to 90-day LIBOR plus 165 basis points, payable quarterly. Effective August 1, 2022, the LIBOR-based rate was renegotiated to SOFR plus 175 basis points. The SOFR spread is subject to adjustment by lender every 2 years beginning May 1, 2023, until maturity. The LIBOR spread was adjusted by Met on May 1, 2017 and was subject to further adjustment every two years thereafter. No adjustment was made on May 1, 2019 or on May 1, 2021. In October 2019, the RLOC agreement was modified to extend the maturity to 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. The RLOC is available for funding general corporate needs. The variable interest rate was 6.42 % per annum and 4.27 % per annum as of March 31, 2023 and September 30, 2022, respectively. Availability under the RLOC was $ 25,000,000 as of March 31, 2023 and September 30, 2022, respectively. The WCLC is a revolving credit facility and is available for funding working capital and general corporate requirements. The interest rate on the WCLC was based on the one-month LIBOR, plus a spread, which was adjusted quarterly, based on the Company’s debt service coverage ratio for the preceding quarter and can vary from 175 to 250 basis points. T he 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 variable interest rate was 6.42 % at March 31, 2023 (representing the rate based on SOFR) and the interest rate at September 30, 2022 was 4.31 % per annum (representing the rate based upon LIBOR plus 175 basis points). The WCLC agreement provides for Rabo to issue up to $ 2,000,000 in letters of credit on the Company’s behalf, of which $ 248,000 was outstanding as of March 31, 2023, which correspondingly reduced the Company's availability under the line of credit. 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 Alico'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 to date have been charged at 20 basis points. There was approximately $ 21,122,000 and $ 4,928,000 outstanding on the WCLC at March 31, 2023 and September 30, 2022, respectively. Availability under the WCLC was approximately $ 48,630,000 and $ 64,762,000 as of March 31, 2023 and September 30, 2022, respectively. In 2014, the Company capitalized approximately $ 2,834,000 of debt financing costs related to a refinancing and approximately $ 339,000 of costs related to the retired debt. Additionally, financing costs of approximately $ 23,000 were incurred in the fiscal year ended September 30, 2020 in connection with the letters of credit. During the three months ended June 30, 2022, the Company expensed approximately $ 94,000 in deferred financing costs related to the Met Variable-Rate Term Loan prepayment of approximately $ 15,625,000 on April 29, 2022. All costs are included in deferred financing costs and are being amortized to interest expense over the applicable terms of the obligations. The unamortized balance of deferred financing costs related to the financing above was approximately $ 597,000 and approximately $ 658,000 at March 31, 2023 and September 30, 2022, respectively. 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 $ 160,000,000 increased annually by 10 % of consolidated net income for the preceding years, or approximately $ 174,462,000 for the year ended September 30, 2022; (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 $ 30,000,000 per fiscal year. As of March 31, 2023, the Company was in compliance with all of the financial covenants, except for the minimum debt service coverage ratio of 1.10 to 1.00, for which the Company obtained a waiver from the lender, Rabo, for the second quarter ended March 31, 2023. 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 $ 5,000,000 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. At March 31, 2023 and September 30, 2022, there was an outstanding balance of $ 3,888,000 and $ 4,013,000 , respectively. The loan matures in February 2029. The unamortized balance of deferred financing costs related to this loan was approximately $ 25,000 and $ 27,000 at March 31, 2023 and September 30, 2022, respectively. Transition from LIBOR On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that it intended to phase out LIBOR. On November 30, 2020, ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the Financial Conduct Authority of the United Kingdom, announced plans to consult on ceasing publication of LIBOR on December 31, 2021 for only the one week and two-month LIBOR tenors, and on June 30, 2023 for all other LIBOR tenors. On March 5, 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the one week and two-month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate (SOFR). On March 15, 2022, President Biden signed the Consolidated Appropriations Act, 2022, which contains as part of its many provisions the Adjustable Interest Rate (LIBOR) Act providing for a transition from LIBOR to a SOFR based rate for certain legacy contracts which lack adequate fallback provisions. However, the LIBOR Act does not affect the Company because the Company has amended its LIBOR based loan documents to include benchmark replacement provisions (i.e., provisions based on SOFR). Silver Nip Citrus Debt Silver Nip Citrus entered into two initial fixed-rate term loans with Prudential Mortgage Capital Company (“Prudential”), with an original combined balance of $ 27,550,000 , bearing interest at 5.35 % per annum (“Pru Loans A & B”). Principal of $ 290,000 is payable quarterly, together with accrued interest. The loans are collateralized by approximately 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 March 31, 2023. The unamortized balance of deferred financing costs related to the Silver Nip Citrus debt was approximately $ 165,000 and $ 173,000 at March 31, 2023 and September 30, 2022, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Note 6. Accrued Liabilities Accrued liabilities consist of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Ad valorem taxes $ 711 $ 2,024 Accrued interest 1,012 764 Accrued employee wages and benefits 1,214 1,713 Accrued dividends 380 3,793 Accrued insurance — 345 Professional fees 209 303 Other accrued liabilities 259 120 Total accrued liabilities $ 3,785 $ 9,062 |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the “CARES Act”). Among the changes to the U.S. federal income tax rules, the CARES Act restored net operating loss carryback rules that were eliminated by the 2017 Tax Cuts and Jobs Act, modified the limit on the deduction for net interest expense, and accelerated the timeframe for refunds of AMT credit carryovers. From a federal tax reporting standpoint, the Company had a federal tax net operating loss (“NOL”) in the amount of $ 2,390,415 for the fiscal year ended September 30, 2020 and, pursuant to the provisions of the CARES Act, Form 1139 was filed for the NOL carryback during fiscal year ended September 30, 2021, resulting in a refund of $ 580,314 , which was received on May 31, 2022. The Company’s Federal and State filings remain subject to examination by tax authorities for tax periods ending after September 30, 2018. In December 2021, the Company sold 1,638 acres of land to the State of Florida at a price below market value, which resulted in a charitable contribution and related charitable deduction for tax purposes. The charitable contribution generated a tax benefit of approximately $ 6,300,000 , however, the Company does not anticipate it will be able to realize the entire charitable deduction before it expires in 2027. A valuation allowance of approximately $ 1,400,000 was initially recorded in December 2021 to partially offset the charitable contribution carryover deferred tax asset, resulting in a net benefit of approximately $ 4,900,000 . During fiscal year ending September 2022, the Company utilized approximately $ 500,000 of the charitable contribution, leaving a charitable contribution carryover of $ 5,800,000 . Also, as of September 2022, the valuation allowance increased to approximately $ 4,300,000 due to economic hardships from Hurricane Ian, resulting in a net benefit of approximately $ 1,500,000 . For the year ending September 30, 2023, the valuation allowance is expected to increase by $ 449,000 due to the estimated realization of the charitable contribution carryover. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 8. Earnings Per Common Share Basic earnings per share for Alico's common stock is calculated by dividing net (loss) income attributable to Alico, Inc. common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of common shares issuable under equity-based compensation plans in accordance with the treasury stock method, except where the inclusion of such common shares would have an anti-dilutive impact. For the three and six months ended March 31, 2023 and 2022, basic and diluted earnings per common share were as follows: (in thousands except per share amounts) Three Months Ended Six Months Ended 2023 2022 2023 2022 Net (loss) income attributable to Alico, Inc. common stockholders $ ( 7,787 ) $ 20,702 $ ( 10,937 ) $ 30,833 Weighted average number of common shares outstanding – basic 7,599 7,552 7,596 7,543 Dilutive effect of equity-based awards — 4 — 5 Weighted average number of common shares outstanding – diluted 7,599 7,556 7,596 7,548 Net (loss) income per common share attributable to Alico, Inc. common stockholders: Basic $ ( 1.02 ) $ 2.74 $ ( 1.44 ) $ 4.09 Diluted $ ( 1.02 ) $ 2.74 $ ( 1.44 ) $ 4.08 For the three and six months ended March 31, 2023 and 2022 there were no anti-dilutive equity awards excluded from the calculation of diluted earnings per common share. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented, so only the basic weighted average number of common shares are used in the computations. |
Segment Information
Segment Information | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 9. Segment Information Segments Operating segments are defined in the criteria established under the 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: Alico Citrus and Land Management and Other Operations. Total revenues represent sales and services rendered to unaffiliated customers, as reported in the Condensed Consolidated Statements of Operations. Goods produced by the Alico Citrus segment, as well as through the grove management services rendered by the Alico Citrus segment, 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 Six Months Ended 2023 2022 2023 2022 Revenues: Alico Citrus $ 20,937 $ 49,032 $ 31,205 $ 63,780 Land Management and Other Operations 357 609 677 1,198 Total revenues 21,294 49,641 31,882 64,978 Operating expenses: Alico Citrus 27,520 45,490 41,815 58,876 Land Management and Other Operations 102 152 196 292 Total operating expenses 27,622 45,642 42,011 59,168 Gross (loss) profit: Alico Citrus ( 6,583 ) 3,542 ( 10,610 ) 4,904 Land Management and Other Operations 255 457 481 906 Total gross (loss) profit $ ( 6,328 ) $ 3,999 $ ( 10,129 ) $ 5,810 Depreciation, depletion and amortization: Alico Citrus $ 3,777 $ 3,686 $ 7,604 $ 7,367 Land Management and Other Operations 9 30 18 71 Other Depreciation, Depletion and Amortization 111 116 225 230 Total depreciation, depletion and amortization $ 3,897 $ 3,832 $ 7,847 $ 7,668 (in thousands) March 31, September 30, 2023 2022 Assets: Alico Citrus $ 398,357 $ 396,266 Land Management and Other Operations 11,644 11,326 Other Corporate Assets 1,560 1,663 Total Assets $ 411,561 $ 409,255 |
Leases
Leases | 6 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 10. 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 and IT facilities, and equipment leases. 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 lease term. Many lease arrangements provide the options to exercise one or more renewal terms or to terminate the lease arrangement. 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 March 31, Six Months Ended March 31, Operating lease components 2023 2022 2023 2022 Operating leases costs recorded in general and administrative expenses $ 31 $ 41 $ 61 $ 78 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: March 31, 2023 Weighted-average remaining lease term 1.44 years Weighted-average discount rate 1.81 % |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11. Stockholders ’ Equity Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 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 executives 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 to six years from the date of grant. 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 approximately $ 156,000 and $ 169,000 for the three months ended March 31, 2023 and 2022, respectively, and $ 313,000 and $ 348,000 for the six months ended March 31, 2023 and 2022, respectively. Restricted Stock Stock compensation expense related to the Restricted Stock was approximately $ 61,000 and $ 191,000 for the three and six months ended March 31, 2023, respectively, and approximately $ 68,000 and $ 204,000 for the three and six months ended March 31, 2022, respectively. There was approximately $ 502,000 and $ 692,000 of total unrecognized stock compensation costs related to unvested stock compensation for the Restricted Stock grants at March 31, 2023 and September 30, 2022, respectively. Restricted Stock Awards On September 6, 2022, the Company awarded 747 restricted shares of the Company’s common stock to the newly appointed Chief Financial Officer of the Company under the 2015 Plan at a fair value of $ 33.50 per common share, with all shares scheduled to vest on January 1, 2024. On May 18, 2022, the Company awarded 12,500 restricted shares of the Company’s common stock to the President and CEO under the 2015 Plan at a weighted average fair value of $ 40.17 per common share, with one half of the shares scheduled to vest on January 1, 2025 and the remaining shares scheduled to vest on January 1, 2026. On April 1, 2022, the Company awarded 5,000 restricted shares of the Company’s common stock to the President and CEO under the 2015 Plan at a weighted average fair value of $ 37.98 per common share, with one half of the shares scheduled to vest on January 1, 2025 and the remaining shares scheduled to vest on January 1, 2026. On January 26, 2022, the Company awarded 7,256 restricted shares of the Company’s common stock to employees, with more than one year of service, under the 2015 plan at a weighted average fair value of $ 35.50 per common share, vesting on January 1, 2023. During the third quarter of fiscal year 2022, several employees were dismissed in connection with the wind down of a certain Property Management Agreement dated as of July 16, 2020, with a third party (the “Property Management Agreement”). As part of the wind down, 1,144 shares of the 7,256 restricted shares referenced above vested upon the dates such employees were terminated, which resulted in the recognition of the remaining unrecognized stock expense in the Consolidated Statement of Operations as of September 30, 2022. The remaining shares vested on January 1, 2023. On November 5, 2021, the Company awarded 2,224 restricted shares of the Company’s common stock to certain executives and senior managers under the 2015 Plan at a weighted average fair value of $ 37.13 per common share, vesting on January 1, 2023. On May 31, 2022, due to the resignation of an executive officer, 674 shares of the 2,224 restricted shares referenced above were forfeited and the stock compensation expense already recognized was reversed in the Consolidated Statement of Operations as of September 30, 2022. The remaining shares vested on January 1, 2023. On October 15, 2021, the Company awarded 2,500 restricted shares of the Company’s common stock to the President and CEO under the 2015 Plan at a weighted average fair value of $ 34.41 per common share. These shares vested on January 1, 2022. On November 10, 2020, the Company awarded 5,885 restricted shares of the Company’s common stock to certain other executives and senior managers under the 2015 Plan at a weighted average fair value of $ 31.20 per common share. These shares vested on January 1, 2022. Stock Option Grant Stock option grants of 118,000 options to certain officers and managers of the Company (collectively the “2020 Option Grants”) were granted on October 11, 2019. The option exercise price was set at $ 33.96 , the closing price on October 11, 2019. The 2020 Option Grants were to have vested as follows: (i) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 35.00 ; (ii) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 40.00 ; (iii) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 45.00 ; and (iv) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 50.00 . If the applicable stock price hurdles were not achieved by (A) the date that is 18 months following the termination of employment, if the employment is terminated due to death or disability, (B) the date that is 12 months following the termination of employment, if the employment is terminated by the Company without cause, by the employee with good reason, or due to the employee’s retirement, or (C) the date of the termination of employment for any other reason, then any unvested options will be forfeited. In addition, if the applicable stock price hurdles were not achieved by December 31, 2022, then any unvested options were to have been forfeited. During the six months ended March 31, 2023, the stock did not trade above $ 40.00 per share for twenty consecutive days (the $ 35.00 per share threshold was met during fiscal year 2020 and thus 25 % was previously vested); accordingly, no additional amounts of the 2020 Option Grants were vested as of March 31, 2023. On December 15, 2021, an officer of the Company exercised 5,000 stock options that had previously vested. Additionally, in the three months ended June 30, 2022, three officers of the Company exercised 9,000 options that had previously vested. As of March 31, 2023, only the first hurdle under each such option grant had been reached; therefore, only 25 % of each option grant vested and the remainder of the options have now been forfeited. Stock option grants of 10,000 options to Mr. John Kiernan (the “2019 Option Grants”) were granted on October 25, 2018. The option exercise price for these options was set at $ 33.34 , the closing price on October 25, 2018. The 2019 Option Grants were to have vested as follows: (i) 3,333 of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 40.00 ; (ii) 3,333 of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 45.00 ; and (iii) 3,334 of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 50.00 . If the applicable stock price hurdles were not achieved by (A) the date that is 18 months following Mr. Kiernan’s termination of employment, if Mr. Kiernan’s employment is terminated due to death or disability, (B) the date that is 12 months following Mr. Kiernan’s termination of employment, if Mr. Kiernan’s employment is terminated by the Company without cause, by Mr. Kiernan with good reason, or due to Mr. Kiernan’s retirement, or (C) the date of the termination of Mr. Kiernan’s employment for any other reason, then any unvested options would be forfeited. In addition, if the applicable stock price hurdles were not achieved by December 31, 2021, any unvested options would be forfeited. Since the date of grant, the stock did not trade above $ 40.00 per share for twenty consecutive days; therefore, the 2019 Option grants were forfeited as of December 31, 2021. Stock option grants of 210,000 options to Mr. Remy Trafelet and 90,000 options to Mr. John Kiernan (collectively, the “2018 Option Grants”) were granted on September 7, 2018. The option exercise price for these options was set at $ 33.60 , the closing price on September 7, 2018. The 2018 Option Grants were to have vested as follows: (i) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 35.00 ; (ii) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 40.00 ; (iii) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 45.00 ; and (iv) 25 % of the options were to have vested if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $ 50.00 . If the applicable stock price hurdles have not been achieved by (A) the date that is 18 months following the respective Executive’s termination of employment, if the respective Executive’s employment is terminated due to death or disability, (B) the date that is 12 months following the respective Executive’s termination of employment, if the respective Executive’s employment is terminated by the Company without cause, by the respective Executive with good reason, or due to the respective Executive’s retirement, or (C) the date of the termination of the respective Executive’s employment for any other reason, then any unvested options will be forfeited. In addition, if the applicable stock price hurdles were not achieved by December 31, 2021, any unvested options would be forfeited. The 2018 Option Grants would also have become vested to the extent that the applicable stock price hurdles were satisfied in connection with a change in control of the Company. Only 25 % of the 2018 Options Grants vested for Mr. John Kiernan, (the $ 35.00 per share threshold was met during fiscal year 2020), and the remaining 67,500 of the 2018 Options Grants were forfeited as of December 31, 2021. The 2018 Option Grants issued to Mr. Trafelet were forfeited as part of a settlement agreement entered into with the Company on February 11, 2019. Forfeitures of all stock options were recognized as incurred. Stock compensation expense related to the options of approximately $ 0 and $ 18,000 was recognized for the three and six months ended March 31, 2023, respectively, and approximately $ 18,000 and $ 78,000 was recognized for the three and six months ended March 31, 2022, respectively. At March 31, 2023 and September 30, 2022, there was approximately $ 0 and $ 18,000 , respectively, of total unrecognized stock compensation costs related to unvested share-based compensation for the option grants. The fair value of the 2020 Option Grant was estimated on the date of grant using a Monte Carlo valuation model that uses the assumptions noted in the following table. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different timeframes for the various market conditions being met. 2020 Option Grant Expected Volatility 26.0 % Expected Term (in years) 3.61 Risk Free Rate 1.60 % The weighted-average grant-date fair value of the 2020 Option Grant was $ 3.20 . There were no additional stock options granted for the three and six months ended March 31, 2023. The following table illustrates the Company’s treasury stock activity for the six months ended March 31, 2023: (in thousands, except share amounts) Shares Cost Balance as of September 30, 2022 829,150 $ 27,948 Issued to employees and directors, net ( 12,497 ) ( 332 ) Balance as of March 31, 2023 816,653 $ 27,616 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Letters of Credit The Company had outstanding standby letters of credit in the total amount of approximately $ 248,000 and $ 310,000 at March 31, 2023 and September 30, 2022, 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. On February 17, 2023, a class action complaint was filed in the Middle District of Florida captioned Sinder v. Alico, Inc. et al., Case No. 2:23-cv-00107 (the “Sinder” matter) asserting violations of Sections 10(b) and 20(a) of the Exchange Act of 1934 against the Company and certain of its current and former officers on behalf of a putative class of investors who purchased the Company’s common stock between February 4, 2021 and December 13, 2022. The complaint alleges, among other things, that the Company and certain of its current and former officers made false and misleading statements and failed to disclose certain information regarding the Company’s financial reporting and December 13, 2022 restatement of the Company’s previously issued financial statements. Plaintiff seeks damages, interest, costs, expenses, attorneys’ fees, and other unspecified relief. On March 7, 2023, an alleged shareholder filed a derivative complaint purportedly on behalf of the Company against certain of its current and former officers and directors in the 20th Judicial Circuit for Lee County, Florida captioned Assad v. Brokaw et al., Case # 23-CA-001484 (the “Assad” matter). The complaint asserts claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. To the best of the Company’s knowledge as of April 28, 2023, no defendants have been served with this lawsuit. The Company believes that the claims in both the Sinder and Assad matters are without merit. Although the outcome of any complex litigation is inherently uncertain, based on information presently known to management, the Company does not believe that the matters are likely to have a material impact on its financial condition. Purchase Commitments The Company enters into contracts for the purchase of citrus trees during the normal course of its business. As of March 31, 2023, the Company had approximately $ 4,762,000 relating to outstanding commitments for these purchases that will be paid upon delivery of the remaining citrus trees. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions Consulting Agreement On May 17, 2022, Richard Rallo notified the Company of his decision to resign from his role as the Company’s Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) effective as of May 31, 2022. Mr. Rallo’s decision to resign was for personal reasons to eliminate extensive travel and/or avoid relocation to Florida and was not related to any disagreement with the Company or its independent registered public accountants on any matter relating to the Company’s financial or accounting operations, policies, or practices. Mr. Rallo agreed to provide consulting services to the Company through December 31, 2022. 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 was leasing what was originally estimated to be 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 , and with a yearly rent of $ 1,860 . Additionally, under the terms of the Kiernan Lease Agreement, the Company had 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 $ 480,000 ($ 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 what turned out to be a parcel of approximately 85 acres to Mr. Kiernan on October 20, 2022 for approximately $ 438,900 ($ 5,161 per acre). |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events During April 2023, the Company received additional Hurricane Ian crop insurance proceeds of approximately $ 8,900,000 and approximately $ 838,000 relating to property and casualty damage claims. The Company has submitted additional crop insurance claims and is awaiting determination of additional proceeds to be received. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements,” have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. These Financial Statements do not include all the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the 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 fiscal year ended September 30, 2022, as filed with the SEC on December 13, 2022. The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited. 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. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2023. During the audit of our financial statements for the period ending September 30, 2022, the Company discovered an error in the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019. As disclosed in the Company’s audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, this error was corrected and resulted in a cumulative increase in the Company’s Retained Earnings of approximately $ 2,512,000 . As a result, the Retained Earnings balances at September 30, 2021, December 31, 2021, and March 31, 2022 are captioned as Restated in the accompanying Condensed Consolidated Statements of Changes in Equity (Unaudited). |
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. |
Principles of Consolidation | 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, 734 Citrus Holdings, 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 net loss of approximately $ 703,000 and approximately $ 174,000 for the three months ended March 31, 2023 and 2022, respectively, and a net loss of approximately $ 776,000 and approximately $ 278,000 for the six months ended March 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. |
Revenue Recognition | Revenue Recognition 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. 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 March 31, 2023, and September 30, 2022, the Company had total receivables relating to sales of citrus of approximately $ 8,738,000 and $ 124,000 , 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. In June 2022, the Company was notified by a group of third-party grove owners, who are affiliated with each other, for which the Company was managing groves that such third-party grove owners were terminating the property management agreement dated as of July 16, 2020 with the Company as such third-party grove owners decided to exit the citrus business. As a result, all services relating to this caretaking management initiative and the accompanying management fee and reimbursed costs associated with performing caretaking management services ceased as of June 10, 2022. The Company recorded approximately $ 0 and $ 7,200,000 of operating revenue relating to these grove management services, including the management fee, in the six months ended March 31, 2023 and 2022, respectively, for this group of third-party grove owners noted above. The Company recorded approximately $ 0 and $ 6,700,000 of operating expenses relating to these grove management services in the six months ended March 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 and six months ended March 31, 2023 and 2022 are as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Alico Citrus Early and Mid-Season $ 2,368 $ 17,909 $ 11,954 $ 28,287 Valencias 17,930 25,854 17,930 25,854 Fresh Fruit 74 350 522 1,229 Grove Management Services 362 4,416 551 7,834 Other 203 503 248 576 Total $ 20,937 $ 49,032 $ 31,205 $ 63,780 Land Management and Other Operations Land and Other Leasing $ 273 $ 442 $ 554 $ 970 Other 84 167 123 228 Total $ 357 $ 609 $ 677 $ 1,198 Total Revenues $ 21,294 $ 49,641 $ 31,882 $ 64,978 |
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. The Company’s floating rate notes and variable funding notes have historically borne interest at fluctuating interest rates based on LIBOR. Because LIBOR will cease to exist, the Company renegotiated its variable rate loan agreements, to instead utilize fluctuating interest rates based on the 30 day Secured Overnight Financing Rate (SOFR), some with the change having taken effect in late fiscal year 2022, and one with the change having taken effect in early fiscal year 2023. ASU 2020-04 was effective March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the sunset date from December 31, 2022 to December 31, 2024. The Company is currently assessing the impact of adopting this standard and the impact on its condensed consolidated financial statements. 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 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The Company adopted ASU 2019-12 effective October 1, 2021, and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. The COVID-19 Pandemic Measures imposed by federal, state, and local governments throughout the United States in response to the COVID-19 Pandemic had a significant adverse impact upon many sectors of the economy, including certain agriculture businesses. While epidemiological conditions in the United States have improved as of March 31, 2023, and certain restrictions on social and commercial activity have been relaxed, a resurgence of the virus, such as variant BA.5, could cause epidemiological and macroeconomic conditions to deteriorate and more severe restrictions to be put in place. It is not possible for the Company to predict the duration or magnitude of any adverse effects due to a resurgence at this time. We will continue to monitor the COVID-19 pandemic and its impacts on our business, financial condition, and results of operations. To date, the Company has experienced no material adverse impacts from this pandemic. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported. |
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. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of disaggregation of revenue | Revenues disaggregated by significant products and services for the three and six months ended March 31, 2023 and 2022 are as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Alico Citrus Early and Mid-Season $ 2,368 $ 17,909 $ 11,954 $ 28,287 Valencias 17,930 25,854 17,930 25,854 Fresh Fruit 74 350 522 1,229 Grove Management Services 362 4,416 551 7,834 Other 203 503 248 576 Total $ 20,937 $ 49,032 $ 31,205 $ 63,780 Land Management and Other Operations Land and Other Leasing $ 273 $ 442 $ 554 $ 970 Other 84 167 123 228 Total $ 357 $ 609 $ 677 $ 1,198 Total Revenues $ 21,294 $ 49,641 $ 31,882 $ 64,978 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Unharvested fruit crop on the trees $ 22,017 $ 26,717 Other 1,390 965 Total inventories $ 23,407 $ 27,682 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Mar. 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 March 31, 2023 and September 30, 2022: (in thousands) Carrying Value March 31, September 30, 2023 2022 Ranch $ 159 $ 205 Total assets held for sale $ 159 $ 205 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Schedule of property and equipment, net | Property and equipment, net consists of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Citrus trees $ 330,884 $ 329,582 Equipment and other facilities 58,773 58,021 Buildings and improvements 7,081 7,374 Total depreciable properties 396,738 394,977 Less: accumulated depreciation and depletion ( 141,139 ) ( 135,990 ) Net depreciable properties 255,599 258,987 Land and land improvements 113,502 113,492 Property and equipment, net $ 369,101 $ 372,479 |
Long-Term Debt and Lines of C_2
Long-Term Debt and Lines of Credit (Tables) | 6 Months Ended |
Mar. 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 March 31, 2023 and September 30, 2022: March 31, 2023 September 30, 2022 (in thousands) Principal Deferred Principal Deferred Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 70,000 $ 392 $ 70,000 $ 435 Met Variable-Rate Term Loans 19,094 102 19,906 113 Met Citree Term Loan 3,888 25 4,013 27 Pru Loans A & B 12,197 165 12,777 173 105,179 684 106,696 748 Less current portion 1,629 — 3,035 — Long-term debt $ 103,550 $ 684 $ 103,661 $ 748 |
Schedule of lines of credit | The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization at March 31, 2023 and September 30, 2022: March 31, 2023 September 30, 2022 (in thousands) Principal Deferred Principal Deferred Lines of Credit: RLOC $ — $ 104 $ — $ 110 WCLC 21,122 — 4,928 — Lines of Credit $ 21,122 $ 104 $ 4,928 $ 110 |
Schedule of future maturities of debt and lines of credit | Future maturities of long-term debt and lines of credit as of March 31, 2023 are as follows: (in thousands) March 31, 2023 Due within one year $ 1,629 Due between one and two years 3,035 Due between two and three years 24,157 Due between three and four years 3,035 Due between four and five years 3,035 Due beyond five years 91,410 Total future maturities $ 126,301 |
Schedule of interest costs expensed and capitalized | Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest expense $ 1,274 $ 870 $ 2,422 $ 1,771 Interest capitalized 333 328 614 631 Total $ 1,607 $ 1,198 $ 3,036 $ 2,402 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consist of the following at March 31, 2023 and September 30, 2022: (in thousands) March 31, September 30, 2023 2022 Ad valorem taxes $ 711 $ 2,024 Accrued interest 1,012 764 Accrued employee wages and benefits 1,214 1,713 Accrued dividends 380 3,793 Accrued insurance — 345 Professional fees 209 303 Other accrued liabilities 259 120 Total accrued liabilities $ 3,785 $ 9,062 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (Tables) | For the three and six months ended March 31, 2023 and 2022, basic and diluted earnings per common share were as follows: (in thousands except per share amounts) Three Months Ended Six Months Ended 2023 2022 2023 2022 Net (loss) income attributable to Alico, Inc. common stockholders $ ( 7,787 ) $ 20,702 $ ( 10,937 ) $ 30,833 Weighted average number of common shares outstanding – basic 7,599 7,552 7,596 7,543 Dilutive effect of equity-based awards — 4 — 5 Weighted average number of common shares outstanding – diluted 7,599 7,556 7,596 7,548 Net (loss) income per common share attributable to Alico, Inc. common stockholders: Basic $ ( 1.02 ) $ 2.74 $ ( 1.44 ) $ 4.09 Diluted $ ( 1.02 ) $ 2.74 $ ( 1.44 ) $ 4.08 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of information by business segment | Information by operating segment is as follows: (in thousands) Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues: Alico Citrus $ 20,937 $ 49,032 $ 31,205 $ 63,780 Land Management and Other Operations 357 609 677 1,198 Total revenues 21,294 49,641 31,882 64,978 Operating expenses: Alico Citrus 27,520 45,490 41,815 58,876 Land Management and Other Operations 102 152 196 292 Total operating expenses 27,622 45,642 42,011 59,168 Gross (loss) profit: Alico Citrus ( 6,583 ) 3,542 ( 10,610 ) 4,904 Land Management and Other Operations 255 457 481 906 Total gross (loss) profit $ ( 6,328 ) $ 3,999 $ ( 10,129 ) $ 5,810 Depreciation, depletion and amortization: Alico Citrus $ 3,777 $ 3,686 $ 7,604 $ 7,367 Land Management and Other Operations 9 30 18 71 Other Depreciation, Depletion and Amortization 111 116 225 230 Total depreciation, depletion and amortization $ 3,897 $ 3,832 $ 7,847 $ 7,668 (in thousands) March 31, September 30, 2023 2022 Assets: Alico Citrus $ 398,357 $ 396,266 Land Management and Other Operations 11,644 11,326 Other Corporate Assets 1,560 1,663 Total Assets $ 411,561 $ 409,255 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 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 March 31, Six Months Ended March 31, Operating lease components 2023 2022 2023 2022 Operating leases costs recorded in general and administrative expenses $ 31 $ 41 $ 61 $ 78 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: March 31, 2023 Weighted-average remaining lease term 1.44 years Weighted-average discount rate 1.81 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of stock options using valuation assumptions | The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different timeframes for the various market conditions being met. 2020 Option Grant Expected Volatility 26.0 % Expected Term (in years) 3.61 Risk Free Rate 1.60 % |
Schedule of treasury stock purchases and issuances | The following table illustrates the Company’s treasury stock activity for the six months ended March 31, 2023: (in thousands, except share amounts) Shares Cost Balance as of September 30, 2022 829,150 $ 27,948 Issued to employees and directors, net ( 12,497 ) ( 332 ) Balance as of March 31, 2023 816,653 $ 27,616 |
Description of Business and B_4
Description of Business and Basis of Presentation - (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 USD ($) a Property | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) a Segment Property | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Property Plant And Equipment [Line Items] | |||||
Number of business segments | Segment | 2 | ||||
Revenue, description of timing | 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. | ||||
Accounts receivable, net | $ 8,970,000 | $ 8,970,000 | $ 324,000 | ||
Net Income (loss) attributable to subsidiary | (344,000) | $ (85,000) | (380,000) | $ (136,000) | |
Impact of accounting error, Cumulative increase in retained earnings | 231,793,000 | 231,793,000 | 243,490,000 | ||
Citree | |||||
Property Plant And Equipment [Line Items] | |||||
Net Income (loss) attributable to subsidiary | $ 703,000 | $ 174,000 | $ 776,000 | 278,000 | |
Ownership interest (as a percent) | 51% | 51% | |||
Citrus | |||||
Property Plant And Equipment [Line Items] | |||||
Accounts receivable, net | $ 8,738,000 | $ 8,738,000 | 124,000 | ||
Grove Management Services | |||||
Property Plant And Equipment [Line Items] | |||||
Operating Revenue | 0 | 7,200,000 | |||
Operating expenses | $ 0 | $ 6,700,000 | |||
Land | |||||
Property Plant And Equipment [Line Items] | |||||
Area of land owned (in acres) | a | 73,000 | 73,000 | |||
Number of primary classifications | Property | 2 | 2 | |||
Mineral Rights | |||||
Property Plant And Equipment [Line Items] | |||||
Area of land owned (in acres) | a | 90,000 | 90,000 | |||
Revision of Prior Period, Error Correction, Adjustment | |||||
Property Plant And Equipment [Line Items] | |||||
Impact of accounting error, Cumulative increase in retained earnings | $ 2,512,000 |
Description of Business and B_5
Description of Business and Basis of Presentation - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | $ 21,294 | $ 49,641 | $ 31,882 | $ 64,978 |
Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 20,937 | 49,032 | 31,205 | 63,780 |
Land Management and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 357 | 609 | 677 | 1,198 |
Early and Mid-Season | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 2,368 | 17,909 | 11,954 | 28,287 |
Valencias | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 17,930 | 25,854 | 17,930 | 25,854 |
Fresh Fruit | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 74 | 350 | 522 | 1,229 |
Grove Management Services | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 362 | 4,416 | 551 | 7,834 |
Other | Alico Citrus | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 203 | 503 | 248 | 576 |
Other | Land Management and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | 84 | 167 | 123 | 228 |
Land and Other Leasing | Land Management and Other Operations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenues | $ 273 | $ 442 | $ 554 | $ 970 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Unharvested fruit crop on the trees | $ 22,017 | $ 26,717 |
Other | 1,390 | 965 |
Total inventories | $ 23,407 | $ 27,682 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Inventory [Line Items] | ||||||
Casualty loss to reduce the carring value of the unharvested fruit crop | $ 0 | $ 14,900,000 | ||||
Insurance proceeds for crop claims | $ 4,759,000 | 4,759,000 | ||||
Proceeds from federal relief grants | $ 1,266,000 | 1,123,000 | $ 4,299,000 | $ 4,629,000 | ||
Year-End Adjustment | ||||||
Inventory [Line Items] | ||||||
Inventory casualty loss | $ 1,616,000 | $ 6,676,000 |
Assets Held for Sale - Componen
Assets Held for Sale - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 159 | $ 205 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 159 | 205 |
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 | $ 159 | $ 205 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Oct. 20, 2022 USD ($) a | May 31, 2022 USD ($) Property | Mar. 15, 2022 USD ($) Property | Jan. 01, 2022 USD ($) a | Dec. 03, 2021 USD ($) Property | Apr. 30, 2022 USD ($) Property | Nov. 30, 2021 USD ($) Property | Mar. 31, 2023 USD ($) a | Dec. 31, 2022 USD ($) a | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) a | Mar. 31, 2022 USD ($) | Aug. 26, 2022 a | Dec. 31, 2021 a | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Repurchase price per acre | $ 5,161 | |||||||||||||
Option amount to repurchase | $ 480,000 | |||||||||||||
Operating lease, description | Company had 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 | |||||||||||||
Area of land sold | a | 85 | 93 | 85 | 1,638 | ||||||||||
Lease commencing date | Jan. 01, 2022 | |||||||||||||
Lease expiration date | Jan. 01, 2025 | |||||||||||||
Payments for rent | $ 1,860 | |||||||||||||
Operating leases, term of contract | 3 years | |||||||||||||
Consideration received | $ 438,900 | |||||||||||||
Land sold price per acre | $ 5,161 | |||||||||||||
Gains on sale of real estate, property and equipment and assets held for sale | $ 1,574,000 | $ 26,604,000 | $ 4,763,000 | $ 35,049,000 | ||||||||||
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 | 279 | 609 | 279 | |||||||||||
Gains on sale of real estate, property and equipment and assets held for sale | $ 1,596,000 | $ 3,300,000 | ||||||||||||
Gain (loss) on disposal of discontinued operation | $ 1,500,000,000 | $ 3,200,000 | ||||||||||||
Alico Ranch | Discontinued Operations, Disposed of by Sale | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Long lived assets acres of land sold | Property | 400 | 6,286 | 788 | 302 | ||||||||||
Gains on sale of real estate, property and equipment and assets held for sale | $ 1,900,000 | $ 28,288,000 | $ 5,675,000 | $ 4,100,000 | $ 1,458,000 | |||||||||
Gain (loss) on disposal of discontinued operation | $ 1,700,000 | $ 26,554,000 | $ 5,570,000 | 3,900,000 | $ 1,400,000 | |||||||||
Acres of land purchased | Property | 1,638 | |||||||||||||
Alico Ranch | Discontinued Operations, Disposed of by Sale | Employee | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gains on sale of real estate, property and equipment and assets held for sale | $ 651,000 | |||||||||||||
Acres of land sold | Property | 142 |
Property and Equipment, Net - C
Property and Equipment, Net - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 369,101 | $ 372,479 |
Citrus trees | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 330,884 | 329,582 |
Equipment and other facilities | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 58,773 | 58,021 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,081 | 7,374 |
Depreciable properties | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 396,738 | 394,977 |
Less: accumulated depreciation and depletion | (141,139) | (135,990) |
Property and equipment, net | 255,599 | 258,987 |
Land and land improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, net | $ 113,502 | $ 113,492 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Property Plant And Equipment [Line Items] | ||||||
Asset impairment charges | $ 0 | $ 0 | ||||
Gain on sale of real estate, property and equipment and assets held for sale | $ 1,574,000 | $ 26,604,000 | $ 4,763,000 | $ 35,049,000 | ||
Hurricane | ||||||
Property Plant And Equipment [Line Items] | ||||||
Casualty loss recorded | (1,400,000) | |||||
Hurricane | Citrus trees | ||||||
Property Plant And Equipment [Line Items] | ||||||
Casualty loss recorded | (1,300,000) | |||||
Hurricane | Buildings | ||||||
Property Plant And Equipment [Line Items] | ||||||
Casualty loss recorded | $ 100,000 | |||||
State Of Florida | ||||||
Property Plant And Equipment [Line Items] | ||||||
Gain on sale of real estate, property and equipment and assets held for sale | $ 1,450,000 |
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 | Mar. 31, 2023 | Sep. 30, 2022 |
Debt Instrument [Line Items] | ||
Less current portion | $ 1,629 | $ 3,035 |
Deferred Financing Costs, Net | 684 | 748 |
Met Fixed-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Principal | 70,000 | 70,000 |
Deferred Financing Costs, Net | 392 | 435 |
Met Variable-Rate Term Loans | ||
Debt Instrument [Line Items] | ||
Principal | 19,094 | 19,906 |
Deferred Financing Costs, Net | 102 | 113 |
Met Citree Term Loan | ||
Debt Instrument [Line Items] | ||
Principal | 3,888 | 4,013 |
Deferred Financing Costs, Net | 25 | 27 |
Pru Loans A & B | ||
Debt Instrument [Line Items] | ||
Principal | 12,197 | 12,777 |
Deferred Financing Costs, Net | 165 | 173 |
Term Loans and PRU Loans | ||
Debt Instrument [Line Items] | ||
Principal | 105,179 | 106,696 |
Less current portion | 1,629 | 3,035 |
Long-term debt | 103,550 | 103,661 |
Deferred Financing Costs, Net | $ 684 | $ 748 |
Long-Term Debt and Lines of C_4
Long-Term Debt and Lines of Credit - Schedule of Lines of Credit (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 684,000 | $ 748,000 | |
RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | 597,000 | 658,000 | $ 339,000 |
WCLC | |||
Line of Credit Facility [Line Items] | |||
Principal | 21,122,000 | 4,928,000 | |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Principal | 21,122,000 | 4,928,000 | |
Deferred Financing Costs, Net | 104,000 | 110,000 | |
Line of Credit | RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 104,000 | $ 110,000 |
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 | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Due within one year | $ 1,629 |
Due between one and two years | 3,035 |
Due between two and three years | 24,157 |
Due between three and four years | 3,035 |
Due between four and five years | 3,035 |
Due beyond five years | 91,410 |
Total future maturities | $ 126,301 |
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 | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 1,274 | $ 870 | $ 2,422 | $ 1,771 |
Interest capitalized | 333 | 328 | 614 | 631 |
Total | $ 1,607 | $ 1,198 | $ 3,036 | $ 2,402 |
Long-Term Debt and Lines of C_7
Long-Term Debt and Lines of Credit - Narrative (Details) | 6 Months Ended | 12 Months Ended | |||||
Oct. 27, 2022 | Apr. 29, 2022 USD ($) | Mar. 31, 2023 USD ($) a Loan | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 5.35% | ||||||
Adjusted fixed interest rate | 3.85% | ||||||
Deferred Financing Costs, Net | $ 684,000 | $ 748,000 | |||||
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 | $ 174,462,000 | ||||||
Minimum current ratio | 1.50 | ||||||
Debt to total assets ratio | 0.625 | ||||||
Limit on capital expenditures | $ 30,000,000 | ||||||
Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Covenant ratio | 1 | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost, gross | $ 23,000 | ||||||
Grove Management Services | |||||||
Debt Instrument [Line Items] | |||||||
Area of land (in acres) | a | 38,200 | ||||||
Met Fixed-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Quarterly principal payments | $ 1,562,500 | ||||||
Fixed interest rate | 4.15% | ||||||
Prepayment amount of the fixed term loan | $ 10,312,500 | ||||||
Remaining Borrowings Interest To Be Paid At Maturity With Ballon Payment | 70,000,000 | ||||||
Deferred Financing Costs, Net | 392,000 | 435,000 | |||||
Principal | 70,000,000 | 70,000,000 | |||||
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 | ||||||
Principal | $ 27,550,000 | ||||||
Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Deferred Financing Costs, Net | 102,000 | 113,000 | |||||
Principal | 19,094,000 | 19,906,000 | |||||
Variable Rate Term Loan Prepayment | |||||||
Debt Instrument [Line Items] | |||||||
Debt prepayment | $ 15,625,000 | ||||||
Deferred Financing Costs, Net | $ 94,000 | ||||||
Silver Nip Citrus Debt | Silver Nip Citrus | |||||||
Debt Instrument [Line Items] | |||||||
Deferred Financing Costs, Net | 165,000 | 173,000 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost, gross | $ 2,834,000 | ||||||
Deferred Financing Costs, Net | 597,000 | $ 658,000 | $ 339,000 | ||||
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 | ||||||
Quarterly principal payments | 406,250 | ||||||
LIBOR spread subject to adjustment period | 2 years | ||||||
Variable interest rate | 4.27% | ||||||
LIBOR spread (as a percent) | 0.25% | ||||||
Availability under line of credit | $ 25,000,000 | $ 25,000,000 | |||||
RLOC | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 165% | 1.65% | |||||
RLOC | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread subject to adjustment period | 2 years | ||||||
LIBOR spread (as a percent) | 1.75% | ||||||
RLOC | Met Variable-Rate Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread subject to adjustment period | 2 years | ||||||
RLOC | Variable Rate Term Loan Prepayment | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 6.42% | 4.27% | |||||
WCLC | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit | $ 70,000,000 | ||||||
LIBOR spread (as a percent) | 0.20% | ||||||
Availability under line of credit | $ 48,630,000 | $ 64,762,000 | |||||
Principal | $ 21,122,000 | $ 4,928,000 | |||||
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 | ||||||
Letter of credit outstanding | $ 248,000 | ||||||
WCLC | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | ||||||
WCLC | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 1.75% | ||||||
WCLC | LIBOR | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 2.50% | ||||||
WCLC | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 6.42% | 4.31% | |||||
WCLC | SOFR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR spread (as a percent) | 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% | ||||||
Principal | $ 3,888,000 | $ 4,013,000 | |||||
Deferred Financing Costs, Net | $ 25,000 | $ 27,000 | |||||
Area of property that served as collateral (in acres) | a | 1,200 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 30, 2022 |
Payables And Accruals [Abstract] | ||
Ad valorem taxes | $ 711 | $ 2,024 |
Accrued interest | 1,012 | 764 |
Accrued employee wages and benefits | 1,214 | 1,713 |
Accrued dividends | 380 | 3,793 |
Accrued insurance | 345 | |
Professional fees | 209 | 303 |
Other accrued liabilities | 259 | 120 |
Total accrued liabilities | $ 3,785 | $ 9,062 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2023 USD ($) | Oct. 20, 2022 a | Aug. 26, 2022 a | Jan. 01, 2022 a | Dec. 31, 2021 USD ($) a | Sep. 30, 2021 USD ($) | |
Investments Owned Federal Income Tax Note [Line Items] | ||||||||
Refund due | $ 580,314 | |||||||
Area of land sold | a | 85 | 85 | 93 | 1,638 | ||||
Charitable contribution utilized | $ 500,000 | |||||||
Charitable contribution carryforwards | 5,800,000 | $ 6,300,000 | ||||||
Valuation Allowance | 1,400,000 | |||||||
Net Benefit | $ 4,900,000 | |||||||
Scenario Forecast [Member] | ||||||||
Investments Owned Federal Income Tax Note [Line Items] | ||||||||
Valuation Allowance | $ 449,000 | |||||||
Hurricane Ian | ||||||||
Investments Owned Federal Income Tax Note [Line Items] | ||||||||
Valuation Allowance | 4,300,000 | |||||||
Net Benefit | $ 1,500,000 | |||||||
Federal Tax [Member] | ||||||||
Investments Owned Federal Income Tax Note [Line Items] | ||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 2,390,415 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income attributable to Alico, Inc. common stockholders | $ (7,787) | $ 20,702 | $ (10,937) | $ 30,833 |
Weighted average number of common shares outstanding - basic | 7,599 | 7,552 | 7,596 | 7,543 |
Dilutive effect of equity-based awards | 4 | 5 | ||
Weighted average number of common shares outstanding - diluted | 7,599 | 7,556 | 7,596 | 7,548 |
Net (loss) income per common share attributable to Alico, Inc. common stockholders: | ||||
Basic (in dollars per share) | $ (1.02) | $ 2.74 | $ (1.44) | $ 4.09 |
Diluted (in dollars per share) | $ (1.02) | $ 2.74 | $ (1.44) | $ 4.08 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Mar. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Informati
Segment Information - Information by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Revenues: | |||||
Total operating revenues | $ 21,294 | $ 49,641 | $ 31,882 | $ 64,978 | |
Operating expenses: | |||||
Total operating expenses | 27,622 | 45,642 | 42,011 | 59,168 | |
Gross (loss) profit: | |||||
Gross (loss) profit | (6,328) | 3,999 | (10,129) | 5,810 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion and amortization | 3,897 | 3,832 | 7,847 | 7,668 | |
Assets: | |||||
Total Assets | 411,561 | 411,561 | $ 409,255 | ||
Land Management and Other Operations | |||||
Revenues: | |||||
Total operating revenues | 357 | 609 | 677 | 1,198 | |
Alico Citrus | |||||
Revenues: | |||||
Total operating revenues | 20,937 | 49,032 | 31,205 | 63,780 | |
Operating expenses: | |||||
Total operating expenses | 27,520 | 45,490 | 41,815 | 58,876 | |
Operating Segments | Land Management and Other Operations | |||||
Revenues: | |||||
Total operating revenues | 357 | 609 | 677 | 1,198 | |
Operating expenses: | |||||
Total operating expenses | 102 | 152 | 196 | 292 | |
Gross (loss) profit: | |||||
Gross (loss) profit | 255 | 457 | 481 | 906 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion and amortization | 9 | 30 | 18 | 71 | |
Assets: | |||||
Total Assets | 11,644 | 11,644 | 11,326 | ||
Operating Segments | Alico Citrus | |||||
Revenues: | |||||
Total operating revenues | 20,937 | 49,032 | 31,205 | 63,780 | |
Operating expenses: | |||||
Total operating expenses | 27,520 | 45,490 | 41,815 | 58,876 | |
Gross (loss) profit: | |||||
Gross (loss) profit | (6,583) | 3,542 | (10,610) | 4,904 | |
Depreciation, depletion and amortization: | |||||
Depreciation, depletion and amortization | 3,777 | 3,686 | 7,604 | 7,367 | |
Assets: | |||||
Total Assets | 398,357 | 398,357 | 396,266 | ||
Segment Reconciling Items | |||||
Depreciation, depletion and amortization: | |||||
Depreciation, depletion and amortization | 111 | $ 116 | 225 | $ 230 | |
Other Corporate Assets | |||||
Assets: | |||||
Total Assets | $ 1,560 | $ 1,560 | $ 1,663 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||||
Operating leases costs recorded in General and Administrative expenses | $ 31 | $ 41 | $ 61 | $ 78 |
Leases - Lease Terms (Details)
Leases - Lease Terms (Details) | Mar. 31, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term | 1 year 5 months 8 days |
Weighted-average discount rate | 1.81% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 06, 2022 | May 31, 2022 | May 18, 2022 | Apr. 01, 2022 | Jan. 26, 2022 | Nov. 05, 2021 | Oct. 15, 2021 | Nov. 10, 2020 | Oct. 11, 2019 | Oct. 25, 2018 | Sep. 07, 2018 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2020 | Dec. 15, 2021 | Feb. 27, 2015 | |
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock compensation expense | $ 156,000 | $ 169,000 | $ 313,000 | $ 348,000 | ||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock compensation expense | $ 61,000 | 68,000 | 191,000 | 204,000 | ||||||||||||||||||
Unrecognized expense | 502,000 | 502,000 | $ 692,000 | |||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 40.17 | $ 37.98 | $ 35.50 | $ 37.13 | $ 34.41 | $ 31.20 | ||||||||||||||||
Options | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock compensation expense | 0 | $ 18,000 | 18,000 | $ 78,000 | ||||||||||||||||||
Unrecognized expense | $ 0 | $ 0 | $ 18,000 | |||||||||||||||||||
Options, exercisable | 5,000 | |||||||||||||||||||||
Options, exercised | 9,000 | |||||||||||||||||||||
2015 Option Grants | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Number of shares authorized to be repurchased (up to) | 1,250,000 | |||||||||||||||||||||
2015 Option Grants | Restricted Stock | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Number of restricted shares awarded | 12,500 | 5,000 | 7,256 | 2,224 | 2,500 | 5,885 | ||||||||||||||||
Number of restricted shares vested | 1,144 | |||||||||||||||||||||
Number of restricted shares forfeited | 674 | |||||||||||||||||||||
2015 Option Grants | Restricted Stock | Chief Financial Officer | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Number of restricted shares awarded | 747 | |||||||||||||||||||||
Weighted average fair value (in dollars per share) | $ 33.50 | |||||||||||||||||||||
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 | |||||||||||||||||||||
2020 Option Grants | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Granted (in shares) | 118,000 | |||||||||||||||||||||
Shares issued (in dollars per share) | $ 33.96 | |||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||||||||||||||||||
Period following an executive's termination of employment without cause | 12 months | |||||||||||||||||||||
2020 Option Grants | Tranche One | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 35 | |||||||||||||||||||||
2020 Option Grants | Tranche Two | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||||||||||
2020 Option Grants | Tranche Three | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||||||||||
2020 Option Grants | Tranche Four | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||||||||||
2020 Option Grants | Minimum | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 35 | |||||||||||||||||||||
2020 Option Grants | Maximum | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 40 | $ 40 | ||||||||||||||||||||
2019 Option Grants | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Shares issued (in dollars per share) | $ 33.34 | |||||||||||||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||||||||||||||||||
Period following an executive's termination of employment without cause | 12 months | |||||||||||||||||||||
2019 Option Grants | Chief Financial Officer | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Granted (in shares) | 10,000 | |||||||||||||||||||||
2019 Option Grants | Tranche One | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||||||||||
Number of awards vesting (in shares) | 3,333 | |||||||||||||||||||||
2019 Option Grants | Tranche Two | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||||||||||
Number of awards vesting (in shares) | 3,333 | |||||||||||||||||||||
2019 Option Grants | Tranche Three | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||||||||||
Number of awards vesting (in shares) | 3,334 | |||||||||||||||||||||
2019 Option Grants | Maximum | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 40 | |||||||||||||||||||||
2018 Option Grants | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Shares issued (in dollars per share) | $ 33.60 | |||||||||||||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||||||||||||||||||
Period following an executive's termination of employment without cause | 12 months | |||||||||||||||||||||
2018 Option Grants | Chief Financial Officer | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Granted (in shares) | 90,000 | |||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Options, forfeited | 67,500 | |||||||||||||||||||||
2018 Option Grants | Chief Executive Officer | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Granted (in shares) | 210,000 | |||||||||||||||||||||
2018 Option Grants | Tranche One | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 35 | |||||||||||||||||||||
2018 Option Grants | Tranche Two | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||||||||||||
2018 Option Grants | Tranche Three | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||||||||||||
2018 Option Grants | Tranche Four | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of options | 25% | |||||||||||||||||||||
Period of consecutive trading days | 20 days | |||||||||||||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||||||||||||
2018 Option Grants | Minimum | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Share price (in dollars per share) | $ 35 | |||||||||||||||||||||
2020 Option Grants | Options | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Grants in period, weighted average (in dollars per share) | $ 3.20 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Options Using Valuation Assumptions (Details) - Options - 2020 Option Grants | 6 Months Ended |
Mar. 31, 2023 | |
Class Of Stock [Line Items] | |
Expected Volatility | 26% |
Expected Term (in years) | 3 years 7 months 9 days |
Risk Free Rate | 1.60% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Treasury Stock Purchases and Issuance (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Shares | |
Beginning Balance (in shares) | shares | 829,150 |
Issued to employees and directors, net (in shares) | shares | (12,497) |
Ending Balance (in shares) | shares | 816,653 |
Cost | |
Beginning Balance | $ | $ 27,948 |
Issued to employees and directors, net | $ | (332) |
Ending Balance | $ | $ 27,616 |
Commitments and Contingencies -
Commitments and Contingencies - Letters of Credit (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Outstanding standby letters of credit | $ 248,000,000 | $ 310,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) | Mar. 31, 2023 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding purchase commitments | $ 4,762,000 |
Related Party Transactions - Ki
Related Party Transactions - Kiernan (Details) | Oct. 20, 2022 USD ($) a | Jan. 01, 2022 USD ($) a | Aug. 26, 2022 a | Dec. 31, 2021 a |
Related Party Transaction [Line Items] | ||||
Area of land sold | a | 85 | 93 | 85 | 1,638 |
Operating leases, term of contract | 3 years | |||
Lease commencing date | Jan. 01, 2022 | |||
Lease expiration date | Jan. 01, 2025 | |||
Payments for rent | $ 1,860 | |||
Operating lease, description | Company had 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 | |||
Option amount to repurchase | $ 480,000 | |||
Repurchase price per acre | $ 5,161 | |||
Consideration received | $ 438,900 | |||
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 | |||
Lease commencing date | Jan. 01, 2022 | |||
Lease expiration date | Jan. 01, 2025 | |||
Payments for rent | $ 1,860,000 | |||
Operating lease, description | Company had 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 | |||
Option amount to repurchase | $ 480,000 | |||
Repurchase price per acre | $ 5,161 | |||
Consideration received | $ 438,900 | |||
Land sold price per acre | $ 5,161 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | |||
Proceeds from insurance settlement | $ 4,759,000 | $ 4,759,000 | |
Subsequent Event [Member] | Hurricane Lan Crop Insurance [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from insurance settlement | $ 8,900,000,000 | ||
Subsequent Event [Member] | Property And Casualty Damage Claims [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from insurance settlement | $ 838,000,000 |